InvestorQ : What is the premium of a standard health insurance plan issued by IRDAI?
Purvesh made post

What is the premium of a standard health insurance plan issued by IRDAI?

Answer
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Isha Tharwani answered.
3 months ago


Insurance Regulatory and Development Authority of India (IRDAI) has issued a notification earlier directing all the insurance companies to make a standard health insurance cover for the treatment of coronavirus so that people could feel safe. The said insurance plan has a sum insured of Rs. 50,000 to Rs. 5 lakh. The product will be available from 1st July 2020 to everyone.

IRDAI has decided that the product shall have a premium between Rs. 600 to Rs. 3000, depending on the sum insured. Most health insurance companies are working on it. The pricing of this standard product would be lesser than any other health insurance product as it would be covering a single disease and is not meant to cover any other ailment. The cover would be for hospitalization expenses and shall include a component wherein if the insured is detected with the infection, the sum shall be paid. The plan is said to cover the cost of consumables like PPEs and masks.