Universal Sompo Corona Rakshak Policy: Benefits, Premium, Renewal

Universal Sompo Corona Rakshak Policy

The Universal Sompo Corona Rakshak Policy is designed to supplement health insurance coverage specific to COVID-19 infection. It is sensible to buy Universal Sompo Corona Rakshak Policy to receive a lump sum payout on a positive diagnosis of the COVID-19 infection, needing at least seventy hours of hospitalization following medical advice.

Type	Individual
Policy Tenure	3½, 6 ½, 9 ½ (months)
Coverage Type	COVID Cover
Sum Insured	Rs 50,000 to Rs 2,50,000
Waiting period	15 days

Eligibility Criteria

The minimum eligibility criteria to buy this policy are:

Minimum Entry Age	18 years
Maximum Entry Age	65 years
The Number of people covered:	Self only
Residential Status	Indian Citizens and Residents

Coverage Offered

The Universal Sompo Corona Rakshak Policy Health Insurance is a benefit type policy conceived to mitigate the emergent financial distress triggered by the COVID-19 crisis within the IRDAI formulated rules and regulations. The areas of coverage will be mentioned in the Policy Schedule.

The insured is entitled to receive 100% sum insured in a lump sum upon a Government-authorized testing center's positive diagnosis. The insured must compulsorily be hospitalized for a minimum of seventy hours following the medical advice of a qualified Medical Professional as per the norms prescribed by the Government of India's Ministry of Health and Family Welfare.

Inclusions of the Plan

One can buy Universal Sompo Corona Rakshak Policy Health Insurance for the other family members for the benefit only cover delivered by the policy.

A claim for the benefit has to be notified to the Corporate Office using dedicated toll-free number or at their email address. The claim documents need to be submitted to their above-stated office for processing.

Exclusions of the Plan

Since the focus is the COVID-19 crisis, buy Universal Sompo Corona Rakshak Policy Health Insurance only after evaluating if it fits the applicant's specific demands. Thus, knowing what is not covered in the policy becomes essential. The Corona Virus crisis specific policy has framed guidelines for conditions under which the claim cannot be raised to hold the insurer liable to pay. The following should be carefully considered by the insured to help raise a flawless claim.

Waiting Period

The policy's coverage commences only after the expiry of the initial 15 days from the inception date. Claim raised for a positive COVID-19 diagnosis in this period is not considered by the insurer. The liability of the insurer during the waiting period is invoked only for accidental injury.

Other Exclusions

The cover is restricted to only CoronaVirus infection and conditions incidental to it.
For a valid claim, the diagnostic report for positive Corona infection must have been obtained from a Government authorized testing center.
The diagnostic report obtained abroad is not recognized by the policy.
The claim becomes admissible only upon seventy-two hours of hospitalization for COVID-19 treatment on genuine medical advice.
Hospitalization only for evaluation and investigation is not covered in the policy.
The cover in the policy ceases if the insured travel abroad.

Benefits of the Universal Sompo Corona Rakshak Policy

The benefit only Universal Sompo Corona Rakshak Policy terminates upon the sum insured's lump sum payout fulfilling the defined conditions.

The customer can choose different blocks from Rs 50,000 to Rs 2.5 Lakh in multiples of Rs 50,000.
Policy Term: The policy is offered for short terms of three and a half months, six and a half months, and Nine and a half months.
The applicant can opt for Online Universal Sompo Corona Rakshak Policy at the insurer portal or the offline method using the conventional model.
The premium paid for the Universal Sompo Corona Rakshak Policy Health Insurance enjoys tax exemption under Section 80D of the Income Tax Act, 1961, up to specified limits.

Cancellation of Policy

The insurer has not specified any scope for cancellation of the policy. However, the policy terminates once the one-time benefit is paid.

FAQs

Q.What are the circumstances under which the policy terminates in the Universal Sompo Corona Rakshak Policy Health Insurance?
Ans: The policy terminates automatically in any of the following three conditions:
- Upon the demise of the insured
- Upon payment of the one-time benefit
- Upon the expiry of the policy term
Q.What is the basis for premium in the Universal Sompo Corona Rakshak Policy?

Ans: The premium rates are fixed based on three age bands – 18 to 55 years, 56 to 65 years, and over 65 years in age.
Q.Can the Universal Sompo Corona Rakshak Policy be renewed?

Ans: The policy is not subject to renewal once the policy terms expire.
Q.Is any pre-policy medical test required to buy Universal Sompo Corona Rakshak Policy Health Insurance?

Ans: No pre-acceptance medical evaluation is necessary to purchase the policy.
Q.Why is the Universal Sompo Corona Rakshak Policy Health Insurance called benefit type?

Ans: fhUnlike the indemnity policy, the single payout is in a lump sum, and the policy terminates upon the payment.

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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