Insurers start offering standard Covid product as mandated by Irdai

As of now, the insurers have to offer the indeminity-based standard Covid cover (Corona Kavach), but later they may also offer the benefit-based product (Corona Rakshak), insurers said

The Insurance Regulatory and Development Authority of India (Irdai) has allowed 29 general and health insurers to market the standard Covid-19 cover, Corona Kavach. It had set a July 10 deadline for insurers to come out with such a product, but firms required regulatory clearance for its pricing.

As of now, insurers have been asked to offer indemnity-based Corona Kavach to consumers; the benefit-based standard policy, Corona Rakshak, would be launched later. 

Last month, the insurance regulator had issued final guidelines for the two standard products specifically designed for Covid-19 cases.

Though policy wording and product structure are supposed to be identical for