health insurance schemes, Corona Rakshak and Corona Kavach.In June, Irdai had allowed insurance companies to offer standard fixed benefit-based and standard indemnity covid-19 health policies.
The fixed-benefit policy, Corona Rakshak, entails a lump sum benefit equal to 100% of the sum insured if the policyholder tests positive for covid-19 and requires hospitalization for a minimum of 72 hours.
On payment of 100% of sum insured the policy is terminated.The indemnity policy, Corona Kavach, comes with a base cover and a cap on the sum insured at ₹5 lakh.