Month: July 2020

Health Insurance companies have recently launched one more corona specific health insurance policy called as Corona Rakshak Policy” as per the IRDAI guidelines.

This is a benefit based health insurance plan which pays you a lump sum amount when you are diagnosed of covid-19 and are hospitalized for continuous 72 hrs.

Features of Corona Rakshak Policy

1. This policy can be purchased only on an individual basis.
2. Sum Insured options in this policy range between Rs 50,000 to Rs 2,50,000.
3. There is no pre-medical screening necessary for this policy.
4. This policy has a waiting period of 15 days.
5. Adults aged between 18 yrs. to 65 yrs. can take this policy.
6. Tax benefit on premium paid u/s 80D of Income Tax Act,1960.
7. The policy cannot be renewed nor it has a free look period.
8. Its a single premium policy and the tenure have 3 options of 3.5 months (105 days), 6.5 months ( 195 days), and 9.5 months (285 days).

Benefits under this Policy

If the insured person is diagnosed with COVID +ve and is hospitalized of minimum 72 hours then the corona rakshak policy will pay the full 100% sum assured to the policyholder. Note that it’s not going to settle your bills, but make a single payment no matter what are your expenses.

To get the claim, you have to give the diagnosis report of Covid-19 from an authorized govt center and the proof of hospitalization for at least 72 hrs.

Where can I purchase this Policy from?

While IRDAI has directed all companies to launch this plan, in reality its quite complicated to find out where to buy this plan. It was reported on social media from many investors that they are not able to get the online links to buy. But few also shared that they were able to buy it from the offline agents.

#IRDAI, please instruct insurance companies to sell Corona Kavach and Corona rakshak policies online! At a time when social distancing is the key to fighting COVID19, there is no clear way to buy these policies online!

— RAHUL (@trueIndiafan) July 16, 2020

So right now it’s a bit complicated to buy this plan.

Ideally following insurance companies should come up with their online links for this policy, as soon as possible.

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Acko General Insurance Ltd.	Aditya Birla Health Insurance Co. Ltd.	Bajaj Allianz General Insurance Co Ltd
Bharti AXA General Insurance Co. Ltd.	Cholamandalam MS General Insurance Co. Ltd.	Edelweiss General Insurance Co. Ltd.
Future Generali India Insurance Co. Ltd.	Go Digit General Insurance Ltd	HDFC ERGO General Insurance Co.Ltd.
HDFC ERGO Health Insurance Limited	ICICI Lombard General Insurance Company Ltd	IFFCO TOKIO General Insurance Co. Ltd.
Kotak Mahindra General Insurance Co. Ltd.	Liberty General Insurance Ltd.	Magma HDI General Insurance Co. Ltd.
Manipal Cigna Health Insurance Company Limited	Max Bupa Health Insurance Co. Ltd	Navi General Insurance Ltd.
National Insurance Co. Ltd.	Raheja QBE General Insurance Co. Ltd.	Universal Sompo General Insurance Co. Ltd.
Reliance General Insurance Co.Ltd	Religare Health Insurance Co. Ltd	Royal Sundaram General Insurance Co. Ltd.
SBI General Insurance Co. Ltd.	Star Health & Allied Insurance Co.Ltd.	Tata AIG General Insurance Co. Ltd.
The New India Assurance Co. Ltd	Oriental Insurance Co. Ltd.	United India Insurance Co. Ltd.

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Premium For Corona Rakshak Policy

Here is the indicative premium chart we managed to find online.. but note that these are still indicate premiums and you will get the real numbers while you purchase the policy.

a) IFFCO TOKIO General Insurance Co. Ltd –

b) Star Health & Allied Insurance Co.Ltd. –

The below image shows the premium details of the “Corona Rakshak Policy” with all 3 tenures of the policy.

Exclusion under this policy

• If there are any diagnostic expenses made which are not related to COVID, then those expenses will not be covered in this policy.
• If a person is tested COVID +ve before the start of the policy, then this person cannot file a claim to the company.
• If a person is getting testing done related to COVID in diagnostic centers that are not authorized by the government then the expenses incurred will not be covered under this policy.
• If the insured person travels to any country placed under travel restriction by the government of India the insured person will not get the benefit under this policy if the insured person tests +ve for COVID-19.

Should you take up this policy?

If you are too scared about the expenses which might occur if you get covid+, then you can surely go ahead and take up this policy as the premiums are not very big amount and anyone can manage it.

However do note that this policy will only pay if the hospitalization is there for 72+ hrs. You know that most of the people who are getting corona do not require hospitalization, which means that the chances you getting corona along with hospitalization is quite low.

Also this is going to only give you Rs 2.5 lacs, however the expenses can be quite high if you get hospitalized for a 15-20 days in a good hospital. So treat this policy as just a small support system and not the replacement of the health insurance policy in itself.

Conclusion

This was all that I wanted to share in this article. Let me if you have any queries in the comments section.

The ongoing COVID-19 pandemic has caused a lot of fear and anxiety in our lives because there are no vaccines or any cure available for this illness. If anyone gets COVID +ve there are chances that there may be huge medical bills running into lakhs of Rupees.

In case you don’t have big health insurance, you can go for a special policy called “Corona Kavach Policy” which got introduced recently in the market.

IRDAI has come up with a standard COVID focused basic health insurance policy known as “Corona Kavach Policy”, which I will be reviewing in this article.

Features of Corona Kavach Policy

• This policy is available on an individual as well as a family floater basis.
• The minimum and maximum sum assured offered by the policy are Rs. 50,000 to Rs. 5,00,000.
• A person aged between 18 yr to 65 yrs can purchase this policy.
• This policy can be purchased for self, spouse, parents, parents-in-law, and dependent children up to 25 yrs of age.
• 2 types of cover -Base Cover on Indemnity Basis which covers COVID Hospitalization cover and Optional Cover on Benefit Basis which covers Hospital Daily Cash.
• This policy has a waiting period of 15 days from the purchase of the policy.
• The tenure of the policy is 3 ½ months, 6 ½ months, 9 ½ months including waiting period.
• Premium Payment Mode is Single.
• Tax Exemption on the premium paid u/s 80D.

What all is covered under this policy?

a) Hospitalization Cover –

If a person has tested COVID +ve in a government authorized diagnostic center then the medical expenses and expenses incurred on treatment of any comorbidity along with the treatment for COVID up to the Sum Insured will be covered under this policy provided the insured is hospitalized for more than 24 hrs in the hospital.

Let us see what all comes under hospitalization cover –

1. Room Rent, Nursing Expenses, ICU, and ICCU charges will be covered.
2. Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist Fees whether paid directly to the treating doctor/surgeon or to the hospital will be covered under the policy
3. Expenses on anesthesia, blood, oxygen, operation theatre charges, surgical appliances, ventilator charges, medicines and drugs, costs towards diagnostics, diagnostic imaging modalities, PPE Kit, gloves, mask, etc.. will be covered under this policy.
4. Ambulance charges up to Rs 2000 will be covered under this policy per insurer only if the ambulance has been availed in relation to COVID Hospitalization. This also includes the cost of the transportation of the Insured Person from one hospital to another hospital as prescribed by a medical practitioner.

b) Home Care Treatment Expenses –

If a person is tested COVID +ve in a government authorized diagnostic center and is getting treatment at home which normal course would require care and treatment at a hospital but is actually taken at home maximum up to 14 days per incident, then home care treatment expenses will be covered provided under the following circumstances –

• If the medical practitioner has advised the insured person to undergo treatment at home with a continuous active line of treatment with is being monitored by a medical practitioner for each day through the duration of the home care treatment.
• The insured or the family member should maintain a daily monitoring chart which includes records of treatment administered and duly signed by the treating doctor.
• Cashless or reimbursement facility shall be offered under homecare expenses subject to claim settlement policy disclosed.

The expenses made related to the treatment of COVID will be covered under this policy. They are as follows –

1. Diagnostic tests underwent at home or at the diagnostics centers.
2. Medicines prescribed in writing
3. Consultation charges of medical practitioners
4. Nursing charges related to medical staff
5. Medical procedures limited to parenteral administration of medicines
6. Cost of a Pulse oximeter, Oxygen cylinder, and Nebulizer

c) Pre and Post Hospitalization Medical Expenses –

Pre-Hospitalization medical expenses of 15 days prior to admission into the hospital and Post-Hospitalization expenses of 30 days after getting discharged from the hospital will be covered under this policy.

d) Hospital Daily Cash –

Hospital Daily Cash benefit comes under an additional cover if the insured has opted for Optional Cover on Benefit Basis. Under this benefit, the insured will get 0.5% of the sum insured per day up to a maximum of 15 days.

From where can I purchase this policy?

This health insurance policy can be purchased from 30 General and Health Insurance Companies. The list of these companies is as follows –

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Acko General Insurance Ltd.	Aditya Birla Health Insurance Co. Ltd.	Bajaj Allianz General Insurance Co Ltd
Bharti AXA General Insurance Co. Ltd.	Cholamandalam MS General Insurance Co. Ltd.	Edelweiss General Insurance Co. Ltd.
Future Generali India Insurance Co. Ltd.	Go Digit General Insurance Ltd	HDFC ERGO General Insurance Co.Ltd.
HDFC ERGO Health Insurance Limited	ICICI Lombard General Insurance Company Ltd	IFFCO TOKIO General Insurance Co. Ltd.
Kotak Mahindra General Insurance Co. Ltd.	Liberty General Insurance Ltd.	Magma HDI General Insurance Co. Ltd.
ManipalCigna Health Insurance Company Limited	Max Bupa Health Insurance Co. Ltd	Navi General Insurance Ltd.
National Insurance Co. Ltd.	Raheja QBE General Insurance Co. Ltd.	Universal Sompo General Insurance Co. Ltd.
Reliance General Insurance Co.Ltd	Religare Health Insurance Co. Ltd	Royal Sundaram General Insurance Co. Ltd.
SBI General Insurance Co. Ltd.	Star Health & Allied Insurance Co.Ltd.	Tata AIG General Insurance Co. Ltd.
The New India Assurance Co. Ltd	Oriental Insurance Co. Ltd.	United India Insurance Co. Ltd.

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Premium for Corona Kavach Policy

Livemint Research has done a detailed study of Premium for various companies. Check out the premium table below.

Exclusion under this policy –

• If there are any diagnostic expenses made which are not related to COVID, then that expenses will not be covered in this policy.
• If a person is tested COVID +ve before the start of the policy, then this person cannot file a claim to the company.
• Expenses incurred in daycare treatment and OPD treatment will be excluded from this policy.
• If a COVID +ve person is getting treatment outside India, then the expenses incurred in the treatment will not be covered under this policy.
• If any expenses incurred on un-proven treatment, procedures, or supplies related to COVID which lacks medical documentation to support its effectiveness will not be covered in this policy.
• If a person is getting testing done related to COVID in diagnostic centers that are not authorized by the government then the expenses incurred will not be covered under this policy.
• Expenses made on dietary supplements and substances which are purchased without prescription will not be covered under this policy.

A short video review of Corona Kavach Policy –

All features mentioned in this policy are referred from IRDAI notification.

Conclusion –

So this was all that I wanted to share in this article if you have any queries you can put it in the comments section.