You can buy Corona Kavach, Corona Rakshak insurance policies till September 30, 2022 – Economic Times
The Insurance Regulatory and Development Authority of India (IRDAI) has announced that Covid-19 specific health insurance policies, Corona Kavach and Corona Rakshak, will continue to be sold by general insurers and stand-alone health insurers till September 30, 2022.
Via a circular issued on March 28, 2022, IRDAI stated, “Corona Kavach Policies offered as per Guidelines on Covid Standard Indemnity based Health Policy of Circular ref no. IRDAI/HLT/REG/CIR/163/06/2020 dated 26.06.2020 and Corona Rakshak Policies offered as per Guidelines on Covid Standard benefit based Health Policy of Circular ref no. IRDAI/HLT/REG/CIR/164/06/2020 dated 26.06.2020 are also permitted to be offered and renewed by all insurers up to 30.09.2022.”
Corona Kavach and Corona Rakshak are two basic, low-cost health insurance policies. These measures were first announced in June 2020, with a March 31, 2021 deadline. With the second pandemic wave sweeping the country, the regulator decided to extend the policy until September 30, 2021. Now, IRDAI has decided to extend the deadline until September 30, 2022.
What is Corona Kavach and Corona Rakshak?
Corona Kavach is an indemnity-based health insurance coverage that protects you from Covid-19. In the event of Covid 19 sickness, this coverage will reimburse actual expenses up to the policy’s limit. This policy offers a minimum value insured of Rs 50,000 and a maximum sum insured of Rs 5 lakh. This policy is available as a floater plan for individuals or families. The patient must be hospitalised for at least 24 hours owing to covid in order to be eligible for this insurance.
Corona Rakshak, is a standard benefit-based health insurance plan. This coverage promises to pay out the insured amount if the insured person is diagnosed with a specific type of covid 19 disease. This policy has a minimum value insured of Rs 50,000 and a maximum sum insured of Rs 2.5 lakh. This policy is only offered as an individual policy, not as a family floater plan. A minimum of 72 hours of hospitalisation is required for the covered person to be eligible.
