As the deadly Corona virus named Covid-19 is plaguing the entire globe, we humans are doing everything possible to fight this pandemic. However, no matter how much efforts we make it may not guarantee a 100% protection from contracting this highly contagious disease. Thus, it becomes necessary that not only do we try to protect us from catching this disease but also prepare for the critical situation if we do catch it. How do we do that?
The most important aspect in this regard is taking care of hospital expenditures should you require hospitalization. Most of the financing companies and banks have already launched their own corona related insurance plans. On a broader basis these insurances are classified into two major categories; Corona Kavach Policy and Corona Rakshak, based on the guidelines laid down by IRDAI. While regular health insurance policies may not be sufficient against Coronavirus threat, these tailored health insurance policies cover all the cost of novel corona virus treatment. Important thing to note is that these policies are issued for a very short period of time remaining in effect till 31 March 2021.
As of now these policies are issued in different terms including nine and half months, six and half months, and three and half months together with the waiting period.
Let’s learn the differences between Corona Rakshak and the Corona Kavach policies.
Basics of the policies
1. The Corona Rakshak is a benefit-based plan. In this plan the insured is paid the entire amount of sum-insured once admitted in a hospital for Corona in accordance to the terms and conditions.
2. On the other hand, Corona Kavach is an indemnity-type plan. Once the insured catches Corona and gets hospitalized the entire hospital bill up to the maximum of the sum-insured will be reimbursed in accordance with the terms and conditions.
It’s important to know the minimum requirements for your policy to get active. Corona Rakshak policy requires a minimum hospitalization of 72 hours before you can make a claim for the entire amount of the sum-insured. Corona Kavach, on the other hand, requires you to be hospitalized for a minimum period of 24 hours. Afterwards, the duration of stay in hospital doesn’t matter, the entire medical bill will be paid by the policy, up to the sum insured.
While Corona Kavach acts as a mandatory cover applicable to individuals as well as families, Corona Rakshak acts as an optional policy and covers only the individuals.
Corona Kavach can be availed from sum-insured between Rs 50,000 to 5 Lakhs, while Corona Rakshak ranges between Rs 50,000 to maximum of Rs 2.5 Lakhs.
Corona Kavach provides a ‘Hospital daily cash’ benefit, an add-on that pays 0.5 % of the sum-insured every day. This addon is applicable for 15 days period.
In Corona Rakshak, as it is a definitive plan no such addons are available.
Now, that you know the basics of both Corona Kavach and Corona Rakshak policy, it’s time to make a decision and purchase a suitable policy to cover yourself and your family against the looming threat of Novel Coronavirus.