21-08-2020
Close to 1.3m people covered under new COVID -19 insurance plan
Insurance AlertssClose to 1.3m people covered under new COVID -19 insurance plan
Close to 1.3m people in India have been covered in a month under the recently introduced Corona Kavach insurance policy.
As of 14 August, 750,000 Corona Kavach policies have been sold by non-life and standalone health insurers across the country and total premium collected amounted to $28.7m. The Corona Kavach Policy is a standard indemnity-based COVID-19 policy, with the minimum sum insured fixed at $669 and the maximum sum insured at $6,691.
The policy covers the cost of treatment for any co-morbid condition along with the treatment of coronavirus. The minimum entry age for this policy is 18 years and the maximum age is 65 years. The policy also covers home care treatment expenses of up to 14 days, if it involves an active line of treatment and is done on a medical practitioner's advice, among other conditions.
Speaking at a virtual health insurance conference organised by trade body FICCI, IRDAI member (non-life) T L Alamelu said that the demand for Corona Kavach is evident because of a fear factor at work.
“People are finding a lot of value in the short-term COVID-19-specific policy and many of those who bought the policy have opted for the 9.5 months tenure possibly because they realise the virus could go on and on,” she said.
Source: Asia Insurance Review
