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  • Insurance companies start offering standard Covid product as mandated by IRDAI


    The Insurance Regulatory and Development Authority of India (IRDAI) has allowed 29 general and health insurers to market the standard Covid-19 cover, Corona Kavach. It had set a July 10 deadline for insurers to come out with such a product, but firms required regulatory clearance for its pricing.

    As of now, insurers have been asked to offer indemnity-based Corona Kavach to consumers; the benefit-based standard policy, Corona Rakshak, would be launched later.

    Last month, the insurance regulator had issued final guidelines for the two standard products specifically designed for Covid-19 cases.

    Though policy wording and product structure are supposed to be identical for insurers, they have the liberty to price it according to their risk assessment, claim experience, and health portfolio.

    “The premium for the base cover ranges between Rs 447 and Rs 5,630, excluding GST, depending on the age of the person, the sum insured, the policy period. Similarly, for an optional hospital daily cash cover on a benefit basis, the premium is between of Rs 3 and Rs 620, excluding GST, which varies according to the age of the person, the sum insured, and the policy period,” said Bajaj Allianz General Insurance in a note.

    "For instance, if a person up to 35-year old wants to opt for a base cover with a sum insured of Rs 50,000 for three and a half months, he/she needs to pay Rs 447, excluding GST,” it said.

    “The Corona Kavach plan from Max Bupa is competitively priced. The premium for a Rs 2.5-lakh cover for an adult (31-55 years age group) is around Rs 2,200 and for two adults (in the same age group) and children, it is around Rs 4,700,” said Krishnan Ramachandran, MD & CEO, Max Bupa Health Insurance.

    The CEO of a private general insurer said: “The premium for the product will be according to the claim experience. Ideally, it will be around 3-4 per cent of the sum insured but will vary depending on the age of the consumer. For young people, it will be cheaper.”

    The Corona Kavach policy will cover hospitalisation expenses for the treatment of Covid-19. All costs relating to room, boarding, nursing, medical consultation, including telemedicine, consumables, such as PPE kits, and intensive care unit will be covered. It will also include the cost of treating co-morbidities, including pre-existing comorbid conditions, along with Covid-19 treatment.

    The regulator has not set a ceiling on the cost of room and ICU in the policy. However, a maximum of Rs 2,000 will be covered as far as the expense on the ambulance is concerned.

    Home care treatment will also be covered by insurers, in case the insured person avails treatment at home for up to 14 days. It also has an optional cover, which if subscribed, will pay 0.5 per cent of the sum insured per day for every 24 hours of continuous hospitalisation for treatment of Covid-19 following an admissible hospitalisation claim under this policy. The benefit shall be payable for up to 15 days during a policy period.

    The minimum sum insured for Corona Kavach will be Rs 50,000, which can go up to Rs 5 lakh.

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Flash News 08-Mar-2021
  •  ( 15:31) India Grid Trust buys NER-II Transmission from Sterlite Power for Rs 4,625 cr  
  •  ( 14:38) Metal stocks advance  
  •  ( 14:37) Shares trade with minor gains  
  •  ( 14:22) Talbros Automotive receives multiyear orders worth Rs 304 crore  
  •  ( 13:39) SBI Cards board to mull fund raising on 12 March  
  •  ( 13:36) The Nifty breaches its psychological 15,000 mark  
  •  ( 13:34) Benchmarks slide lower, yet market breadth remains strong  
  •  ( 13:28) India Ratings revises ratings of Happiest Minds to ‘IND A-'  
  •  ( 13:11) Vivimed Labs receives approval for two products from Uzbekistan Government  
  •  ( 13:10) Meera Industries bags an exports order worth $180,000 from Turkey   
  •  ( 12:37) The Nifty index held its 15,000 mark  
  •  ( 12:36) Indices trade range bound; strong market breadth  
  •  ( 12:27) Muthoot Finance chairman M G George Muthoot dies  
  •  ( 12:27) Just Dial signs advt agreement with Star India for IPL  
  •  ( 11:51) Natco Pharma receives final approval for everolimus tablets in the US market  
  •  ( 11:27) The board of Indian Bank divests stake in JV to monetise its non-core assets  
  •  ( 11:00) ICICI Prudential MF sells 8.10 lakh shares (0.32% stake) of Tata Chemicals  
  •  ( 10:51) Benchmarks hit fresh intraday high  
  •  ( 10:32) Bank stocks in demand  
  •  ( 10:09) Cipla winds up its UK-based arm, Cipla (UK) from 5 March 2021 onwards  
  •  ( 10:08) Mishra Dhatu raises Rs 50 cr from Union Bank of India  
  •  ( 09:53) Force Motors February 2021 production down 1.87% Y-o-Y to 1,829 units  
  •  ( 09:29) Nifty regains 15,000; breadth strong  
  •  ( 09:21) Maruti Suzuki Feb. 2021 production nos. up 19.33% Y-o-Y to 1.68 lakh units  
  •  ( 09:21) Market trading higher in early trade  
  •  ( 09:21) Maruti Suzuki Ind. Feb. 2021 production nos. up 19.33% Y-o-Y to 1.68 lakh units  
  •  ( 08:24) Asian shares trading higher  
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08 March 2021 00:00
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