InvestorQ : What is the Standard Individual-based Coronavirus Health insurance plan/policy?
Sneha Balasubramanian made post

What is the Standard Individual-based Coronavirus Health insurance plan/policy?

Answer
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Ria Jain answered.
3 months ago


Considering the crisis going on in the world, IRDAI has directed all the insurance companies to mandatorily offer a standard Covid-19 health insurance product until 30, June 2020. According to the direction, this shall be a standard individual-based insurance policy for the benefit of individuals and families with coverage of up to Rs 5 lakh for hospitalization expenses related to Covid-19. The features of the said policy are:

  1. It will take care of the basic health needs of the insured related to Covid-19.
  2. This will be a standard product, therefore implications and guidelines would be the same all over the country.
  3. The product is said to offer seamless portability among the insurers.
  4. Those up to the age of 65 years can avail of the policy.
  5. The policy shall be issued initially for one year and then can be renewed accordingly.
  6. If the insured is quarantined due to suspected infection, then he shall be paid 50% of the sum assured.
  7. The policy premium will not be the same all over the country and shall vary from insurer to insurer.