In the outbreak of the Highly Infectious Novel Corona Virus, the people are panicked and are in a need to take an Health Insurance Cover. With a rapid increase in the day-to-day cases of corona virus, the IRDAI (Insurance Regulatory and Development Authority of India) has also compelled the insurers to offer a short term Covid specific health plans that will entirely cover the expenses of the covid-19 treatment. In relation to this, Canara bank has launched the Corona Kavach Policy for the covid-19 treatment. Canara Bank is owned by the Government of India and is one of the largest public sector banks in the Country. The headquarters of Canara Bank is located at Bengaluru.
Canara Bank on Friday 31 July 2020 said that it has tied up with three insurance companies to sell short term Corona Kavach Policy to Cover Covid-19 related health expenses. The Bank has tied up with New India Assurance Company Ltd, Bajaj Allianz General Insurance Co Ltd, and HDFC ERGO Health Insurance as a part of Social Commitment to indemnify the unprecedented expenses of common man. The Bank has launched the Corona Kavach policies at a very competitive premium structure starting with as low as Rs.300 only. Some of the key features of the policy also includes: purchase on Individual and Floater basis, Minimum sum insured of Rs.5000 to a maximum amount of Rs.5 lakh, no restrictions on the room rent, and home care treatment up to 15 days. The features also include:
1.Minimum 24 hours Hospitalization is required
2.Initial waiting period will be 15 days from the date of issuance
3.Treatment expenses for pre-hospitalization of 15 days and post-hospitalization of 30 days are covered.
4. Optional Hospital cash covered.
5.The minimum sum insured is INR 5000 and the maximum sum is INR 500000.
This policy will also cover the expenses of Ayush Treatment up to 100% of sum assured and coverage of co-morbid conditions. The policy will be available for a maximum period of nine and half months or 285 days. The Bank also stated that the policy features of the products seen along with the premium structure, make them to be the best in the peer group.