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Canara, Yes , DBS amongst banks partner with Ins cos for Corona policies

Canara BankMore number of banks are offering Covid19 related  insurance covers in the wake of increasing deaths and hospitalisation among people.  The steep rise in Covid cases has resulted the IRDAI to compel insurers to offer short-term Covid-specific health plans that will cover hospitalization expenses related to the treatment of COVID-19.

 Keeping in view of the aforesaid, Canara Bank, a leading financial institution, has launched Corona Kavach to indemnify the unprecedented expenses of people. The launch of Corona Kavach policy by the following Insurance companies who have tied up with the bank are:

New India Assurance Company ltd. (M/s NIA)

Bajaj Allianz General Insurance Co. ltd. (M/s BAGIC)

HDFC ERGO Health Insurance Co. ltd (M/s HEHI)

With the objective of providing insurance cover for individuals for COVID-19 pandemic related to health expenses, the Bank in association with the tied-up insurance companies has launched the Corona Kavach Policies at a very competitive premium structure, starting with as low as INR. 300 only.

The salient features of the policies are:

 It can be purchased on individual basis and family floater basis.

The minimum sum insured is INR 5000 and maximum is INR 5 lakh.

Minimum 24 hours hospitalization is required.

Maximum period of insurance will be of 285 days or 9 and half month.

Initial waiting period will be of 15 days from the date of issuance.

No capping on room rent.

Home care treatment as per insurer policy maximum up to 15 days.

Treatment expenses for pre-hospitalization of 15 days and post- hospitalization of 30 days are covered.

Ayush treatment is available upto 100 % of sum insured.

Co-morbid conditions also covered.

Optional hospital cash covered.

Earlier, private lender Yes Bank had launched a fixed deposit product with a health cover for COVID-19 illness. The bank has tied up with Reliance General Insurance for the product, under which it will bear the premium cost for a cover of INR 25,000 for new fixed deposits of over INR 1oo,ooo.

DBS Bank India had also partnered with Bharti AXA to roll out a complimentary health insurance cover with a cover of INR 5000 per day, for a period of 30 days.

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