Do you know that the basic health insurance policy does not cover PPE or home treatment cost if the person infected with coronavirus. It is for this reason the Insurance Regulatory and Development Authority of India mandated all insurance companies to come up with standalone policies. Here is a lowdown on what Covid-specific policies cover:
Corona Kavach policy specifically covers against hospitalisation expenses for the treatment of Covid-19.
This is a benefit policy which means a lump sum benefit is payable on positive diagnosis of COVID-19. But remember, these policies make payment only after hospitalisation for a minimum continuous period of 72 hours.
Features of Corona Kavach and Corona Rakshak policies remain the same across companies. The pricing, however, differs from insurer to insurer. For example Corona Kavach is available in the price range of Rs 1,100 to Rs 8,000 for a person in the age group of 31 to 35 for the period of 9.5 months. The difference in price range is mainly due to lack of morbidity data on Coronavirus.
Money9 says buy a basic health insurance policy as the first layer of protection as as this will give you a much wider coverage not only against coronavirus but also other illnesses and pandemics. Once you have a comprehensive policy you can go for the second layer of protection with Corona Kavach or Corona Rakshak policy.
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