Saturday, August 1, 2020

Covid19 Health insurance know about it


                                              CONTENTS IN THIS ARTICLE

 what is Corona Kavach Policy? Need of Corona Virus Health Insurance About IRDAI Approval

What Insurance Companies Believe  What All 30 General Insurance Companies Offered

 Health Workers Insurance Policies Covers  Short Term Corona Kavach Policy   Cover Others Disease - Great Benefit  Why Insurance Companies Taken these Steps now  All Medical Expenses of hospitalization covered and How to claim Corona Kavach Policy






What is Corona Kavach Policy? 

Corona Kavach Policy is specially introduced to protect you and your family from covid19 treatment.  As per the guidelines of IRDA.  All the health and general insurance companies in India have launched Corona Kavach Individual and Family Policy on 1oth of July, 2020.



A corona kavach policy is an indemnity health insurance policy that covers the hospitalization and medical expenses arising out of Covid 19 treatment. This policy covered pre post hospitalization as well as domiciliary expenses, home care treatment expenses and Ayush treatment incurred by the policy holder in case of an outbreak of corona virus



Need of Corona Virus Health Insurance

 


Observing at the rising Coronavirus cases in the nation, quality healthcare and prompt medical treatment has become the need of the hour. Hence, (Insurance Regulatory and Development Authority of India (IRDAI) has announced the launch of Corona Kavach Policy and made it mandatory for all General & Standalone health insurance companies in India to offer this policy to its customers. 



These policy objectives at covering hospitalization, pre-post hospitalization, home care treatment expenses and AYUSH treatment in case anyone is tested positive of Covid-19 infection. It is a standard health insurance plan designed to cover medical expenses arising due to Coronavirus Pandemic. With this standard health insurance plan for Coronavirus you don’t have to pay for the medical bills and get access to quality medical treatments.


About  IRDAI Approval

 


Amid increasing cases of corona virus infection, IRDAI had asked general and health insurance companies to present Corona Kavach Health Insurance Policy by 10 July. According to the guidelines of IRDAI, for a short term the policy can be for three and a half months, six and a half months and half past nine months.
In view of the rapidly increasing cases of corona virus in the country, insurance sector regulator IRDAI  allowed health insurers to introduce "Corona Kavach" as a group health insurance scheme policy.

 


Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has taken a major step to provide relief to the common people in view of the threat of Corona virus. Health insurance companies were also allowed to introduce "Corona Kavach" as a group health insurance scheme policy.

 


What Insurance Companies Believe



The insurance regulator believes that this will help the public and private sector companies and other business units to provide insurance cover to their employees to avoid corona. According to insurance companies, the short-term individual corona kavach health insurance policy launched on July 10 amidst the corona virus epidemic has received a good response from the public.

 



What All 30 General Insurance Companies Offered

 



All 30 general insurance companies have offered this policy for a short term. The Insurance Regulatory and Development Authority of India (IRDAI) has said in a circular that in this case standard group insurance policy will also prove to be very useful for various private and public establishments. This will enable companies to cover medical needs related to Kovid-19 to their employees. 



Health Workers Insurance Policies Special Covers



This type of group insurance policy will also prove to be very useful for doctors, nurses and other health workers fighting against the corona virus.



Honoring the contribution of these people in the fight against corona  of society, they will also be given a 5% discount. In this, the insurance amount has been kept from Rs 50 thousand to Rs five lakh. All the conditions and rules for group insurance will also be the same as those prescribed for individual corona kavach policy.



Short term Corona kavach Policy

 


According to the guidelines of the Insurance Regulatory and Development Authority (IRDAI), for a short term the policy can be for three and a half months, six and a half months and nine and a half months.



The insurance amount in this range from Rs 50,000 to Rs 5 lakh (in multiples of Rs 50,000). According to the regulator, the premium payment will have to be made once and the premium amount will be same in the whole country.

 



Covers Other Disease –Great Benefit

 


According to the company, if the patient has other disease with Kovid-19, then the cost of treatment on it along with virus infection will also come under its purview.

 



Why Insurance Companies Taken these Steps Now

 


The insurance companies have taken this step following the deadline of the insurance regulator IRDAI. Amid increasing cases of corona virus infection, the Insurance Regulatory and Development Authority (IRDAI) had asked general and health insurance companies to present Corona Kavach health insurance policy by 10 July.





All Medical expenses Covered



The number of Kovid-19 infected cases in the country has reached nearly 8 lakhs and the number is increasing day by day. Inaugurating the Corona kavach Policy, if a case of corona infection is found after investigation in a government recognized testing house under the new health insurance policy, then the medical expenses of hospitalization will be borne in its treatment.



And, if the patient has other disease with Kovid-19, then the cost of treatment on it along with virus infection will also come under its purview. In this, the cost of road ambulance will also come under the ambit of hospitalization due to virus. According to HDFC Argo, the policy also covers the cost of 14 days of care in households. This will be for those who prefer treatment in their home. Apart from this, Ayurveda, homeopath and other treatment options will come under the purview of the policy.





How to claim Corona Kavach Polcy



The claim process of the policy is simple as regular health insurance policies with no such difference. The policy can be claimed either for cashless or for reimbursement benefit. The claim steps are mentioned below:




The first step is to inform the insurer when a claim arises. The claim initiation depends on the type of hospitalization which has been maintained in case of panned and emergency hospitalization for 24 hours and 72 hours respectively.

 



Second step for cashless claim, a pre authorized letter has to be submitted seeking cashless claim permission from the insurer. On the other hand, in case of reimbursement, the hospital bills are paid by the insured on his/her initially and register a claim later

 



In the last step on approval on the claim request, the insurer srttles the hospital dues directly or reimburses the expenses up to an admissible amount.



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