Coronavirus (COVID-19) Health Insurance Plans in India
If you are looking for health insurance with comprehensive coverage, you can get standard health insurance that covers all medical costs, including the cost of treating the novel coronavirus. You can also choose between two short term health insurances recently. published by IRDA, which are only intended to cover the cost of treating coronaviruses.
Types of health insurance for coronavirus in India
Below are two types of health insurance in India.
- Corona Kavach Policy: COVID-19 Insurance:
The Corona Kavach Policy is a standard health insurance with a premium that covers the treatment costs associated with COVID-19. It is a indemnity health insurance policy that covers both individuals and families at an affordable price. Parents and in-laws under this policy for a period of 3.5 months (105 days), 6.5 months (195 days) and 9.5 months (285 days). The policy is offered by private and general insurers and provides coverage for AYUSH treatment costs, home care costs, pre-hospital costs, post-hospital costs and roadside ambulance costs with a short 15-day waiting period, which means that you can begin to reap the benefits of the policy. You can also opt for a daily cash benefit by paying an additional premium.
Corona Rakshak Policy: COVID-19 Insurance:
The Corona Rakshak Policy is a standard health insurance policy specially designed to cover treatment costs associated with COVID-19. In contrast to the Corona Kavach Policy, the Corona Rakshak Policy is a performance-based health insurance policy that pays the insured person a flat rate benefit.This corresponds to 100% of the sum insured if he tests positive for COVID-19. The policy offers individual coverage for options for sums insured between 50,000 and 5 lakh in multiples of Rs 50,000
The policy can be purchased by people between the ages of 18 and 65. The policy is available for short contract periods of 3.5 months, 6.5 months and 9.5 months and ends when the benefit is paid. However, the insured can only benefit from the benefits of the policy. He / she tests positive for COVID-19 in a government-approved facility and is hospitalized for at least 72 hours continuously. The policy has a short waiting period of 15 days, but does not offer a lifelong renewal benefit as it is a performance-based policy.
Corona Kavach Policy Vs Corona Rakshak Policy:
As already mentioned, the Corona Kavach Policy protects the insured against health care costs in connection with hospital stays and treatments if the insured falls ill with the COVID-19 infection. The policy covers most of hospital costs, including treatment, medication and room rental, nursing, etc. COVID-19 insurance only covers treatment costs and nothing else is covered.
Given that the Corona Rakshak policy is a defined benefit policy that provides 100% of the sum insured regardless of the medical expenses incurred, it is recommended if you are the breadwinner at home.