How Beneficial is the Corona Kavach Policy for Your Family?
The current COVID-19 pandemic has made people rethink about investing in health insurance plans. The Insurance Regulatory and Development Authority of India (IRDAI)* has directed all health and general insurers to come up with at least one of the two standard COVID-specific plans: Corona Rakshak and Corona Kavach policy.
The Corona Kavach policy is an indemnity plan that covers charges associated with hospitalisation and home treatment of the condition, whereas Corona Rakshak is a fixed benefit plan that provides you a lump sum when you have been diagnosed from a diagnostic centre authorized by the government or upon continuous hospitalization for up to 72 hours. The regulatory body has offered approval to 29 general and health insurance companies for marketing the policy.
Corona Kavach policy can be availed either as an individual or on a floater basis for the family. This is beneficial for those who do not hold any health insurance plan and want to be covered by a health insurance plan, or have a health insurance plan but have limited or low coverage. It works as a financial protection tool during the current crisis. It covers medical expenses only pertaining to COVID-19 treatment and is quite affordable.
Why Should You Go for It?
The Corona Kavach Health Insurance Plan is a short term insurance plan and it aims to offer assistance to first-time insurance buyers or to individuals who cannot afford comprehensive health insurance coverage. The current pandemic has served as a wakeup call to all the individuals who have not realized the importance of investing in a personal health insurance policy.
The ongoing pandemic has brought about a shift in the consumer mindset. The Corona Kavach policy is more of short-term option that can help you secure your hospitalisation expenses in the current situation. Those who don’t have an immediate plan to purchase a comprehensive health insurance policy can consider this product while weighing the options as it’s a cost-effective plan. It will help you save on hospitalisation expenses in unprecedented times.
Who is the Corona Kavach Policy for?
Protects the uninsured
If you don’t have any insurance plan during the current pandemic, then it would be wise to have at least the Corona Kavach policy during the period. This will help you stay financially secure during this uncertain phase. As it has an affordable premium, it won’t really be a burden on your pockets.
If you already have an insurance cover and if you feel your plan is more basic, then you can consider including Corona Kavach as an add-on. This will offer you coverage beyond your existing health insurance policy. You need to first assess your current plan and then evaluate if you need to go for Corona Kavach or Corona Rakshak plan.
If you are working in an organization that is offering you a medical insurance policy and if you feel it is not sufficient, then investing in Corona Kavach would be a wise move. It will offer you additional coverage over your existing plan.
Protects the vulnerable ones
COVID-19 poses a greater risk to some people such as to those above the age of 60 and suffering from conditions such as chronic respiratory disease, diabetes, cardiovascular disease, cancer, or others. If you or your loved ones fall in this category, then it would be better to have an additional cover during the current pandemic period.
Features of Corona Kavach Policy
Pre and post hospitalization expenses: The policy covers 15/30 days of pre and post hospitalization expenses, as well as the treatment costs of a COVID-19 positive patient.
Expenses towards the Intensive Care Unit (ICU): Some COVID-19 positive patients may need ICU treatment for recovering from the condition. This policy covers such expenses up to the insured sum.
Ambulance Charges: The policy covers ambulances charges of up to ₹2,000.
Homecare Treatment: The policy covers homecare treatments as well if advised by the doctors. The policy will cover expenses incurred on consultation charges, medicines, nurse charges, cost of an oxygen cylinder, and pulse oximeter.
Advantages of the Corona Rakshak plan
- One-time payment cover – You just have to pay a one-time premium at the time of purchase
- Short waiting time – The waiting period is just 15 days and you can claim benefits after 15 days of its purchase
- Affordable premiums
- Ideal for those without any medical insurance coverage