InvestorQ : What is Corona Kavach's policy and it's useful to take it?
tanvi Patel made post

What is Corona Kavach's policy and it's useful to take it?

Sanket jadav answered.
4 months ago
Yes it insured ourselves

4 months ago

Recently many insurers started to launch Standard Corona Insurance Policy namely Corona Kavach 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
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 you are looking for short term plans, you can limit your premiums to a certain period. You can buy the policy of both an individual basis or on a Family Floater basis.

Who can avail this plan? The Corona Kavach policy is available to person with the age between 18 and 65 years. Here they can opt cover of daily cash benefit of 0.5% of the sum assured during the period of hospitalization with limit of 15 days. All general and health insurance companies and life insurance companies offer Corona Kavach Policy, the COVID Standard Health Policy.

If you want to buy Corona Rakshak Policy, approach any insurer including the life insurance company. Around 29 insurers are now offering the insurance policy effective from July 10.

Some of the major insurers are included state-owned and private insurers like Oriental Insurance, National Insurance, SBI General Insurance, ICICI Lombard, HDFC ERGO, Max Bupa, Bajaz Allianz, Bharti AXA and Tata AIG.

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.