The Insurance Regulatory and Development Authority of India on 26th June 2020 has mandated all general and health insurers to offer Individual Covid Standard Health Policy by 10th July 2020.
Every General and Standalone Health Insurer, who has been issued a Certificate of Registration to transact General and/or Health Insurance Business, shall mandatorily offer this product. However, if any insurer is currently not offering health insurance products at all, the above stipulation will not be applicable.
Key highlights from the policy:
- The Covid Standard Health Policy shall cover Hospitalization expenses incurred by the insured person for the treatment of Covid on Positive diagnosis of Covid in a government authorized diagnostic centre.
- Insurer shall cover the costs of treatment of COVID incurred by the Insured person on availing treatment at home maximum up to 14 days per incident
- The Policy shall include the cost of treatment for any comorbid condition including pre-existing comorbid condition (s)along with the treatment for COVID.
- The benefit shall be payable maximum up to 15 days during a policy period in respect of every insured person.
- Minimum entry age shall be 18 years for principal insured and maximum age at entry shall not be less than 65 years for all the insured members including principal insured.
Click here to read the notification.
