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Know This Before Buying Corona Rakshak Or Corona Kavach Health Insurance Policy

Author: Anil Sumra
by Anil Sumra
Posted: Nov 15, 2020

Since COVID-19 happened, buying of health insurance policy has increased. There has not been an announcement of vaccine for Coronavirus yet. In such times, the only way to stay financially protected against COVID-19 is by buying a proper health insurance policy. A health insurance plan will safeguard you financially for the medical expenses incurred in the treatment of the coronavirus infection.

A health insurance policy of an adequate sum insured costs as low as Rs. 1,000 per month. However, many people in India cannot afford Rs. 1,000 per month. So, comprehensive health insurance plans are not affordable to many in India.

COVID-specific health plans

In order to meet this crisis and make sure that a maximum number of people are covered under a health insurance policy, IRDAI introduced Corona-specific health plans. On directions of IRDAI, general and health insurance companies have started offering standard Corona Kavach health insurance policy and Corona Rakshak policy. While Corona Kavach policy is an indemnity based health plan, Corona Rakshak policy is a fixed benefit health insurance plan.

The COVID-specific standard health plans are designed to address the basic health insurance needs of the Indian populace. You can buy these policies either through online web aggregators, insurers’ websites or with the help of insurance agents. The COVID-specific health plans can be purchased for as low as Rs. 100 to 200 a month.

Choosing the right Insurer to buy health insurance plans

Before buying a Corona Kavach or Corona Rakshak plan, you must be well aware of the various health insurance benefits of each of these plans as both these plans function differently. You must be sure about your specific needs and requirements and only then invest in any of these plans.

It is essential that you choose the right insurer to buy your health insurance plan. You need to keep in mind numerous factors for choosing the right insurer. Below are some important factors:

1. Claim settlement ratio of the insurer

The claim settlement ratio of an insurance company is the percentage of claims it has paid out during a financial year.

2. Number of network hospitals of the insurer in your city

The more the number of network hospitals, the more hospital choices you have in your city. Network hospitals provide you with various health insurance benefits like cashless hospitalization.

3. Trust and faith customers have for a particular brand

Insurance companies with good useful features and amazing customer service rank high with customers. Choose the insurer that offers great customer experience along with useful health insurance benefits.

Corona Kavach health insurance policy

One important benefit of Corona Kavach health plan is that it pays for the cost of PPEs, gloves and masks. Such hygiene-related consumables form a major chunk of hospital bills. Another important feature of the plan is that there are no sub-limits on room rent. In general, capping on room rents increases out-of-pocket expenditure.

Also, as the policy is for a short duration and only for a single ailment, it costs much lower than a regular comprehensive health plan. The Corona Kavach health insurance policy is available for as low as Rs. 208 for a 3.5 months policy tenure for Rs. 50,000 sum insured.

Corona Rakshak policy

Corona Rakshak policy is a fixed benefit plan that pays out the entire sum insured upon hospitalisation for a minimum of 72 hours due to COVID-19. The minimum and maximum sum insured limits are Rs. 50,000, and Rs. 2.5 Lakh respectively.

Final note

If you do have an adequate health insurance policy in place from before and if it does cover the COVID-19 disease, you are not required to buy corona-specific health plans. However, you may consider investing in Corona Rakshak policy for its fixed benefits.

Corona-specific health plans help you get additional coverage for PPE kits, gloves, and masks. Such consumables are required in high number during the treatment. Nevertheless, if you want a maximum value out of your health plan, always go for a comprehensive health insurance plan that gives protection against a wide range of ailments, including coronavirus.

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Author: Anil Sumra

Anil Sumra

Member since: Nov 12, 2020
Published articles: 1

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