Who Should Buy the Corona Kavach Policy?
The growing number of COVID 19 cases show that the pandemic will not abate anytime soon. Apart from the worry of health complications due to a coronavirus infection, most of us are also afraid of the heavy bills that can result from hospitalisation. The costs of treating COVID 19 complications can truly make dent in your savings. To keep yourself financially secure in these uncertain times, it is important to have health insurance.
To make
it easier for people to get health coverage, the IRDAI made it mandatory for
general and health insurance providers to offer the Corona Kavach Policy. The
terms of this policy have been kept uniform across providers pan-India. This
means that no matter where you buy the policy from, the coverage will be the
same.
As per
the terms of the Corona Kavach Policy, the insured person will receive coverage
for hospitalisation costs for COVID 19 treatment. They will also receive
coverage for pre-hospitalisation expenses up to 15 days and post-hospitalisation
expenses up to 30 days. This policy also
includes AYUSH treatment, home treatment costs, coverage for PPE kit in
hospitals, telemedicine charges and more under a valid claim.
Now, as
the Corona Kavach Policy is relatively new, there may be many doubts and
queries about this health
insurance plan. A major question that many have is – ‘Who should buy the
Corona Kavach Policy?’ In this article, we will attempt to answer this important
question.
To
begin with, the Corona Kavach Policy should be compulsorily bought by anyone
who does not already have a standard health insurance plan. This is because if
you get diagnosed with COVID 19, your treatment expenses can possibly wipe out
your savings. Moreover, a standard health insurance plan usually has a waiting
period of 30 days or more from the policy start date whereas the Corona Kavach
Policy has a fixed waiting period of 15 days. And, given the widespread
infection, a lower waiting period is always preferable.
Now,
this does not mean that you can neglect buying standard health insurance.
Remember that the Corona Kavach Policy does not cover any other illness apart
from COVID 19. However, if you have to buy just one policy immediately during
the pandemic, it should be the Corona Kavach Policy for its relevance to the
on-going health crisis. Then, while being secured with the coverage offered by
the Corona Kavach Policy, you can take a few days or a week to do some research
on a standard health insurance policy that will secure you long after the
pandemic is over.
Even if
you already have standard health insurance, you will still benefit from the
coverage of a Corona Kavach Policy. This is because the Corona Kavach Policy goes above
and beyond to fill the gaps in standard health coverage by placing no cap on
room rent and also including the costs of consumables. So, you can definitely
opt in for this policy to add to the protection you already enjoy.
The
Corona Kavach Policy is also suitable for those looking for coronavirus health
insurance for their entire family. The family floater option under this policy
offers coverage from day 1 to 65 years. Remember that the principal insured has
to be between the ages of 18 to 65 years.
As we
can see, the Corona Kavach Policy is really an ideal health insurance plan
designed to protect our finances during these uncertain times. Therefore, it
makes sense for us all to purchase this coverage immediately. We hope this
article will prove helpful in keeping you informed. Take care.
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