Features of the IRDAI’s COVID cover

Features of the IRDAI’s COVID cover

• This cover comes with a minimum sum insured of Rs 50,000, and a maximum sum insured of Rs 5 lakh. The ICU charges have been capped at Rs 10,000 per day, room charges have been capped at Rs 5,000 per day, and quarantine charges at Rs 3,000 per day.
• The tenure of the policy is set at one year. It will be available on a family floater basis for individuals with a minimum entry age of 18 years and a maximum of 65 years. The policy will be subject to lifelong renewability.
• The hospitalization cost covers room, nursing expenses, boarding expenses which is up to 2 per cent of the sum insured, capped at Rs 5,000 per day. It also includes surgeon, consultants, specialist fees, anesthetist, medical practitioner, paid directly to the treating doctor, surgeon, or hospital. Other similar expenses include operation theatre charges, surgical appliances, anesthesia, blood, oxygen, medicines and drugs, costs towards diagnostics, and diagnostic imaging modalities.
• According to the guidelines, the policy will cover ICU expenses up to 5 per cent of the sum insured, which is capped at Rs 10,000 per day. Expenses incurred on road ambulance is set at Rs 2,000 per hospitalization. The policy will also cover all daycare treatment.
• The draft guidelines said that the Covid-19 product must be uniform across the market, and should have the basic mandatory covers included.
• The policy is also supposed to cover expenses incurred on hospitalization under AYUSH medicine will be covered without any sub-limits under the policy.
• Pre-hospitalization medical expenses incurred will also be admissible for a period of 30 days prior to the date of hospitalization. It will also cover the costs of diagnostics towards COVID–19. Post-hospitalisation medical expenses following an admissible claim, incurred for a period of 60 days from the date of discharge, will also be included.
• If an individual is quarantined due to diagnosis or suspected infection, under the add-on cover, the insurer will pay 1 per cent of the sum insured per day, up to Rs 3,000 per day. The insurer will pay 0.5 per cent of the sum insured per day as daily hospital cash, for every 24 hours of hospitalization on a positive diagnosis of Covid-19.
• The base covers of standard Covid-19 products will be offered on an indemnity basis. The add-ons, however, will be made available on the basis of the benefits.
• For the standard, COVID–19 product premium can be made on a monthly, quarterly, half-yearly, and yearly basis, according to the regulator.