Bajaj Allianz General Insurance today launched its ‘Corona Kavach Policy’ – which is its standard Covid-19 health indemnity policy, introduced as per the IRDAI guidelines issued on June 26, 2020 to introduce a health indemnity product that addresses the basic health insurance needs of insuring public related to Covid.
The sum insured of this policy is between Rs 50,000 and Rs 5 lakh and one can opt for this policy for a period of three-and-a-half months, six-and-a-half months, and nine-and-a-half months. The premium for the base cover ranges between Rs 447 and Rs 5,630, excluding GST, depending on the age of the person, sum insured & policy period opted.
Similarly, for an optional hospital daily cash cover on benefit basis the premium is between of Rs 3 and Rs 620 excluding GST, which varies as per age of the person, sum insured and policy period opted. For instance, if a person between 0-35 years wants to opt for a base cover with sum insured of Rs 50,000 for three-and-a-half months, the customer needs to pay Rs 447, excluding GST.
It is mandatory to opt for the base cover which entails Covid hospitalization expenses, home care treatments, AYUSH treatment, pre-hospitalization of up to 15 days and post hospitalization expenses of up to 30 days.
One can also opt for an optional hospital daily cash cover on benefit basis along with the base cover, wherein the company shall pay the insured person 0.5% of sum insured per day for each 24 hours of continuous hospitalization. This policy has a waiting period of 15 days and can be opted on individual and family floater basis.