The COVID 19 pandemic is still here and while we have a vaccine now, we still need to take precaution to stay safe. In order to cope with the ongoing situation, insurance companies now offer two insurance products that uniquely aim at tackling costs arising from a COVID 19 infection. These are:
- Corona Kavach Policy
- Corona Rakshak Policy
In this article, we will take a closer look at what each of these two types of insurance products cover.
Corona Kavach Policy
The Corona Kavach Policy is an indemnity-based health insurance plan for COVID 19. Under this plan, you can expect the following benefits –
- Coverage for COVID 19 hospitalisation expenses upon admission for a minimum of 24 hours
- Inclusion of cost of PPE in hospital expenses
- Inclusion for AYUSH treatment for COVID 19 and treatment done at any makeshift treatment centre approved by the government
- Pre-hospitalisation coverage for 15 days and post-hospitalisation coverage for 30 days
- Coverage for telemedicine
The Corona Kavach Policy can be purchased as either an individual or a family floater plan. The sum insured started at Rs 50,000 and goes as high as Rs 5 lakhs. Thus, you can choose the appropriate sum insured depending on whether you are buying coverage only for yourself or choosing to include family members too under the plan.
The Corona Kavach Policy is available in three policy tenures of 3 ½ months, 6 ½ months, and 9 ½ months.
Corona Rakshak Policy
The Corona Rakshak Policy is a benefit-based health insurance plan for COVID 19. Under this plan, you can expect the following coverage –
- Payout of the sum insured as a lump sum amount if you are hospitalised for 72 hours or more due to COVID 19
- Availability for individual coverage for anyone aged 18 to 65 years
The Corona Rakshak Policy offers a sum insured amount that starts at Rs 50,000 and goes up till Rs 2.5 lakhs.
The Corona Rakshak Policy can prove extremely useful at helping manage your medical expenses if you face a COVID 19 diagnosis that requires hospitalisation. You can utilise the lump sum amount for any expenses that might not get covered in your health insurance plan. You can also use the payout to run your home. If you face a loss of income due to your illness with COVID 19, you can use the payout to afford your rent, buy groceries and even pay your bills. In a way, the Corona Rakshak Policy functions as an income replacement in your time of need.
Do speak to your insurance provider soon to sign up for these forms of coverage. Make sure to read the policy details carefully and take note of the exclusions so that you can make smooth claims when the time arises. Remember to also keep your regular health insurance plan renewed for complete protection.
Take care, stay indoors and stay safe.