Common Questions About Covid-19 Insurance Policy Answered
Shaina Khan
It's crucial to opt for coronavirus insurance in the present situation since the pandemic is not expected to leave soon. Once you are tested positive for the condition, the insurance plan can cover you from day one. Here are a few important questions about COVID-19 insurance answered.
What is Corona Health Insurance?
Corona health insurance is a health insurance plan that covers expenses associated with treatment followed by a positive diagnosis of COVID-19. Since it's a new disease, it's not regarded as a pre-existing disease. However, now almost every health insurance plan in India includes coronavirus treatment as a part of its coverage. But these plans cannot cover huge expenses incurred in COVID-19 treatment since they are not exclusively designed for that. In this case, it's better to take a dedicated covid insurance plan.
What Are the Types of Corona Health Insurance?
The Insurance Regulatory Development Authority of India (IRDAI) has made it mandatory for all health insurance providers to offer the following covid insurance plans:
- Corona Kavach
It's a regular health plan with an affordable premium to cover coronavirus treatment expenses. It acts as an indemnity-based health insurance plan for both individuals and families. Under the policy, you can cover yourself, your parents, dependent kids and parents-in-law for 105 days, 195 days and 285 days.
- Corona Rakshak
The Corona Rakshak Policy is a benefit-based COVID-19 health insurance plan that offers 100% of the sum insured as a lump sum benefit if you're tested positive for COVID-19. You can calculate the premium on a Corona Rakshak insurance calculator. People 18-65 years old can buy the plan. It's available for 106 days, 197 days and 288 days.
What Are the Basic Facts of Corona Health Insurance?
Sum insured
The sum insured by the Corona Kavach Health Insurance Policy is ₹50,000 to ₹5,00,000. That of the Corona Rakshak Plan is ₹50,000 to ₹2,50,000. You can use the Corona Rakshak insurance calculator to calculate the premium amount for the chosen sum insured.
Coverage
The Corona Kavach Health Insurance Plan covers all covid claims that may or may not have pre-existing co-morbidities. Costs of diagnostics and medicines, doctor's fees, room rent, road ambulance costs, pre- and post-hospitalisation costs, homecare treatment expenses, AYUSH treatment expenses and other associated costs are also covered. The plan even covers expenses of nebulizer, oxygen cylinder, pulse oximeter, masks, gloves, PPE kit and other related costs.
The Corona Rakshak Policy covers the expenses of hospitalisation for a minimum continuous period of 72 hours. For that, you must be diagnosed positive with COVID-19 from a diagnostic center authorized by the government.
Waiting period
Both Corona Kavach and Corona Rakshak plans have a short waiting period of 15 days only.
Since the pandemic can affect people across all age groups, ensure to cover yourself and your family members under a suitable COVID-19 health insurance plan. It can cover hefty expenses incurred in coronavirus treatment and include a variety of costs. These may not be covered by a health insurance policy not solely designed for this cause.