₹1.02 lakh crore and 32 lakh Rakshak policies with a total sum assured of ₹1.1 lakh crore.While Kavach has a cap of ₹5 lakh on the sum insured, Rakshak has a cap of ₹2.5 lakh.
Both these policies were launched on 10 July 2020.“Kavach and Rakshak are both small-ticket policies because they are short-duration products.
Premiums too in most cases are under ₹1,000, so I am of the view that 60 lakh is not a very big number given the country’s population.
These policies are not huge revenue churners for insurers, but they will help companies in reaching out to customers so they can cross-sell regular health policies once the covid-19-specific policies lapse," said Naval Goel, founder and CEO of PolicyX, an online insurance aggregator.In his.