The group variant of the COVID-19 specific, short term, standard health policy — Corona Kavach — is likely to be available soon, with insurance regulator IRDAI permitting insurers to offer such a cover.
This is expected to be useful to private and public establishments for covering COVID-19 related medical needs of their employees. The standard group policy can provide protection to a large number of employees engaged in manufacturing, services, SMEs, MSMEs, logistics sector, migrant workers. It will “bring peace of mind to them, their family members and the employers,” IRDAI said.
Such a policy will also be “extremely useful for various categories of frontline workers as groups. In case the group consists entirely of doctors, nurses or healthcare workers, a discount of 5% in the premium will be available.”
‘Same name’
The regulator said on Tuesday that insurers had been allowed to offer standard group policies under the same name (Corona Kavach), provided all terms and conditions of the standard policy are retained.
As in the case of the standard, individual policy, the premium would be decided by the insurers.
