In a piece of good news, the Insurance Regulatory and Development Authority(IRDAI) allowed 29 general insurers and health insurers to start health insurance policies that cover medical expenses of the pandemic treatment.
The short-term policies were named as pandemic Kavach health insurance policies. The IRDAI took the prevailing conditions into consideration to give a green signal for the insurers.
Following this, three policies were announced with guidelines and the pricing for the insurance is also fixed. These policies are fixed at a time frame of three-and-a-half months, six-and-a-half months, and nine-and-a-half months respectively.
Based on the time period, the sum insured for the medical expenses will be ranging from Rs 50,000 to Rs 5 lakh.
So far 29 health and medical insurers came forward to launch the short-term health policies. Oriental Insurance, National Insurance, SBI General Insurance, ICICI Lombard, HDFC ERGO, Max Bupa, BajaZ Allianz, Bharti AXA, and Tata AIG are some of the insurers in the list.
As per the guidelines, persons who are between the age group of 18 and 65 can avail Kavach policy. The policy offers a cash benefit of 0.5 percent of the insured sum daily, which is optional.