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:
- 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.
- Minimum hospitalisation: 24 hours
- 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.
- 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.
- Sum Insured: Minimum Rs 50 thousand and maximum of Rs. 5 Lakhs, in multiples of 50 thousand.
- Policy Tenure: 3 ½ or 6 ½ or 9 ½ months, with a waiting period of 15 days.
- Pre and Post Hospitalisation expenses: 15 days and 30 daysrespectively.
- Coverage: The Corona Kavach policy can cover both individuals and families.
- Age: Policy can cover persons between the ages of 18 to 65 years.
- Co-morbid conditions: Co-morbid conditions triggered due to Covid-19 shall be covered.
- Premium: Premium amount can vary by insurer. However, all benefits will be standard as per the IRDA guidelines.
- 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:
- Fixed amount: This is a fixed benefit product, meaning it will pay the amount insured, irrespective of actual expenses.
- Minimum hospitalisation: 72 hours.
- Sum Insured: Minimum Rs 50 thousand and maximum Rs. 2.50 Lakhs, in multiples of 50 thousand.
- Age: Policy can cover persons between the age of 18 to 65 years.
- Policy tenure: 3 ½ or 6 ½ or 9 ½ months with a waiting period of 15 days.
- Coverage: Only individuals.
- Premium: The premium amount varies by insurer. However, all benefits will be standard as per the IRDA guidelines.