The novel coronavirus has dramatically altered life across the world and has had a tremendous impact here in India. As of June 2020, cases in India have risen to more than 6 lakh individuals who have been infected by the deadly virus. Looking at the rising Coronavirus cases in the nation, quality healthcare and prompt medical treatment have become the need of the hour. Hence, (Insurance Regulatory and Development Authority of India (IRDAI) suggested all non-life insurers offer corona specific health insurance policy. Corona Kavach and Corona Rakshak are two policies that provide exclusive coverage for coronavirus treatment cost.
Corona Kavach: Kavach means armor. This policy aims at covering hospitalization, pre-post hospitalization, home care treatment expenses, and AYUSH treatment in case anyone is tested positive of Covid-19 infection. It is a standard health insurance plan designed to cover medical expenses arising due to Coronavirus Pandemic. With this standard health insurance plan for Coronavirus. This policy covers medical bills and provides access to quality medical treatments. What’s covered under Corona Kavach Health Insurance? Hospitalization Expenses It covers Everything from bed-charges, nursing charges, blood tests, PPE kits, oxygen, ICU, and Doctor consultation fees gets covered. Pre-hospitalization Cover Before hospitalization, there are medical expenses towards doctor consultations, check-ups, and diagnosis. We provide coverage of such expenses 15 days prior to hospitalization. We also cover the costs of diagnostics towards Covid-19. Post-hospitalisation Cover It covers medical expenses incurred until 30 days after discharge from the hospital. Home care treatment expenses If you are undergoing treatment for Coronavirus at home, then this policy covers medical expenses related to health monitoring, medicine costs up to 14 days. AYUSH Treatment (Non-Allopathic) This Policy supports the healing powers of Ayurveda, Unani, Sidha, and Homeopathy treatment. Road Ambulance Cover Transfer from home to hospital or hospital to home in an ambulance is also covered. This policy pay ₹2000 per hospitalization. Hospital Daily Cash (Optional Cover) You get 0.5% of sum insured per day for 24 hours hospitalization for COVID-19 treatment up to 15 days. What are the minimum and maximum entry age for this policy? The minimum entry age is 18 years and maximum entry age is 65 years. If you opt for family floater policy the dependent child will be covered from day 1 to 25 years of age. What is the policy term of Corona Kavach? The policy term of Corona Kavach is three and a half months, six and a half months, and nine and a half months. This term is including the waiting period. What are the minimum and maximum coverage offered under this plan? The minimum sum assured under this policy is Rs.50000 and the maximum sum assured is Rs.5 lakh. What is the cost of Corona Kavach? Find below the Price comparison of Corona Kavach policy for your ready reference.
The above premium is exclusive of GST. It is very clear that although features are the same, the premium rate varies a lot. Oriental Insurance and Future Generali offer a policy at a lower premium rate. On the other hand, Go Digit's policy is very costly.
What is the waiting period for this policy?
The minimum wait period for this policy is 15 days from the date of policy issue. The company will not pay any benefit until this waiting period is over.
What is the exclusion of this policy?
This policy does not include any expenses incurred for the diagnostic and evaluation in case the policyholder does not found corona positive.
No expense related to dietary supplements, vitamin, mineral, and other substances unless prescribed by the medical practitioner.
Any expenses incurred on OPD and daycare treatment are not covered.
Diagnosis and treatment done outside INDIA are not covered.
Incase testing is done at the diagnostic center which is not authorized by the government of India.
Corona Rakshak
Rakshak means Rescue To provide COVID-19 health insurance to cover specific requirements, insurance companies are offering Corona Rakshak, a benefit-based policy. Under this policy, the insurance company will pay a lump sum amount, which is the sum insured, if the policyholder is hospitalized for a minimum of 72 hours after testing COVID-19 positive. The basic sum insured is Rs. 50,000 and the maximum is Rs. 2.5 lakhs. Once the entire amount is paid out, the policy will cease to exist. The available policy tenures are 3.5, 6.5, and 9.5 months payable with a single premium. What is the cost of Corona Rakshak?
Difference Between Corona Kavach Vs. Corona Rakshak COVID-19 Insurance:
As mentioned, the Corona Kavach health insurance is an indemnity insurance policy, while the Corona Rakshak is a benefit-based policy. The coverage, benefits, and features of the COVID-19 health insurance policies differ. Below is a detailed guide on the differences between the two basic coronavirus health insurance:
How to Claim Health Insurance for COVID-19?
The claim procedure for the COVID-19 health insurance and the regular or standard health insurance is similar and there isn’t much of a difference. However, currently, policyholders can get a reimbursement of the hospitalization expenses for the treatment of COVID-19. The reimbursement will be up to the sum insured amount specified on the policy document.
Difference Between Coronavirus Health Insurance (Corona Kavach) and Health Insurance Covering COVID-19:
Here are a few differences between regular health insurance which covers COVID-19 treatment and the exclusive coronavirus health insurance (Corona Kavach):
Important Facts on COVID-19 Insurance Cover:
Before you opt or buy COVID-19 insurance cover, it is essential that you understand the important facts about Corona Kavach and Corona Rakshak health insurance policies:
Sum Insured: The maximum sum insured amount in Corona Kavach is Rs. 5 lakh while it is Rs. 2.5 lakh in the case of Corona Rakshak. If you are looking for health insurance more than the above-mentioned sum insured, then you will have to review your decision to buy the COVID-19 specific health insurance.
Coverage: It is important to learn about the details of the coverage provided by the COVID-19 insurance policy. Choose a plan which offers maximum coverage at a lower premium amount. This offers the best balance between the coverage and the premium.
Waiting Period: While most health insurance policies cover pre-existing conditions or diseases only after a waiting period, which in some cases goes up to 48 months, the waiting period for the Corona Kavach health plan is 15 days and it covers comorbidities and pre-existing comorbidities.
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