WILL STANDARD BENEFIT BASED CORONAVIRUS HEALTH INSURANCE POLICY HELP YOU ?

  The Insurance Regulatory and Development Authority of India(IRDA) had directed all general and Health insurance companies to offer a Standard Benefit Based Covid-19 Health Insurance Product.

  The Product has not been made mandatory by the regulator. This means that insurers can decide whether they want to offer the policy.

  This will be a Standard Benefit Insurance Policy for Individual which will provide coverage of up to 2.5 lakh for Hospitalization expenses related to covid-19.

  The policy will be named as CORONA RAKSHAK Policy succeeded by the name of Insurance company.

  These are the important Key features of the Standard coronavirus Policy : 

1. The Health Insurance policy will take care of basic covid -19 related Health needs of the insuring public,
2. It will be a standard product with common policy wording across the Industry .
3. Senior citizen up to 65 years can avil his policy.
4. The policy will be issued for 3 1/2 months , 6 1/2 months , 9 1/2 months .i.e 105 days ,195 days, 285 days.
5. The policy will be offer on Individual Basis only ,
6. The insured will be allowed free look period of at least 15 days from the date of receipt of the policy to review the terms and conditions of the policy and to cancel the policy if not acceptable.
7. The guidelines will remain valid till March 31 ,2021.

How the benefit based Covid-19 policy will work - 

  As per the IRDAI guidelines , lump sum benefit equal to 100 percent of the sum insured shall be payable on positive diagnosis of Covid-19 , requiring Hospitalization for a minimum period of three continuous days i.e 72 hrs.The positive diagnosis of Covid-19 shall be from a government authorized diagnostic centre.

  The diagnosis has to be confirmed by authorized centres as declared by the Ministry of Health Welfare ,Government of India.

  For instances , you buy this covid-19 Health policy with a maximum sum insured of Rs 2.5 lakh, then on Hospitalization, you will get a lump sum payout of Rs 2.5 lakh. However  , in case your hospital bill goes higher than  the sum insured , then in that case , you will have to bear the additional cot from your pocket .

 The Premium difference 

  Being a standard product , insurers will be allowed to price the product following their underwriting understanding. what this means is that the policy premium will vary across all insurers. 

Will the benefit based Covid-19 policy help you ?

  This benefit based Covid-19 cover can be useful for someone who does not have a Health insurance policy and is looking for one to protect himself/herself  aimed the coronavirus pandemic . However , If you already have a sufficient regular or comprehensive health insurance policy then  you may not need this standard benefit policy as you are likely to be already covered for Covid-19 treatment under your existing regular or comprehensive health insurance policies .

                     So, would you like to but a covid-19 standard Benefit Based Health Policy. 

                                                                    Please contact     

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