In a bid to offer an affordable and covid-19-specific health insurance product, the Insurance Regulatory and Development Authority of India (Irdai) has asked all general and health insurance companies to offer a standard covid-19 policy, starting 15 June.
The covid-19 standard health policy followed by the name of the insurance company will be a standard product across all insurers with common policy wordings.
Mint reviewed a copy of Irdai’s draft guidelines. The minimum sum insured under this policy would be ₹50,000. You can opt for the sum insured in the multiples of ₹50,000, up to ₹5 lakh. What is the product? The proposed product is a one-year indemnity policy with the option of only two add-ons, as prescribed by the regulator.