The Corona Kavach Policy can be bought as an Individual policy or as a Family Floater policy..
ICICI Lombard General Insurance has launched its Corona Kavach Policy under the guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI). The policy has been launched as an Individual as well as Floater Policy and extends a minimum sum insured of Rs. 50,000 and the maximum sum insured of Rs. 5,00,000.
The Corona Kavach Policy can be bought as an Individual policy or as a Family Floater policy. In case of Individual basis, the sum insured will apply to each individual family member while in the case of Floater basis the sum insured will apply to the entire family.
One can avail of cashless Hospitalization at any of the network providers/ hospitals. One can avail of tax benefit on premiums paid under Health sections of this Policy, as per Section 80D of Income Tax Act, 1961. The policyholder is required at the inception of the policy to make a nomination for the purpose of payment of claims under the policy in the event of death of the policyholder.
Features of Corona Kavach Policy
Sum insured: One may opt for a cover of Rs 50,000 to Rs 5 lakh (in the multiples of Rs 50000)
Tenure: The policy period can be Three and Half Months (3 ½ months), Six and Half Months (6 ½ months), Nine and Half Months (9 ½ months) including waiting period.
Eligibility: The policy can be availed by persons between the ages of 18 years up to 65 years, as Proposer. Proposer with higher age can obtain the policy for family, without covering self.
The policy can be availed for Self and the following family members
i. Legally wedded spouse.
ii. Parents and Parents-in-law.
iii. Dependent Children (i.e. natural or legally adopted) between days 1 of age to 25 years. If the child above 18 years of age is financially independent, he or she shall be ineligible.
Policy Premium: The Policy Premium will be calculated basis certain factors such as addition/deletion of optional covers, tenure, increase and decrease in sum insured, change in government tax laws and health status of an insured individual.
For example, A policy tenure of 6.5 months for Rs 3 lakh Sum Insured for an individual between 36-45 years, the premium amount will be 1,734 per month (Exclusive of Taxes)
Waiting Period: 15-Day Waiting Period: Expenses related to the treatment of Covid within 15 days from the policy commencement date shall be excluded
Hospitalization Expenses: Medical Expenses of Hospitalization for Covid for a minimum period of 24 consecutive hours only shall be admissible
Pre Hospitalization: For 15 days prior to the date of hospitalization/home care treatment
Post Hospitalization: For 30 days from the date of discharge from the hospital/completion of home care treatment
Sub-limits: Hospital Daily Cash of 0.5% of Sum Insured per day subject to maximum of 15 days in a policy period for every insured member
AYUSH: Medical Expenses incurred for Inpatient Care treatment for Covid under Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy systems of medicines shall be covered upto sum insured during the Policy period as specified in the policy schedule.
Home Care Treatment Expenses: The Company shall indemnify costs of treatment incurred by the Insured person on availing treatment at home for Covid on Positive diagnosis of Covid in a government authorized diagnostic centre maximum up to 14 days per incident, which in the normal course would require care and treatment at a hospital but is actually taken while confined at home subject to policy terms and conditions.