The Insurance Regulatory and Development Authority of India (IRDAI) launched two exclusive Covid-19 health insurance policies in 2020; the Corona Rakshak Policy and Corona Kavach Policy. Among these two plans, the former is the fixed-benefit one which pays out 100% of the sum assured to the policyholder on getting diagnosed with Covid-19. Corona Kavach on the other hand, is an indemnity-based insurance policy.
During this on-going pandemic, you cannot undermine the importance of a good insurance policy. These are standard coverage short-term policies, especially useful if you, unfortunately, have to be hospitalized due to Covid-19 along with comorbidities.
Benefits of Corona Rakshak Policy
An individual health policy, the Corona Rakshak plan offers coverage amounts in the range of ₹50,000 to ₹2.5 lakh. A major benefit is that the pay-out is irrespective of the actual amount of hospitalization expenses. The coverage includes everything from room rent, cost of masks, medicines, ventilator charges, to nursing charges. The cost of ICU/ICCU is also included in the policy.
The policy tenure is flexible, where you can choose between 3.5 months, 6.5 months, and 9.5 months. Pre-medical screening is not compulsory to purchase the policy and you can claim ambulance charges up to a limit of ₹2000.
Here are other benefits of the policy:
Use a Corona Rakshak premium calculator to get the accurate amount of insurance premium you would have to pay monthly, based on your coverage and premium frequency.
Why Should You Buy the Corona Rakshak Policy?
The policy is affordable, with a simple online purchase process. It provides comprehensive financial protection against Covid-19. If you have to be hospitalized for more than 72 hours the plan will pay you a lump-sum amount, to provide you relief from a financial burden.
Covid-19 hospitalization expenses can run in lakhs, eroding your entire savings funds if you are not adequately protected. If you have a family member, at a high risk of getting infected the policy could be a saviour for you.
Make sure you satisfy the eligibility criteria before purchasing the policy. Individuals in the age- group of 18 to 65 years can avail of it. Also, ensure that you know about all the exclusions in the policy to make an informed decision. For instance, the insurer will not have a liability to pay if you:
•Get diagnostic reports from unauthorised centres
•Avail treatment for Covid-19 overseas
•Want to migrate and renew the policy
•Have travel history to restricted countries
•Get a diagnosis unrelated to Covid-19
Read the terms and conditions properly before purchasing a Corona insurance plan. With proper financial protection against the pandemic, you can have peace of mind while you venture out to work.