Competition for cheap and advantageous insurance companies

The Insurance Regulatory and Development Authority of India (IRDA) has allowed 29 general and health insurance companies to introduce short-term Corona Kavach health insurance policy for code 19 treatment. Amid rising cases of Coronavirus infection, the IRDA has asked general and health insurance companies to submit Corona Couch health insurance policies by July 10. According to the regulator, the premium has to be paid once and the premium amount will be the same across the country. In addition, companies are preparing to introduce a policy with other benefits in treating corona.

Competition for cheap and advantageous insurance companies
how do insurance companies compete
Competition for cheap and advantageous insurance companies

ICICI Lombard General Insurance chief endorsement and Claim Sanjay Dutta says the global Corona crisis has been going on for almost six months and has yet to be effectively treated. He said that in order to get the economy back on track, India and other countries of the world have also started gradually ending the lockdown. This has increased the risk. In such a situation, consumers and companies have the opportunity to keep pace with the times. In view of this, he says, ICICI Lambert is preparing to introduce a policy called Corona Protection. It will cover treatment as well as other expenses. This policy may be presented next month.

  • The whole country premium can be for one


Brief-term policy of three and a half months, six and a half months, and nine and a half months as per IRDA uniform guidelines. The sum insured ranges from Rs 50,000 to Rs 500,000 (multiplied by Rs 50,000). According to the regulator, the premium has to be paid once and the premium amount will be the same across the country.

  • What's in a Corona armor?

Corona Armor Policy After a home investigation, if a corona infection is found, hospital treatment costs will be borne. This will include all medical expenses, including the cost of the ambulance. In addition, there will be no limit on the rent of hospital rooms.

  • Corona will compensate for the security

ICICI Lombard's Corona Protection Policy, Insurance Cover will be up to Rs. 250,000. This will cover all costs of Corona's treatment. In addition, if the insurer is professional or business, the policy will also compensate him for the damage caused by Corona. Other types of bills will not be required for claims other than medical bills.