INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

Ref. No:IRDAI/HLT/REG/CIR/192/07/2020

Date: 21-07-2020

To

All General and Standalone Health Insurers (except AIC and ECGC)

Re: Filing of “Corona Kavach Policy” as group health insurance product

1.  Reference is drawn to Clause 3 of Section A of Guidelines on Covid Standard Health Policy (Ref: IRDAI/HLT/REG/CIR/163/06/2020 dated 26th June, 2020) vide which all the general and health insurance companies (insurers) were mandated to offer Individual Covid Standard Health product, “Corona Kavach Policy”.

2.  In partial modification of the above referred guidelines, Insurers are hereby allowed to offer Corona Kavach Policy as group product by duly complying with the norms specified hereunder.

a. Insurers are allowed to use the standard product name for the group policy after adding the word “group”, provided all terms and conditions as applicable to the standard individual policy remain the same except premium rate and specification on operation of group policy.

b. The insurersshall determine the price keeping in view the cover proposed to be offered subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations, 2016 and Guidelines notified there under.

c. The product shall be filed on Use and File basis by duly complying with the norms specified in Chapter IV of Guidelines on product filing in health insurance business”(Ref: IRDA/HLT/REG/CIR/150/07/2016 dated 29th July, 2016) as modified from time to time.

d. This group product shall comply with the all other applicable norms stipulated under “Guidelines on Product filing in Health Insurance business” (IRDA/HLT/REG/CIR/150/07/2016 dated 29th July 2016).

3. These guidelines shall come in to force with immediate effect.

4. This has approval of the competent Authority.

D V S Ramesh,
General Manager(Health)

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