Insurance: The Kovid-19 pandemic has had a profound impact not only on the economy but also on our normal life. According to a latest study, the third wave of the virus is likely to hit India in August, 2021 and may reach its peak in October. The central government recently also said that ten states are registering an increase in positive cases or increase in Test Positivity Rate (TPR) every day. In view of the current situation, it has become very important to take proper health insurance.
Standard Covid Specific Policies
Our country’s insurers are offering two standard COVID-19 specific products – Corona Kavach and Corona Rakshak. Both the health insurance products are for hospital expenses related to Kovid-19. These are based on the guidelines of IRDAI.
Currently, both the policies can be purchased for tenures of three and a half months, six and a half months and nine and a half months, which includes a waiting period of 15 days. Corona Kavach and Corona Rakshak are available for purchase and renewal till 30 September.
The minimum and maximum entry age is 18 years and 65 years.
Corona Kavach vs Corona Protector
Both the policies are for Kovid-19, so it is important to understand their difference before taking any final decision.
Corona Kavach is an indemnity-based plan where hospital bills are reimbursed to the extent of the Sum Assured as per the policy terms and conditions.
On the other hand, Corona Rakshak is a fixed benefit plan where 100% sum assured is paid to the insured.
The sum insured in the Corona Kavach policy will be applicable only if the minimum duration of hospitalization is 24 hours.
But, in case of Corona Rakshak, hospitalization is required for a continuous period of at least 72 hours.
Insurance companies offer Corona Kavach policies to families and individuals as a compulsory cover on indemnity basis wherein the claim is paid as per the actual expenses.
Corona Rakshak plan is offered as an optional policy on a benefit basis. In the plan, the insurer pays the entire sum assured as per the terms and conditions of the policy.
The Corona Kavach policy has both individual and family cover. On the other hand, Corona Rakshak is an individual plan, and only one person is involved in it.
For Corona Kavach policy, the minimum insurance amount is Rs 50,000, and the maximum coverage you can get is Rs 5 lakh.
The Corona Rakshak health insurance policy offers a minimum and maximum coverage of Rs 50,000 and Rs 2.5 lakh respectively.
Although both Corona Kavach and Corona Rakshak are standard policies, their premium varies from insurer to insurer.
According to market experts, you can get these policies in the premium range of Rs 523 to Rs 1,200.
If you have a Corona Kavach health insurance policy, you can buy the ‘Hospital Daily Cash’ rider cover.
There is no additional benefit in the Corona Rakshak policy.