Amritsar, NFAPost: The quick spread of Covid-19 has led the public scrambling to take a health insurance cover, and the Insurance Regulatory and Development Authority of India (IRDAI) has encouraged all life, health and general insurance companies to offer short-term Covid-specific health plans. In view of this Canara Bank has launched Corona Kavach policy that will cover hospitalisation expenses related to treatment of the virus.
The bank will be offering the policy under New India Assurance Company Ltd, Bajaj Allianz General Insurance Co. Ltd, and HDFC ERGO Health Insurance Co. Ltd, with which it has tied up.
“With the objective of providing insurance cover for individuals for COVID-19 pandemic related to health expenses, the Bank in association with the tied-up insurance companies has launched the Corona Kavach Policies at a very competitive premium structure, starting with as low as INR. 300/- only,” the bank said.
Features of the policies offered by Canara Bank:
· It can be purchased on individual basis and family floater basis.
· The minimum sum insured is 5,000 rupees and maximum is 500,000 rupees.
· Minimum 24 hours hospitalisation is required.
· Maximum period of insurance will be of 285 days or 9 and half month.
· Initial waiting period will be of 15 days from the date of issuance.
· No capping on room rent.
· Home care treatment as per insurer policy maximum up to 15 days.
· Treatment expenses for pre-hospitalisation of 15 days and post- hospitalisation of 30 days are covered.
· Ayush treatment is available up to 100% of sum insured.
· Co-morbid conditions also covered.
· Optional hospital cash covered.
“The Policy features of the products seen along with the premium structure make them to be the best in the peer group,” the bank said.