Insurance World

Bank Ties Up With Insurers to Offer Low Cost COVID-19 Cover

Public sector Canara bank has tied up with three insurance companies to sell the recently launched short-term Corona Kavach insurance policy which covers COVID-19.

India has seen a massive spike in the number of COVID-19 cases across the country with the numbers exceeding 1.75m on 3 August. On the prodding of the IRDAI, insurers launched the low-cost indemnity-based Corona Kavach last month, with the purpose of providing an insurance cover for individuals for COVID-19 pandemic related health expenses.

As a part of its social commitment to help the common citizens of the country, Canara bank has tied up with New India Assurance, Bajaj Allianz General and HDFC Ergo Health to offer this insurance product for which premium rates from $4.

The policy will be available for a maximum period of nine and half months or 285 days and will also cover the Indian traditional Ayush treatment for up to 100% of sum assured and coverage of co-morbid conditions. Some of the unique features of the policy are: Purchase on individual and family floater basis, minimum sum insured of $667 to a maximum of $6,673, no capping on room rent, and home care treatment of up to 15 days.

Asia Insurance Review

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