With growing concerns over the unabated rise in Covid-19 cases, insurance options are also getting more broad-based and well defined.

Apart from general health cover policies that already cover the pandemic treatment costs, a first of its kind standard Corona insurance product, Corona Kavach, will be available in the next couple of days.

Following a mandate from the Insurance Regulatory and Development Authority of India (IRDAI), all general insurers and standalone health insurance players have to offer this indemnity product compulsorily by July 10.

According to sources, the regulator has already received many product filings from insurers and is ‘busy’ scrutinising them.

The insurers are expecting a better response to Corona Kavach. ‘‘It’s a very good product which is beautifully designed to cover all specific aspects associated with Covid-19 such as testing and home treatment costs which help customers,’’ Bhaskar Nerurkar, Head, Claims, Bajaj Allianz General Insurance, told BusinessLine .

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The indicative list of treatment costs brought out by the General Insurance Council (GIC) is also expected to have a positive impact on all corona-related claims.

According to M N Sarma, Secretary-General, GIC, Covid-19 hospitalisation rates have been arrived at by the Council after taking into account the rates fixed by different State governments and after consultations with doctors.

Atul Sahai, CMD, New India Assurance and Chairman, GIC, said the general rates are high and the new rates would be about one-fourth of that.

The move helps all stakeholders. ``Now, the insurer will know how he has to pay to the hospital while a policyholder will have clarity on how much he will get from the insurer,’’ Nerurkar said.

Insurers feel that the new Covid rates would also benefit smaller, private sector insurance companies who may not have tie-ups with a large network of hospitals. Significantly, PPE as well as Covid testing are included.