Corona Health Insurance: The danger of corona epidemic is not over yet and recently PM Narendra Modi has cautioned people about it.
Corona Health Insurance: Two short term covid specific health insurance policies can be taken in the market regarding corona, Corona Kavach and Corona Rakshak policy.
Both the health insurance policies are designed to provide standard coverage benefits at a nominal premium. Insurance regulator IRDA recently extended the dateline for sale and renewal of both these policies and now you can buy or renew them till 30 September 2022.
The threat of corona epidemic is not over yet and recently PM Narendra Modi has cautioned people about it. PM Modi has called it Bahrupiya disease.
Due to this, lakhs of rupees can be spent on treatment if infected, due to which financial plans can get messed up. In such a situation, it is important that you have enough coverage to cover the expenses related to the treatment of corona.
What is the difference and features between the two
- Corona Kavach policy can be offered by only general and health insurance companies, whereas Corona Rakshak policy can be offered by all insurance companies including life insurance companies.
- People of 18-65 years can buy this policy. Parents can buy this policy for children from 1 day to 25 years.
- Under the Corona Kavach, a cover of up to Rs 50 thousand-5 lakh is available, while under the corona protector policy, you can choose a coverage plan of up to Rs 50 thousand-2.5 lakh.
- Both the plans are available for tenures of three and a half years, six and a half years and nine and a half years. This period also includes a waiting period of 15 days.
- Under the Corona Kavach policy, benefits will be available for hospitalization for a minimum of 24 hours, while under the Corona Rakshak policy, the policy benefits will be available only for a minimum of 72 hours of hospitalization.
- The Corona Kavach policy is an indemnity based plan, that is, the claim will be paid on the basis of the hospital bill. On the contrary, Corona Rakshak Policy is a benefit plan i.e. gives a fixed lump sum amount on the treatment of Corona positive. Under the Corona Kavach policy, an additional daily hospital cash cover of the day is available which is 0.5 percent of the sum assured and is valid for a maximum period of 15 days during the policy while there is no such benefit in the Corona Rakshak policy.
