|Corona Kavach||Corona Rakshak|
|Companies selling these plans||General (Non-life) and Standalone Health Insurance companies||Life, General (Non-life) and Standalone Health Insurance companies|
|Product Type||Available on Individual and Family Floater Basis||Available only on Individual Basis|
|Coverage Basis||1. Base Cover on Indemnity Basis- Covid 19 Hospitalization cover
2. Optional Cover on Benefit Basis- Hospital Daily Cash
|Coverage only on Benefit Basis|
|Sum Insured||₹50,000/- (Fifty Thousand) to ₹5,00,000/- (Five Lacs) (in the multiples of fifty thousand)||₹50,000/- (Fifty Thousand) to ₹2,50,000/- (Two Lacs Fifty Thousand) (in the multiples of fifty thousand)|
|Benefit Payable||Actual incurred hospitalization expenses upto sum insured
(eg. If SI is ₹5lacs and actual medical expenses incurred is ₹3 lacs, claim payable is ₹3 lacs)
|100% of sum insured benefit payable on Covid 19 diagnosis irrespective of expenses incurred.
(eg. If SI is ₹2lacs and actual medical expenses incurred is ₹1.5 lacs, claim payable is ₹2 lacs)
|Eligibility of Insured||Adults : Persons between the age of 18 to 65 years can be the insured member under the policy.
Children : Children upto the age of 25 years
Self, spouse, Parents, Parents-in-law and Dependent Children are the family members that can be covered
|Adults : Persons between the age of 18 to 65 years can be the insured member under the policy.|
|Waiting Period||15 days||15 days|
|Policy Period Options||
|Premium payment||Single Premium||Single Premium|
|Benefit Payable||Medical Expenses of Hospitalization related to Covid 19 (upto to the Sum Insured chosen) on diagnosis shall be payable under this plan||Lump sum benefit equal to 100% of the Sum Insured shall be payable on positive diagnosis of COVID-19, requiring hospitalization* for a minimum continuous period of 72 hours.|
|Pre Hospitalization Expenses||15 days|
|Post Hospitalization Expenses||30 days|
|Renewability||Lifetime Renewal||Lifetime Renewal till claim is paid. Once claim is paid, policy terminates|
|Home Care Treatment Expenses||Cost of treatment incurred by the Insured person on availing treatment at home for Covid on positive diagnosis up to 14 days per incident, which in the normal course would require care and treatment at a hospital but is actually taken while confined at home.|
|Hospital||For the purpose of this policy any set-up designated by the government as hospital for the treatment of Covid shall also be also considered as hospital.||For the purpose of this policy any set-up designated by the government as hospital for the treatment of Covid shall also be also considered as hospital.|
|Premium||Standardised across India for all geographies||Standardised across India for all geographies.|
|Plans (6.5 months – 195 days)
Premiums in ₹ INR (without GST)
|Corona Kavach||Corona Rakshak|
|Sum Insured / Age of Customer||40 years||65 years||40 years||65 years|
|₹ 50,000||410 - 420||655 – 796||359 - 923||638 – 923|
|₹ 2,50,000||1130 - 1333||1356 – 2679||1795 – 4615||3188 - 4615|
|₹ 5,00,000||1690 – 2,317||2027 - 5193|
|Existing Coverage||Plan Recommended|
|Have an existing Health Insurance Indemnity Plan. All current health plans cover expenses relating to Corona||Corona Rakshak|
|No current Health Insurance coverage at all||Corona Kavach|
Yes. All existing health policies cover Coronavirus as per the directive from IRDAI. If one wants to buy a new health insurance plan, they can do so and the policy will cover Coronavirus treatment after the mandatory waiting period, provided the insured didn’t have the illness while purchasing the plan.
Yes, one can cancel the same within the free look period, which normally is for 15 days. After that it will be cancelled and premium refunded, subject to no claim and on a prorata basis.
Yes. Existing health insurance policies will cover treatment expenses for Coronavirus treatment as per the directive from IRDAI, subject to completion of the mandatory waiting period.
Expenses relating to in hospital treatment, ambulance expenses, diagnostic tests, medical evacuation benefits if you’re unable to receive treatment at your current location, quarantine related expenses, if recommended by the attending doctor.
Coronavirus health insurance comes with a waiting period of 30 days from the date of inception of the policy.
Most clinics and hospitals in India are conducting coronavirus tests for free or for a subsidised cost. However, hospitalisation charges, including room rent, surgical procedures and medical expenses are to be borne by patients. This is where a health insurance policy comes into play. If you have an existing policy, your hospitalisation expenses will be covered by the insurer.
If you don’t have an existing health insurance policy, you should go ahead and buy one immediately. Any standard health insurance policy will help covering your hospitalisation and medical, testing and quarantine expenses.
All health plans by insurance companies in India offer both cashless and reimbursement claims processing for all treatments including Coronavirus. While cashless claims can be availed for treatment at a network hospital of the insurance company, a reimbursement claim can be made for treatment at any non network hospital, provided the insured settles all the bills with the hospital and then makes a claim with the insurer on submission of all related documents.
One has to follow the normal process like any other sickness/accident related claim. Get in touch with the Assistance Company (TPA) or Insurance company or their Toll free number, and register a claim providing them the policy details and the information relating to the claim. Refer your policy document or health card for the Assistance related toll free information.
Offcourse, one can go ahead buy a coronavirus health insurance online. This link will provide all related information on the existing health insurance plans which offer this coverage. Enter the required insurance related personal and health details and then pay the insurance premium online. Post this, the insurance company will issue you your policy.
The big C on everybody’s lips at the moment of writing this article (July 2020) is no longer Cancer but Corona. India is reeling under the weight of this pandemic having clocked up 1.1 million (11 lacs) cases, having reached the third place globally in a not so sought after race to the top. This is a list that India clearly shouldn’t aspire to lead but given the current trend, India needs to definitely be worried. With not so efficient medical infrastructure and testing levels (per million) amongst the lowest in the world, it appears that we have just about explored the tip of this pandemic iceberg. The pandemic has not spared any state in India but has specifically impacted the economically stronger states like Maharashtra, Gujarat, Tamil Nadu, Karnataka, Andhra Pradesh, Uttar Pradesh and the NCR region including Delhi. It has slowly buy surely penetrated into almost all districts thanks to the migrant population who have had to move around to earn their livelihood. While the Government continues to put in place an effective action plan to slow down the impact of Corona, it becomes important for us as citizens also to play a part in this fight.
Corona has not only impacted individual lives but also ravaged economies around the world and India is no exception. With plunging GDP levels, it appears to be a slow and arduous road back to economic health. Given the fact that we can’t control the spread of the virus the best that we can do is to protect ourselves physically with masks and social distancing and financially by investing in an insurance plan that can assist us in case one unfortunately is impacted by the deadly virus. The statistics suggest that India is woefully uninsured and underinsured as far health insurance is concerned with less than a fifth of the population having some sort of health insurance cover. Almost 75% of the medical expenses for all illnesses are coughed up by individuals/families from their hard earned savings and expenses related to Corona will not be an exception. This brings us then to the question "Should Individuals invest in a Corona Specific health insurance plan in India today?" And the answer is a big loud "Yes".
According to the IRDAI, the Corona Standard Health Policy need to be compulsorily offered by all general and health insurance companies from July 10, 2020. Exclusive health insurance plans for Covid-19 hospitalization treatment have been introduced in the market from called Corona Kavach and Corona Rakshak Policies. Corona Kavach is an Indemnity based plan, which Corona Rakshak is a Benefit policy, both covering medical expenses related to Covid 19. What makes Corona plans a simple product to buy is that every insurer needs to carry common set of benefits and applicable policy wordings. The features and the premium will similar across all the insurers. This then brings up another question, “If I already have a health insurance policy, do I still need to buy one of these Corona plans?” and the answer again is “Yes”. Having regular individual health insurance is equally essential as they are more comprehensive in nature. However, to supplement them, buying an exclusive COVID cover is also a better approach.
|Corona Kavach||Standard Health Insurance Policy|
|What is covered||Only COVID-19 treatment||Covers all illnesses including COVID-19|
|Sum Insured||₹50,000 till ₹5 lacs||₹50,000 till ₹100 lacs|
|Coverage Options||Individual & Family Floater||Individual & Family Floater|
|Minimum & Maximum Entry age limit||Minimum Entry : 18 years
Maximum Entry : 65 Years
|Minimum Entry : 18 years
Maximum Entry : 70 Years (under Senior plans)
|Lifetime Renewability||Not applicable||Available|
|Policy Term||Three Fixed Options of 3.5 / 6.5 / 9.5 months||Options of 1 year to 3 years|
|OPD & Day Care Treatment||Not Covered||Covered|
|Waiting period||15 days||Minimum 30 days|
|Pre-existing disease||Not covered||Covered after certain waiting periods based on ailments|
|Home Care Treatment||Covered||Not Covered|
|Additional Expenses like PPE Kit, gloves, mask and such similar other expenses||Covered||Not covered|
|Pre-policy medicals||Not applicable||Applicable|
|Premium payment term||Single||Instalment option available|
|Premium||Standard across India||Geographical premium variations|
The coverages under the plan include :
Corona Kavach policy will pay for the hospitalization expenses incurred by the policyholder for treatment related to Covid 19 in a government authorized diagnostic medical facility. It includes the following medical expenses:
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