IRDAI allows Insurance Companies to offer Corona Kavach Policy group Insurance product
Corona Kavach Policy group Insurance
Recenlty, IRDAI had mandated all the general and health insurance companies to offer Individual Covid Standard Health product, “Corona Kavach Policy”.
Now, IRDAI, with immediate effect, has allowed the Insurance Companies to offer Corona Kavach Policy as group product by complying with the following norms:
(i) Insurance Companies are allowed to use the standard product name for the group policy after adding the word “group”, provided all terms and conditions as applicable to the standard individual policy remain the same except premium rate and specification on operation of group policy.
(ii) The Insurance Companies shall determine the price keeping in view the cover proposed to be offered subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations, 2016 and Guidelines notified there under.
(iii) The product shall be filed on Use and File basis by duly complying with the norms specified in Chapter IV of Guidelines on product filing in health insurance business” ( IRDA/HLT/REG/CIR/150/07/2016 dated 29th July, 2016) as modified from time to time.
(iv) The said group product shall comply with the all other applicable norms stipulated under “Guidelines on Product filing in Health Insurance business” (IRDA/HLT/REG/CIR/150/07/2016 dated 29th July 2016).
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