Standard covid product to be benefit-based cover under revised IRDAI rules

The minimum sum assured for the product will be Rs 50,000 and it can go upto a maximum of Rs 5 lakh

The insurance regulator has revised the guidelines for a standard Covid product, from the earlier draft. In the fresh draft, it has asked general and stand-alone health insurers to offer a “standard benefit-based product” rather than an indemnity-based one as proposed earlier.

The standard benefit-based product will offer a lump sum benefit — equal to 100 per cent of the sum insured — to be paid by insurers if the client tests positive, resulting in hospitalisation. “The diagnosis has to be confirmed by authorised centres as declared by the Ministry of Health and Family Welfare,” said the draft guidelines reviewed by