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With the country being hit by the second wave of Coronavirus, it is time to renew your Corona-specific policies. This is because last month the insurance regulator extended the renewal period of Covid specific policies, which will now remain valid till September 2021. If you don’t have a cover then you should consider buying one as they are short-term policies with very low premium rates.
Insurance Regulatory and Development Authority of India (IRDAI) directed all insurers in 2020 to issue short term covid specific insurance plans for individuals and families looking out for health insurance coverage due to COVID-19. Here are details about Corona Rakshak and Corona Kavach policies:
Corona Kavach
This covid specific policy specifically covers 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 related to COVID-19 where it has been diagnosed prior to buying the policy or at the Policy Start Date
-Any expenses incurred on daycare treatment and OPD treatment are not covered.
-Testing done at a diagnostic centre that 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 a 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
It is advisable to buy a basic health insurance policy as the first layer of protection 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.