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Insurance Regulatory and Development Authority of India Ref: IRDAI/HLT/REG/CIR/194/07/2020 22nd July, 2020 All Insurers (excluding specialized insurers) and TPAs, wherever applicable Sub: Consolidated Guidelines on Product filing in Health Insurance Business 1. Objective: 1.1 The extant IRDAI (Health Insurance) Regulations 2016 were notified on 18th July, 2016 superseding IRDA (Health Insurance) Regulations 2013. 1.2 The […]
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref. No:– Date: 21-07-2020 Covid-specific standard health indemnity policy “Corona Kavach” PRESS RELEASE 1. As stipulated by IRDAI, all 30 insurers offering health insurance have started offering Covid-specific standard health indemnity policy called “Corona Kavach” to the public with durations of 3 and a half, 6 and a […]
All the general and health insurance companies (insurers) were mandated to offer Individual Covid Standard Health product, Corona Kavach Policy. Insurers are hereby allowed to offer Corona Kavach Policy as group product by duly complying with the norms specified.
In view of increase in number of COVID-19 cases, in order to leverage on the extant healthcare systems put in place, it is important to recognise the make-shift or temporary hospitals permitted by Government for settlement of health insurance claims for insurance companies.
Insurance companies will provide a 5% discount in premium of Corona Kavach to doctors, nurses and other healthcare workers, in terms of the guidelines issued by IRDAI.
Attention is drawn to the provisions of regulation 31 (d) of IRDAI (Health insurance) Regulations, 2016 wherein every general and health insurance company shall endeavour to enter into agreements with adequate number of both public and private sector network providers across the geographical spread.
The Authority is aware of reports that some hospitals are not granting cashless facility for treatment of Covid-19 despite such arrangements with the insurers. It is also brought to the notice of the Authority that some of these hospitals are also demanding cash deposits from the policyholders.
Life Insurers offering group credit life insurance schemes, where under, the members have availed moratorium on payment of EMIs are allowed to suitably modify the term and sum assured under such schemes, against collection of additional premium as may be required, in respect of such members, so that they may continue to be covered as per the revised loan repayment schedule.
In view of the Covid 19 pandemic, the Authority has designed a standard Covid specific product addressing basic health insurance needs of insuring public with common policy wordings across the industry. The Authority has mandated general and health insurers to offer this indemnity based Individual Covid Standard Health Policy called ‘Corona Kavach’.
The COVID-19 pandemic which started as a public health crisis has led to significant disruption in economic activity mainly due to the measures taken to limit the spread of the disease. It has affected not just health but all sectors of the economy including but not limited to manufacturing, aviation, tourism, transportation, construction, services, agriculture and many others.
