InvestorQ : What are Corona kavach and Corona rakshak policies launched by the general insurers? Which one should I buy?
Ishita Jain made post

What are Corona kavach and Corona rakshak policies launched by the general insurers? Which one should I buy?

Answer
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3 months ago


Recently many insurers started to launch Standard Corona Insurance Policy namely Corona Kavach and Corona Rakshak for covering the treatment of COVID-19. One can either buy these policies from the website of the insurer or approach branch offices or agents. Here’s all you need to know about these policies:

Corona Kavach:
  • This policy is cheaper than regular and Arogya Sanjeevani Policies and reimburses the expense of one’s treatment.
  • The premium for the policy costs between Rs 636 to Rs 3831 across insurers, for a 40-year-old buying base cover for 3.5 months offering sum insured of Rs 5 lakh.
  • The minimum term for the policy is 3.5 months and the maximum term is 9.5 months.
  • Health workers can avail of a discount of 5 percent on the total premium to be paid.
  • It does not impose any room rent sub-limits on the insured, which might end up burning a hole in your pocket due to higher expenses and covers home care treatment costs explicitly.
  • The waiting period is 15 days.
Corona Rakshak:
  • The entire sum insured shall be paid out if the policyholder is hospitalized due to COVID-19 for at least 72 hours.
  • This ensures that policyholders are not inconvenienced due to disputes between insurers and hospitals.
  • Not as useful as any other regular benefit based policy.
  • Does not cover any other ailment.
What to Buy?
As we can see that Corona Kavach seems to be an ideal health insurance policy with no sub-limits on room rent along with co-pay. However, it is just for covering the illness caused due to corona. Therefore, as an individual, you will need an insurance cover that has everything that Corona Kavach is offering as well as something that covers other ailments as well. One such policy is Arogya Sanjeevani as it is both, cost-effective and has some features of Corona Kavach as well.
If we talk about these two options, it is advisable to go with Corona Kavach as benefits under the said health insurance plan are better than the other one. Also, considering your requirement before buying any health insurance policy is equally important.