Your regular health insurance policy may cover hospitalization expenses for Covid19. However, the regular insurance policies do not cover the cost of disposables used during treatment such as masks, gloves, protective gear for medical staff etc. But the major expense that is incurred for Covid19 treatment is that of disposables such as PPE (Personal Protection Equipment) kits. To bridge this gap, insurers have created two new products – Corona Kavach and Corona Rakshak which covers the hospitalization expenses of Covid19 and also bears the entire cost of the disposables such as PPE kits.
Corona Rakshak
Features
The minimum sum insured under the policy is Rs. 50000, and the maximum is Rs. 250000 (all in the multiples of 50000). Three policy periods are available- 3.5, 6.5, and 9.5 months. It is a single premium policy.
Eligibility
The policy is eligible for people in the age bracket of 18 to 65 years. The person should take the COVID-19 test from a government authorized center, and test COVID-19 positive. There should be a minimum of 72 hours of continuous hospitalization.
Claim
It is not a reimbursement policy; instead, it provides a lump-sum amount of the sum insured. The insurance claim must be taken through a TPA (Third-Party Administrator).
The waiting period is 15 days. If a person tests positive within 15 days of taking the policy, the insurance cannot be claimed. Premium is on a PAN India basis, and there is no medical checkup required. One can also claim tax benefits under Sec 80D of the Income Tax Act.
Also read: Can the Coronavirus cause a recession?
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Features
The minimum sum insured under the policy is Rs. 50000, and the maximum is Rs. 500000 (all in the multiples of 50000). Three policy periods are available- 3.5, 6.5, and 9.5 months. There is a 5% discount for health care workers, and it is a single premium policy. The minimum hospitalization period is 24 hours. A person has to wait for a minimum of 15 days to get the benefit of the policy.
Eligibility
The policy is eligible for people in the age bracket of 18 to 65 years. This policy can be taken for individuals and dependents like children or parents between the ages of 0 and 25yrs. The test report should be from authorized government diagnostic centers, and the patient should have tested positive.
Claim
This policy covers the cost of hospitalization for the treatment as well as provides a reimbursement of the expenses paid during the treatment period. If the hospital is a network hospital under the policy, then it’s a cashless treatment, and if under the non-network hospital, then there will be a reimbursement of the expenses. The policy covers the treatment costs of pre-hospitalization of 15 days and post-hospitalization of 30 days. It includes road ambulance costs, with a maximum limit of Rs. 2000 per hospitalization.
It covers expenses like room rent, boarding, nursing, ICU expenses, surgeon, anesthetist, medical practitioner, consultant, specialty fees, anesthesia, blood, oxygen, operation theatre, surgical appliances, ventilator charges, medicines and drugs, different test charges, PPE kit, gloves, masks, and similar items.
This policy covers the treatment costs of any other disease caused by COVID-19 or any existing disease getting active, also known as a ‘Comorbid Condition.’ Many people choose to get home quarantined, and this policy covers the expense for home treatment of up to 14 days per incident.
The policy covers AYUSH treatment, which includes Ayurveda, Yoga, and Naturopathy, Unani, Siddha, and Homeopathy systems of medicines. Still, one should take these in consultation with the government authorized AYUSH medical practitioners only.
There is an optional cover where the person can get 0.5% of the insured amount as daily cash for which one has to pay an extra premium, and this cover can be availed up to 15 days only.
While taking the policy, one can claim tax benefit under Sec 80D of the Income Tax Act.
Also read: Top Up and Super Top Up Health Insurance Policies
Corona Kavach v/s Corona Rakshak
Premiums
The policy is made available by all the insurance companies. The premium amount depends upon the duration, age, and type of policy selected. Some of the policies and premiums for them are:
How to choose between Corona Kavach and Corona Rakshak?
Many people are prone to disease or have low immunity power, like a person who has diabetes and tests positive for COVID-19, might require long treatment due to low immunity power. Hence, one should select Corona Kavach Policy as it covers more costs, including the cost of another disease. A person who has a big family or has many people dependent on him should select Corona Kavach Policy which covers the dependents also.
On the other hand, if a person already has a mediclaim policy, he should select Corona Rakshak Policy as both can be claimed simultaneously. This is also suitable for those whose income might get affected due to hospitalization. One can also go for both the policies if one wants, depending on the amount of premium one can pay.
