All life, general and health insurance companies will soon start selling corona life insurance policies given the rising number of cases in India. The Insurance Regulatory and Development Authority of India has announced guidelines for two policies. Both these products will be launched from July 10.

The IRDAI has asked insurance companies to come up with health insurance policies that cover COVID-19-related medical expenses by July 10. The insurance regulator has taken the step at a time when COVID-19 cases in the country are surging at a very fast pace.

IRDAI has asked the insurers to offer two health insurance policies i.e. Corona Kavach Policy and Corona Rakshak Policy. Both policies will cover the expenses for hospitalization, home care treatment and Aayush treatment, as well as charges towards pre- and post-hospitalization.

Corona Kavach:  This is a standard policy which will cover the cost of treatment of any co-morbid conditions, including pre-existing conditions, along with the treatment for COVID-19.

Those between 18 and 65 years of age can buy this product. Parents can also be covered under this product. This will be a single premium, limited period policy without any lifelong renewability benefit.

Minimum sum insured for Corona Kavach Policy will be Rs 50,000 and the maximum sum insured would be Rs 5 lakh.

Corona Rakshak Policy: This single-premium plan will pay out 100% of the sum insured as lump-sum if the policyholder tests positive for COVID-19 and requires hospitalization at least for 72 hours.

The minimum sum insured under the product would be Rs 50,000 and the maximum limit is set at Rs 2.5 lakh. The premium shall be uniform across India.

Government data shows that nearly 3.2 lakh COVID-19 patients in the country have recovered since the beginning of the pandemic and 16,475 patients have died. India's biggest single-day jump in cases - 19,906 fresh infections - was registered on Sunday (28th June).