Since the spread of coronavirus and this pandemic getting health insurance has become immensely important. With no specific treatment for the virus, the cost of 14-day quarantine in a hospital while one is going through all kind of medication for immunity boost is expensive. Considering the current situation, the only way to stay financially protected is by getting a good health insurance plan which focuses especially on coronavirus and its treatment.
Seeing the need for such policies IRDAI recently launched its two policies Corona Kavach policy-an indemnity-based plan and Corona Rakshak policy- a fixed benefit plan, both of which were mandated to be offered by the insurers. These health insurances will safeguard your family in case you get hospitalised for coronavirus. The good thing is you can get the insurance for a premium as low as below 1000 RS. These policies could be purchased via the insurer’s website or could directly be taken by visiting the insurers branch office.
Now as both the policies for COVID-19 it is important to understand the difference and to know which one is the right for you.
Corona Kavach vs Corona Rakshak
Corona Kavach Policy
pays for the hospitalisation and treatment if the policyholder catches COVID-19. All the expenses like room rent, treatment cost, medication and nursing will be covered under the policy. However, the policy only takes care of all the treatment cost and nothing apart from it will be covered.
Apart from this Corona Rakshak is a benefit-based plan and offers 100% of the sum insured irrespective of the medical cost. If the person is tested positive for COVID-19 and remains hospitalised for 72 hours you will be eligible to avail the policy. This policy is best suited if you are the only one who earns for the house.
Getting these policies alongside a health insurance
If you already have health insurance that covers the room rent in case you get admitted into a hospital then you may consider purchasing a Corona Rakshak
Policy. In cases where you do not have previous health insurance, the best thing is to buy the corona kavach policy as it takes care of your room rent and other expenses.
If you are the sole earner of the family then getting the corona rakshak policy is advised. Also, it is best to insure for the sum which is at least 125% of your monthly salary. Ensuring this amount will cause no effect on your financial condition and there will no financially burden. So, you must go for this policy if your sole motive is income replacement.
Getting Corona Kavach with an existing policy
You may also get corona kavach if you already have health insurance. However, the claim settlement may depend on the policies laid out.
So, it all boils down to how much premium you are willing to offer and what kind of policy is the best one for you. Get a health insurance policy
now and get your family secured.