All you want to know about Corona Kavach and Corona Rakshak health insurance policies

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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

Corona Kavach policy specifically covers against hospitalisation expenses for the treatment of Covid-19.

Features of Corona Kavach

• Policy type: Individual  and Family Floater
• Policy Period: 3 ½ months, 6 ½ months and 9 ½ months
• Eligibility: Day 1 -65 years (Minimum Entry age for principal insured 18 years)
• Sum Insured Options: Rs 50,000 to Rs 5,00,000
• Waiting period: 15 days
• Pre/Post hospitalisation: 15 days/30 days
• No Room Rent Limits
• Pre-existing Co-morbid conditions covered
• Expenses on PPE kits, masks and gloves included
• Consultation fee incurred for telemedicine also covered.
• Optional cover – Hospital Daily Cash: 0.5% of sum insured per day.

Major Exclusions

• Any claim in relation to COVID-19 where it has been diagnosed prior to buying the policy or at the Policy Start Date
• Any expenses incurred on day care treatment and OPD treatment are not covered. The home treatment or hospitalisation expenses are covered.
• Testing done at a diagnostic centre which is not authorised by the government are not paid under the policy.
• All covers shall cease if the insured person travels to any country placed under travel restriction by the government.

Corona Rakshak

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 Rakshak

•  Policy type: Individual
• Sum Insured Options : Rs 50,000- to Rs 2,50,000
•  Policy Period : 3 ½ months, 6 ½ months and 9 ½ months
•  Modes of payment : Single premium payment only
• Eligibility : Persons aged 18-65 years

Major Exclusions

• Any claim during the waiting period of 15 days
• Will not cover if the person travels to any country placed under travel restriction by the Government of India.
•  Testing at a diagnostic centre which is not authorised by the government

Price Comparison

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.