The novel coronavirus has truly held the world hostage for most of 2020. The pressure of the widespread infection was felt by economies, governments, and healthcare systems. Most importantly, the COVID 19 pandemic has brought to light many existing gaps in the coverage that people have for health insurance.
Sensing adequate health coverage as the need of the hour, the IRDAI (Insurance Regulatory and Development Authority India) launched two health insurance plans specific to treating COVID 19. These are the Corona Kavach and Corona Rakshak policies. All insurance providers are required to keep similar terms of coverage for both these plans so that people can access them easily and without any hassles in understanding.
Now, as the Corona Kavach and Corona Rakshak are relatively new insurance products, many have queries on these two health insurance plans. In this article, we have picked 5 of the most common questions on these two health insurance plans and answered them for you.
- What is the difference between the Corona Kavach and Corona Raksha policies?
The Corona Kavach is an indemnity-based plan. It offers coverage for hospitalisation costs as well as pre- and post-hospitalisation treatment for COVID 19. The Corona Kavach Policy also covers AYUSH treatment and home care treatment for a valid COVID 19 claim.
The Corona Rakshak Policy is a benefit-based plan that gives a lump sum payout of the sum insured to the policyholder if the policyholder is diagnosed as COVID 19 positive and thus hospitalised for 72 continuous hours or more.
- Can I buy coverage for my family under a coronavirus health insurance plan?
You can buy the Corona Kavach Policy on a family floater basis. On the other hand, the Corona Rakshak plan can only be taken as an individual plan.
- What is the coverage period for COVID 19 health insurance plans?
The Corona Kavach and Corona Rakshak are both short-term health insurance plans. They offer three short tenures of 3 ½ months, 6 ½ months, and 9 ½ months. You may opt for the term that suits your needs the best.
- How can I buy these COVID 19 health insurance plans?
Leading health insurance providers have made COVID 19 policies available on their websites. Thus, you can make the purchase from the safety of your home.
- Is there a waiting period for COVID 19 health insurance plans?
Yes, there is a waiting period of 15 days each for the Corona Kavach and Corona Rakshak Policies.
Considering that the numbers of the infected are rising day by day, it makes sense to opt in for a COVID 19 health insurance plan immediately. Do make sure to cover your loved ones too, especially the seniors in your family. Remember that health insurance can truly protect your finances during a health emergency. And, as we all know, the treatment for COVID 19 can be very expensive, often running in several lakhs of rupees.
We hope this article will prove helpful for you. Take care, maintain social distancing, and be safe!
