Special Covid-19 Plans

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.