AIR Spotlight Discussion - Discussion on Corona Kavach Health insurance policy and other initiatives.

Participants are – Puneet Jain, Journalist and V. Ravi Kumar AIR Correspondent

Context: IRDAI gives insurance firms its nod to launch the Kavach Health Insurance Plan for Corona.

Background –

• The ‘Corona Kavach Policy' will cover medical expenses occurred due to coronavirus disease.
• Given the country's rapid rise in COVID-19 cases, India's Insurance Regulatory and Development Authority has allowed 30 general and health insurers to introduce short-term health insurance policies named 'Corona Kavach.' 
• The sum insured for the policy ranges from 50,000 rupees to 5 lakh rupees.

Details -

• People may make use of the Corona Kavach policy for themselves, spouse, parents, parents-in-law and dependent children up to age 25.
• Persons aged between 18 and 65 years will take advantage of this scheme.
• Home care costs benefit up to 14 days will also be provided, on the recommendation of a medical professional, in the scheme for those seeking treatment within the comfort of their own homes.
• Several insurers have already declared three-and-a-half months to launch the 'Corona Kavach' policy; six-and-a-half months; and nine-and-a-half months.
• The authority had granted clearance for the marketing of this Corona Kavach policy to 30 general and health insurance companies.
• The policy shall also compensate for any co-morbidity caused by Covid-19 during the hospitalization period.