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Special Covid-19 Plans

special-covid-19-plans-corona-kavach-corona-rakshak

SPECIAL COVID-19 PLANS - Corona Kavach& Corona Rakshak

IRDA has recently issued guidelines to insurers to provide the following two standard COVID-19 policies:

  • Corona Kavach: An indemnity policy, for COVID-19 hospitalization expenses
  • Corona Rakshak: A benefit policy, where the total sum insured will be paid to the policyholder, if he or she is hospitalized with COVID-19.

Highlights of Corona Kavach:

  1. Hospitalisation expenses: It covers only Covid-19 hospitalisation expenses and will pay for actual expenses, up to the Sum Insured.Cost of consumables like PPE kits gloves, masks, etc. are also covered.
  2. Minimum hospitalisation: 24 hours
  3. Home treatment:  The insured person can get treated at home, for a maximum of 14 days. Although conditions have been specified about home treatment, basic treatment protocols under medical supervision are included.
  4. Make-shift Covid Hospitals are included: Any set-up designated by the government as hospital for the treatment of Covid-19, shall also be also considered as a hospital.
  5. Sum Insured:  Minimum Rs 50 thousand and maximum of Rs. 5 Lakhs, in multiples of 50 thousand.
  6. Policy Tenure: 3 ½ or 6 ½ or 9 ½ months, with a waiting period of 15 days.
  7. Pre and Post Hospitalisation expenses: 15 days and 30 daysrespectively.
  8. Coverage: The Corona Kavach policy can cover both individuals and families.
  9. Age: Policy can cover persons between the ages of 18 to 65 years.
  10. Co-morbid conditions: Co-morbid conditions triggered due to Covid-19 shall be covered.
  11. Premium: Premium amount can vary by insurer. However, all benefits will be standard as per the IRDA guidelines.
  12. Hospital Daily Cash: This optional add-on will pay 0.5 per cent of the Sum Insured per day, subject to a maximum of 15 days during a policy period.

Highlights of Corona Rakshak:

  1. Fixed amount:                      This is a fixed benefit product, meaning it will pay the amount insured, irrespective of actual expenses.
  2. Minimum hospitalisation:  72 hours.
  3. Sum Insured:                        Minimum Rs 50 thousand and maximum Rs. 2.50 Lakhs, in multiples of 50 thousand.
  4. Age:                                       Policy can cover persons between the age of 18 to 65 years.
  5. Policy tenure:                       3 ½ or 6 ½ or 9 ½ months with a waiting period of 15 days.
  6. Coverage:                            Only individuals.
  7. Premium:                              The premium amount varies by insurer. However, all benefits will be standard as per the IRDA guidelines.

 

 

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