IRDA Grants Permission To Several Insurance Companies To Come Up With Corona Kawach Beema Policy
Insurance companies in India will now come up with policies that will be solely dedicated to COVID-19 patients.
Due to the ongoing Coronavirus pandemic, thousands of people have lost their lives and several are getting infected every day. The hospital fees and medical charges are adding to the patients’ financial woes. Therefore, the Insurance Regulatory and Development Authority (IRDA) has taken an important step to reduce the burden on Coronavirus patients’ pockets. The IRDA has granted permission to several insurance companies to introduce the Corona Kawach Beema policy. This includes various Government companies like Oriental Insurance, National Insurance, Bajaj Allianz, and SBI General Insurance. These policies will have a tenure of 3.5 months, 6.5 months, and 9.5 months ,and the coverage will scale from Rs. 50,000 to Rs. 5,00,000.
The premium amount of these policies shall be one time and it will be the same across the nation. These policies will cover medical expenses, ambulance expenses, and hospital charges of COVID-19 patients. Many companies are also covering home-quarantine expenses of the patients.
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