Corona cases are increasing day by day around the world. The same situation in India. Currently, there are 51,18,253 registered cases in the country, with 83,198 deaths. 40 lakh people have recovered. Currently, there are 10 lakh active cases in the country. The corona virus is showing its impact not only in India but also in America, Europe, Australia and Italy.
At such times it is imperative to have health insurance that provides coverage for coronavirus treatment.
Coronavirus- health insurance plans
Insurers have made policies available to provide coverage for coronavirus treatment. Like other health insurance plans, these policies provide coverage for hospitalization costs. These coronavirus health insurance policies also provide comprehensive coverage such as pre- and post-hospitalization costs, outpatient costs, and medication costs. Another thing to note here is that Covid-19 health insurance plans also provide coverage for the cost of PPE kits.
“Health insurance plans provide coverage for Covid-19 treatment. However the Corona kavach and Corona rakshak policies are specifically designed for covid-19. In addition to the cost of PPE kits, masks and gloves costs also covered, they also provide coverage for home isolation and diagnostic costs. ”
-`Naval Goyal (CEO, PolicyX.com)
Available Coronavirus policies
Insurers have made available two types of policies specifically for Covid-19 as per IRDAI guidelines. They are,
1.Corona kavach
2. Corona Rakshak
Both these policies are also specific covid-19 policies. The terms of these policies are similar to the terms of other health insurance plans. Let us know about these policies.
1.Corona Kavach Insurance Policy
Corona cover is a standard insurance policy. The policy covers hospitalization costs, ambulance costs, PPE kit costs, medication costs, masks, gloves and ICU expenses. The sum assured of this scheme starts at Rs. 50,000 and maximum coverage up to Rs 5 lakh can be availed. The scheme can also provide protection to family members. The scheme also provides coverage for AYUSH treatment.
Optional cover is also available under this policy. If the policyholder stays in the hospital for more than 24 hours for covid-19 treatment the policy will provide 0.5 per cent cash of the sum insured as daily cash benefit. It will be paid for a maximum of 15 days.
“If you already have health insurance and the amount of health insurance is low you can opt for a corona kavach policy. Comprehensive coverage is available under this policy. If you have not yet had health insurance, it is best to purchase a corona kavach policy. Also the whole family can be protected under this policy. ”
-Naval Goyal (CEO, PolicyX.com)
2.Corona Rakshak Policy
Corona Rakshak Policy, If the policyholder stays in the hospital for more than 72 hours for covid-19 treatment, the sum insured will be provided at once. People between the ages of 18 and 65 years can buy this policy. Also the sum insured can range from a minimum of Rs 50,000 to a maximum of Rs 2.5 lakh.
“If you have health insurance and loss of daily income due to covid-19 it is a good idea to opt for a corona rakshak policy. If the policyholder has a covid-19 confirmation, the lump sum insurance will be paid under this policy. This policy provides coverage only to individuals. Family floater policy is not available. ”
– -Naval Goyal (CEO, PolicyX.com)
Differences between corona kavach and corona rakshak policies
| Features | Corona Kavach | Corona Rakshak |
| Coverage | For the whole family | Personally |
| Type of coverage | Standard | Purpose-oriented |
| Sum insured | Rs. 50,000 to Rs. 5,00,000 | Rs. 50,000 to Rs. 2,50,000 |
| Premium payment period | Single premium | Single premium |
| Hospitalization | 24 hours | 72 hours |
| Add-ons | Daily hospital cash | – |
| Waiting period | 15 days | 15 days |
Differences in policy premium rates..
Corona kavach and corona rakshak premium rates are different. Although both types of policies are standard products, the policy premium varies from insurer to insurer. Insurers are allowed to determine the policy price.
“Insurance companies determine the premium based on their estimates of claim ratios, etc. The estimates of each insurance company’s actuarial team are different. Hence the premium rates are different. Also the price varies depending on the quality of the services provided by the insurance companies. ”
Naval Goyal (CEO, PolicyX.com)
Other types of Covid-19 insurance plans
Not only corona kavach and corona rakshak policies, most insurers have also launched other policies. These are need-based policies. Insurers are allowed to sell these policies for a limited period of time as per IRDAI sandbox regulations.
These policies provide coverage worth Rs.50 thousand to Rs.1 lakh. For example Star Novel CoronaVirus Insurance Policy, which is offering two insurance options worth Rs. 21,000 and Rs. Rs 42,000.
Corona Rakshak and Corona Kavach coverage
Corona Kavach and Corona Rakshak both are different policies. These policies cover a wide range of topics. The basic coverage items provided by Corona Rakshak and Corona Kavach are listed below.
Covid-19 Hospitalization costs
1.Hospital room rental, boarding and nursing charges
2.Consultant, Specialist, Surgeon Expenses
3.Blood, Oxygen, Operation Theater, Surgical Equipment, Ventilator, Medication Expenses
4.Diagnostics, PPE kits, masks, gloves and other accessories
5.ICU costs
6.Ambulance costs (maximum Rs. 2000)
Home care isolation costs
1.Coverage is provided for expenses up to a maximum of 14 days.
2.Prescription drug costs (prescription)
3.Diagnostic expenses incurred at home or at a diagnostic center.
4. Consultation charges.
5.Nursing charges
6.Oxygen cylinder, oximeter and nebulizer costs
7.The policy also provides coverage for AYUSH treatment, pre and post hospitalization expenses.
Corona Rakshak Coverage
- If the policyholder confirms covid-19 positive then 100% of the policy amount will be paid. However 72 hours should be hospitalized.
- The policy amount will be paid irrespective of the hospital expenses on admission to the hospital under Covid-19.
“Before purchasing a policy, one should consider the coverage and waiting period of the policy. Also the customer has to assess their needs and choose the sum insured. Considering these factors, the consumer can opt for a policy that offers comprehensive coverage at a lower premium if the policy is purchased. ”
Naval Goyal (CEO, PolicyX.com)
Things to keep in mind before buying Covid-19 insurance
Sum Insured- The maximum sum insured available under the corona kavach is Rs. 5 lakhs, while the maximum sum insured available under the Corona Rakshak policy is Rs. 2.5 lakhs.
Coverage- Before purchasing a policy, one should be fully aware of the coverage offered by the policy. Also choose the best policy according to the requirements.
Waiting Period- Most health insurance plans offer coverage for pre-existing conditions only after the waiting period is over. covid-19 policies also have a 15-day waiting period.
Unaccredited Diagnostic Center-policies do not provide any coverage if the covid-19 test is administered by an unaccredited diagnostic center.
Claim Waiting Period- If the claim is filed within 15 days of the purchase of the policy, the claim will be rejected.
Home Quarantine Expenses– The policy does not provide any coverage for home quarantine expenses.
Coverage for pre-existing diseases- The policy does not provide any coverage for the treatment of pre-existing diseases unless the waiting period is over.
Hospitalization without a doctor’s referral- If you are admitted to the hospital without a referral from an accredited doctor, this policy does not provide coverage for hospital expenses.
Difference between Corona Kavach, Corona Rakshak and Covid-19 policies
- Corona Kavach and Corona Rakshak policies All insurers have the same policy term. The duration of other coronavirus policies varies from organization to organization.
- Corona kavach and corona protection policy are issued for a specified period, while other coronavirus (need based) policies can be withdrawn by insurers at any time.
- The maximum and minimum sum insured are fixed in the corona kavach and rakshak policy. Other Coronavirus policies vary depending on the insurance company.
