4 Key Differences to Note Between Corona Kavach and Corona Rakshak Policies
COVID 19 brought the world to a standstill in 2020. Even though lockdowns were enforced in an effort to curb the spread of infection, healthcare systems still were overburdened with cases. Attention was also drawn to the fact that most people lacked health insurance coverage. This gap in insurance saw many exhaust their hard-earned savings while receiving treatment for COVID 19.
In
an effort to ensure that everyone can get insured against COVID 19, the IRDAI
asked all insurance companies to launch standard, short-term health insurance products
for coverage against COVID 19. All insurance providers will have the same names
and features for these products as set by the IRDAI. This uniformity will ensure
that people can buy coverage with minimal confusion in these difficult times.
The
two policies thus launched are the Corona Kavach Policy and Corona Rakshak
Policy. Let’s take a quick look at the main differences between these health
insurance products from the IRDAI:
1. Type of coverage
The
Corona Kavach Policy is an indemnity-based policy. It covers
pre-hospitalization, hospitalization, and post-hospitalization expenses. It
also offers coverage for treatment received at home upon diagnosis of COVID 19
at a government approved diagnostic centre.
The
Corona Rakshak Policy is a benefit-based insurance
policy in which the policyholder gets paid 100% of the sum insured if they are
diagnosed COVID 19 positive and are hospitalized continuously for a minimum
duration of 72 hours.
2. Who gets covered?
The
Corona Kavach Policy can be purchased as an individual plan or as a family
floater plan.
The
Corona Rakshak Policy can only be opted for as an individual plan.
3. Sum insured
The
Corona Kavach Policy offers a sum insured starting from Rs 50,000 to Rs 5
lakhs. The coverage increases in multiples of Rs 50,000.
The
Corona Rakshak Policy offers sum insured between Rs 50,000 to Rs 2.5 lakhs. The
coverage here also may be increased in multiples of Rs 50,000.
4. Hospital daily cash
Under
the Corona Kavach Policy, the insured person can add the optional benefit of
daily hospital cash. This benefit is paid out as 0.5% of the sum insured per
day for each 24 hours of completed hospitalization for COVID 19 treatment under
a valid claim.
The
Corona Rakshak Policy gives a lump sum payout and thus, offers no optional
benefits on its coverage.
It
is important to note that both the Corona Kavach and Rakshak policies are
short-term health insurance plans. They can be each purchased
for a coverage term of 3 ½ months, 6 ½ months, and 9 ½ months. These health
insurance plans can be availed by anyone between the ages of 18 years and 65
years.
The
COVID 19 pandemic shows no indication of slowing down anytime soon. Therefore,
it makes sense to buy a short-term health insurance plan that will offer
adequate coverage for treatment if you unfortunately test positive for the
novel coronavirus. Remember that both the Corona Kavach Policy and the Corona
Rakshak Policy have a waiting period of 15 days before coverage begins.
Therefore, keep yourself insured from today. Also, make sure to follow social
distancing and stay safe!
Read More: 4 Questions You Need To Ask Your Insurer Before Buying Critical Illness Insurance
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