The world was taken by storm when the first case of coronavirus was reported in Wuhan province of China on the eve of the New Year's. As of now, millions of people have lost their lives to this pandemic, whereas, billions of people have been affected by it. Several people lost their jobs, economies of various countries collapsed, businesses got hindered, and much more happened due to this global pandemic. India is the most affected country with COVID-19 after the U.S in the world. The cost of treatment of COVID-19 in India is high and this is the reason why it is advisable to buy a health insurance policy as it will help you financially in case you are tested positive for COVID-19. The government of India along with IRDAI has asked insurance companies to provide a coronavirus specific health plan. This is the reason why major insurers in India have released two health insurance policy that primarily focuses on coronavirus. These are Corona kavach insurance and Corona rakshak Insurance. Today we are going to talk about what they exactly cover.
Corona kavach Insurance
Corona kavach is the standard coronavirus health plan that offers coverage for not only treating COVID-19, but also any comorbid conditions and any pre-existing conditions. Under this plan, the minimum sum insured amount can be anything between Rs 50,000/-, to Rs 5,00,000/-. You can either opt for 3.5 months, or 6.5 months, or 9.5 months as a policy tenure. You only have to pay a premium once. Once you are diagnosed with a COVID-19 at a government-authorized diagnostic center, you can raise a claim under the Corona kavach plan. The policy will cover room charges, specialists, nursing and boarding charges, surgeons, ICU or Intensive Care Units, and anesthetists. This policy also covers the charges incurred towards oxygen, PPE kit, diagnostics, gloves, masks, and ventilators. Under the Corona kavach plan, policyholders can enjoy the optional cover of hospital daily cash. The optional cover means that your insurer will provide 0.5% of the sum insured per day to you for 24 hours of continuous hospitalization for COVID-19 treatment, it can be anything from Rs 250/- to Rs 2,500/-. However, this benefit only lasts for a maximum of 15 days in the policy tenure.
Corona rakshak Insurance
Under this plan, if the policyholder is tested positive for COVID-19 from the government-authorized diagnostic centre and is hospitalized for a minimum of 72 hours, they will get the lump sum amount, which is the sum insured from their insurance provider under this plan. Under this plan, the minimum sum insured amount that you can get is anywhere around Rs 50,000/- to Rs 2,50,000/-. In case the whole amount is paid out, the Corona rakshak policy will cease to exist. You can either opt for 3.5 months, or 6.5 months, or 9.5 months as a policy tenure. You only have to pay a premium once, and there is no benefit of renewability. You are eligible to buy this plan, if you are an Indian that comes in the age group of 18 to 65 years, however you have to wait for 15 days, before taking advantage of this plan.