Features and Benefits of Coronavirus Insurance

The coronavirus cases are rising exponentially as we are already experiencing the second wave of the virus. And, as it is a highly contagious one,  most people are vulnerable to contracting the coronavirus. If one gets infected, his/her condition might get worse, which would necessitate medical care involving significant costs.

To protect your finances and health, IRDAI has put forward the provision for the insurance companies and standalone insurance providers to come up with different coronavirus insurance policies, such as Corona Kavach Policy and Corona Rakshak Policy.

There is one major difference between Corona Kavach Policy and Corona Rakshak Policy. The Corona Kavach Policy is an indemnity plan under which your hospital bill will be covered upto your sum insured, subject to certain terms and conditions, whereas, under Corona Rakshak Policy, 100% of the sum insured is paid to the policyholder, subject to the policy specifications.

Find below the features and benefits of both the type of corona health insurance available:

A. Coronavirus Rakshak Policy

. Features

  1. Usually, the coverage ranges from Rs. 50,000-2.5 Lakhs
  2. This Policy can be purchased only individually and does not require any pre-medical screening
  3. The waiting period is much less than other health insurance policies. It usually ranges from 15-30 days.
  4. An individual can file a claim if the insurance provider is hospitalized for a minimum number of hours, i.e. 72 hours
  5. The premium paid is exempted from tax under Section 80D of the Income Tax Act, 1961.
  6. If you contract coronavirus, you are eligible for receiving 100% of the sum assured

. Benefits

1. Treatment Coverage

Most of your hospitalization charges, such as nursing charges, ventilator charges, mask, gloves, etc., are covered under the coronavirus insurance policy if you are hospitalized for over 72 hours.

2. Optimum Payout

As you receive 100% of your sum insured in a lump sum under this policy, you can use the amount to pay medical/hospital bills and post-hospitalization expenses.

3. Pre and Post-Hospitalization Expenses

This policy covers medical expenses incurred during 15 days before hospitalization and 30 days after hospitalization.

B. Coronavirus Kavach Policy

. Features

  1. As the compensation is based on the sum assured under your coronavirus insurance policy, the indemnity cover ranges from Rs. 50000-5 lakhs.
  2. This policy is available in the family floater plan as well as individual insurance.
  3. It covers all the medical expenses related to hospitalization and other related treatments.

. Benefits

a. Treatment Expenses

As mentioned above, this coronavirus insurance policy covers all the expenses related to hospitalization and treatment. Also, you can avail of cashless claim benefit under this.

Apart from this, if the patient requires treatment for any other medical complication caused due to coronavirus, he/she will be covered against that as well.

b. Pre and Post Hospitalization Expenses

This insurance policy covers the pre and post hospitalization expenses, such as ambulance charges, medication, etc. Besides, it covers expenses incurred during 15 days before the hospitalization of the patient and 30 days after hospitalization.

c. Consumable Expenses

Under this insurance policy, you also get coverage against consumable expenses, such as masks, gloves, ventilator charges, etc.

Apart from the above-mentioned coronavirus insurance policies, you can also opt for health insurance inclusive of coronavirus cover. They also have a number of benefits covered.

After picking appropriate coronavirus insurance, the last important step is to choose your insurance provider carefully. It is advisable to choose a credible insurance provider like TATA AIG, as they have a competitive claim settlement ratio and offer maximum support and benefits possible to their clients. You can buy coronavirus insurance through their official website and secure your finances as well as health.