COVID Life Insurance Latest News: All life, general and health insurance companies will soon start selling corona life insurance policies given the rising number of cases in India. The Insurance Regulatory and Development Authority of India has announced guidelines for two policies. Both these products will be launched from July 10.Also Read - Chandigarh Schools, Colleges to Reopen from This Date, Vaccination Must | Details Here
Corona Kavach: This is a standard policy which will cover the cost of treatment of any co-morbid conditions, including pre-existing conditions, along with the treatment for COVID-19. Also Read - Vaccination, Infection May Lower Long COVID Symptoms: Study
Those between 18 and 65 years of age can buy this product. Parents can also be covered under this product. This will be a single premium, limited period policy without any lifelong renewability benefit. Also Read - Scientists Develop Lab-In-A-Backpack For Cheaper, Accurate COVID Testing
Minimum sum insured for Corona Kavach Policy will be Rs 50,000 and the maximum sum insured would be Rs 5 lakh.
Corona Rakshak Policy: This single-premium plan will pay out 100 per cent of the sum insured if the policyholder is hospitalised – at least for 72 hours – after testing positive for COVID-19.
The minimum sum insured would be Rs 50,000 and the maximum limit is set at Rs 2.5 lakh.
The premium shall be uniform across India.