How Much Premium You're Likely to Pay for Corona Kavach Health Insurance?

Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has permitted all the general as well as standalone health insurance companies to offer Corona Kavach Policy as a group insurance product. As a result, in next to no time, it will allow various organizations and companies to buy this COVID-19 health insurance policy for their employees.

As per the mandate by insurance regulator, IRDAI, a number of general and health insurance companies have come up with the standard corona-specific insurance plans, Corona Kavach, whereas not all of them has emerged with the optional benefit-based plan, namely Corona Rakshak.

In a nutshell:

• Covid Kavach is basically an indemnity type insurance plan. 
• This plan is available for individuals as well as families. 
• This policy will provide with the sum insured of up to ₹ 5 lakh for hospitalization expenses associated with to COVID-19. 
• It will also cover consumables such as PPE kit, masks, gloves and other alike expenses incurred during treatment of coronavirus. 
• This plan also covers ICU and ventilator charges. 
• In addition, the plan cover the costs of oximeter and oxygen cylinder. 
• This policy can be purchased for oneself, parents, parents-in-laws, spouse and dependent children up to the age of 25.

Have a look at the below table for some insurers’ premium rates for a 35-year-old man for a ₹ 5 lakh plan: