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Corona Rakshak Policy is a standard benefit-based health policy that has been recently launched as per the guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI). Both General Insurance Companies and Standalone Health insurance providers have been encouraged to offer Corona Rakshak health insurance policy in India.
Taking into consideration the increasing number of COVID-19 cases in India, and sky-rocketing hospital bills, this specific policy has been designed to cater to the COVID-19 treatment requirements.
Corona Rakshak Policy is a single-premium health insurance plan that will pay 100% of the sum insured as lump-sum to the policyholder ones being tested COVID-19 positive that requires hospitalization of 72 hours or more. Currently, some of the health insurance companies do not cover the cost incurred on personal protective equipment (PPEs), masks, and other hygiene-related consumables, which add to the hospital bills.
While the Corona Kavach Policy will compensate for the cost of masks, PPEs, gloves, and other similar expenses. However, the policy will cease to exist once the insurer makes the lump sum claim payment.
The premium for Corona Rakshak policy may vary from one insure to another, however the features of the policy are standard across the industry. Check out the policy premium chart table as given below:
|Estimated Corona Rakshak Policy Premium
|Policy Term- 3.5 months||Policy Term- 6.5 months||Policy Term- 9.5 months|
|Sum Insured ( Rs)||Estimated Premium ( Rs)||Sum Insured ( Rs)||Estimated Premium ( Rs)||Sum Insured ( Rs)||Estimated Premium ( Rs)|
|50,000||700 onwards||50,000||900 onwards||50,000||1,000 onwards|
|1 Lakh||1500 onwards||1 Lakh||1800 onwards||1 Lakh||2,000 onwards|
|1.5 Lakh||2300 onwards||1.5 Lakh||2700 onwards||1.5 Lakh||3,100 onwards|
|2 Lakh||3000 onwards||2 Lakh||3600 onwards||2 Lakh||4,100 onwards|
|2.5 Lakh||3800 Onwards||2.5 Lakh||4600 onwards||2.5 Lakh||5,100 onwards|
(The above table is for reference purpose only, please check policy wordings for premium before making the purchase)
Corona Rakshak health insurance is designed with a specific set of features to ensure that everyone can buy this policy in a hassle-free manner. The features and coverage benefits under Corona Rakshak policy shall remain the same across all the insurers. Some of the unique features of this policy are given below:
Corona Rakshak health insurance plan comes loaded with COVID-19 specific coverage benefits. Below are some of the unique benefits that the insured can avail with this policy:
Inclusions of Corona Rakshak Policy are specific to Coronavirus treatment. Once the policyholder is diagnosed as COVID-19 positive from a government registered diagnostic Centre, he/she will get a lump sum payment during the policy term from the health insurance company. Check-out below the inclusions offered under the Corona Rakshak policy:
There are certain exclusions that apply to claims filed under Corona Rakshak Policy. The insurer is not liable to pay under the following circumstances:
It is imperative to buy Corona Rakshak Policy as there is no specific vaccine or treatment available for COVID-19 yet. Coronavirus infected patients are been treated in hospitals and the treatment expense are quite high. And if you have a comprehensive health insurance policy you can save yourself from the unforeseen financial burden.
If you do not have health insurance cover you can buy a Corona Rakshak Policy that will cover the treatment costs for this deadly virus. The insurance benefits start soon after the diagnosis once a waiting period of 15 days is completed. And if you get hospitalized for a minimum 72 hours or more the insurance will pay you in a lump sum and you can use that money to meet the hospitalization cost.
The insurer may cancel Corona Rakshak policy in case of any misrepresentation, fraudulent act by the insured person, non-disclosure of information, by giving a 7days notice. And if there is any misrepresentation of the information then the premium is not refunded by the health insurance provider.
To acknowledge the contribution of the healthcare sector in the fight against the Covid-19 pandemic, the insurers will offer a 5% discount on ‘Corona Kavach’ policy premium to all the healthcare workers including doctors, and nurses, as per the recent guidelines issued by the Regulator. All the eligible individuals can avail of the discount at the time of policy purchase. Read more about Corona Rakshak policy here.