Covid-specific insurance policies help increase the health insurance segment?
Nikil4391
  • Reads 1
  • Votes 0
  • Parts 1
  • Time <5 mins
  • Reads 1
  • Votes 0
  • Parts 1
  • Time <5 mins
Nikil4391
Ongoing, First published Jun 24, 2021
healthinsurance
Just 3 months after the coronavirus was officially declared a pandemic in India, the IRDAI, in June 2020, announced the release of 2 Covid-specific insurance product mandates. These addressed basic health insurance needs of the public but allowed insurers to fix premium rates. The mandate to general and health insurers was to offer 2 standard COVID health policies from the 10th of July 2020 onwards. These were aptly named Corona Kavach and Corona Rakshak. The policies are issued for a short tenure of 3.5, 6.5 and 9.5 months, which helps to address a specific risk period for an affordable premium.

Corona Kavach - Corona Kavach is a health insurance policy designed to cover hospitalization and medical expenses incurred during the treatment of Covid-19. Claims will require that covid testing is done only by authorized diagnostic centers. This is a standard indemnity-based single premium health insurance policy.

Corona Rakshak - Corona Rakshak provides 100% of the sum insured if the person affected by coronavirus requires hospitalization for 72 hours or more. This is a standard benefit-based single premium health insurance policy. Again, the covid testing needs to be conducted by an authorized testing center only. 

Market Reaction to standard Covid Insurance Policies

Sales trends of COVID specific insurance policies
Initially, the response of customers as well as the insurers towards the standard covid health insurance policies was positive. Between June and July, sales of Corona Kavach increased by 15%.
All Rights Reserved
healthinsurance
Table of contents

1 part

Sign up to add Covid-specific insurance policies help increase the health insurance segment? to your library and receive updates
or
#48healthinsurance
Content Guidelines
You may also like
Wendizzy's Writer Room by Wendizzy
2 parts Ongoing
In this book, you'll get a behind the scenes look at how your favorite characters were born, my creative process, and the dirty details never before revealed. Tex's Camp Q&A: Come sit by the fire and ask me whatever you'd like. We can roast marshmallows, tell scary stories, and hang out in the comments like a big, happy family. Gator's Backstage Pass: A place full of secrets. Learn the-sometimes embarrassing-details on how my wildest scenes came to life, facts about the characters, the process, and myself.
You may also like
Slide 1 of 1
Wendizzy's Writer Room cover

Wendizzy's Writer Room

2 parts Ongoing

In this book, you'll get a behind the scenes look at how your favorite characters were born, my creative process, and the dirty details never before revealed. Tex's Camp Q&A: Come sit by the fire and ask me whatever you'd like. We can roast marshmallows, tell scary stories, and hang out in the comments like a big, happy family. Gator's Backstage Pass: A place full of secrets. Learn the-sometimes embarrassing-details on how my wildest scenes came to life, facts about the characters, the process, and myself.

More details