In this time of the pandemic, medical treatment costs are touching the sky and unpredictability is at its peak. So, at this time, it has become essential to prepare oneself and family for any unforeseen situation. One step towards this is opting for a health insurance policy that covers the expenses of Covid related treatment. Keeping this urgent need of the society in mind, the IRDAI introduced a standard Covid insurance policy with the name of Corona Kavach and asked all the insurance providers to incorporate this policy. One such insurer is Royal Sundaram that has launched the Royal Sundaram Corona Kavach policy.
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This is a Covid specific health insurance policy that provides coverage for individuals and families both for various treatments related to coronavirus infection. A brief description of this policy is as follows:
The eligibility criteria for purchasing Royal Sundaram Corona Kavach Policy are:
If the insured is diagnosed positive for coronavirus in a government authorized diagnostic center, the following is provided under the policy:
If the medical practitioner advice Covid patient to stay at home and undergo the treatment there, the policy provides the following coverage:
All the medical expenses incurred for 15 days before admitting to the hospital are covered.
All the medical expenses incurred for 30 days after getting discharged from the hospital or homecare treatment are covered.
The expenses that are incurred during the hospitalization for treating Covid. This also includes the treatment of Comorbid conditions up to the Sum Insured limit in any AYUSH hospital.
Under optional cover:
The company is not liable to make any payment under Corona Kavach policy, concerning any expenses that are incurred concerning or in connection with the following conditions:
Ans. Royal Sundaram Corona Kavach policy provides the following options of the sum insured:
Ans. The waiting period of the Royal Sundaram Corona Kavach policy is 15 days.
Ans. One is needed to provide the below-mentioned documents for claiming for the hospitalization expenses for treatment of Covid-19 in Royal Sundaram Corona Kavach policy:
Ans. Yes, this policy offers an optional cover with the name of ‘Hospital Daily Cash’. If one opts for this, the insurer pays 0.50% of the sum insured every day after completing 24 hours in the hospital for 15 days.
Ans. Yes, one can avail of the tax benefits under section 80C of the Income Tax Act for the premiums that he/she pays for his/her Royal Sundaram Corona Kavach policy.