Did the image of Rate List of Treatment floating on social media scared you..? Yes because Corona may not be fatal to that extent buy yes the treatment cost is. But the good news is – You can get yourself & family members insured against Corona or COVID 19. These policies are called Corona KAWACH & Corona RAKSHAK.
Today let’s see – What are Corona KAWACH & Corona RAKSHAK policies?
- Difference between Corona KAWACH & Corona RAKSHAK?
- Should you buy one or both or none?
- Should you buy Corona KAWACH & Corona RAKSHAK if you have a Mediclaim policy?
Let’s answer these today.
Corona Kawach and Corona Rakshak are 2 insurance policies which have been available since 10th July 2020. General Insurance Companies must provide reimbursement based COVID 19 products.
Both policy have policy periods of 3 1/2, 6 1/2, and 9 ½ months.
Corona Kawach
It is an affordable premium insurance policy to cover the treatment of the COVID 19 virus.
Features:
– Available age range 18 – 65 years.
– It reimburses the hospital bills.
– The minimum sum insured is Rs 50,000 and the maximum is Rs 5 lakhs.
– The base cover offers – COVID Hospitalization Expenses, Home Care Treatment cost cover, Ayush Treatment & covers both pre and post-hospital chargers.
– The optional cover offers – Hospital Cash.
– Offered both ways, on individual and floater basis
– Can be taken for yourself, family member, in-laws and children up to age 25.
– Has a 15 day waiting period to get it fully covered.
– IRDAI has recently allowed Corona Kawach policy to be sold as a group health insurance. (You may suggest your company HR to avail you this policy)
Corona Rakshak
Features:
– Available on individual basis only.
– Provides a lump sum only on diagnosis from a government authorized diagnostic center.
– Useful if home isolated or being treated in the hospital.
– Policy benefit would be paid on continuous hospitalization of 72 hours or quarantine.
– The maximum cover offered is 2.5 lakhs
– A waiting period of 15 days.
– Rs 2.5 lakhs maximum cover offered.
Difference between Corona KAWACH & Corona RAKSHAK
- In Corona Kavach, only the hospital bill gets reimbursed. This means it is a Mediclaim Facility.
- In Corona Rakshak, if the corona is diagnosed, 100% of the policy amount (Sum Insured) is paid out to the policyholder.
- Their sum insured is different.
- Corona Kavach is offered on floater, family basis whereas Corona Rakshak is only offered on an individual basis.
- Their maturity is different from each other.
- In terms of coverage, the Corona Kawach covers both pre and post medical charges However, only the treatment/hospital bills will be reimbursed.
- Whereas, CR covers a maximum amount of Rs 2.5 lakhs and 100% of the amount is paid to the policyholder once the person is declared by a medical specialist as Corona Inflicted.
Should you buy Corona Kawach or Should you buy Corona Rakshak?
While considering buying a corona related health insurance policy, you shall decide whether you need to buy one for yourself or a family floater, in-laws, etc.
Once that has been determined, consider the age groups, if someone in the family is old and has diabetes or other treatments already which are more prone towards the virus, they could either initially cover all the charges in your family health insurance.
Consider whether you need one of them or your general health insurance is enough?
If you already have a Mediclaim policy, do you need to buy any of them?
– If you have cover of more than 10 lakh through your mediclaim policy you may consider only buying Corona Rakshak or none.
– Mediclaim policy do not or partially cover consumables like PPE kits. Mask or Gloves. The Corona Kavach policy covers consumable items which are non-medical items and are also not payable by most insurance policies.
– Corona Rakshak cover is payable for Home Quarantine also. This is common if family members are young and without morbidity (existing diabetes, asthma, or BP). Mediclaim will only pay when you are admitted for at least 24 hours.
– Normal Mediclaim policies carry a Capping on Room rent up to 1% of sum insured and up to 2% of sum insured if its ICU. In that case, it is better to have Corona Rakshak also.
– In simple, normal Mediclaim policy will cover Corona to the tune of 40 to 50% of the bill amount, whereas exclusive corona policy will cover 90% of the bill amount.
– Corona Kavach or Corona Rakshak are short term covers and you need not pay the premium till lifetime since the pandemic is short term in nature.
Things to consider before buying Corona Policy
– Most insurers are only likely to pay for treatments that the government has authorized for COVID 19 which means insurers can choose not to pay if a patient receives a plasma therapy etc.
– Some seniors might not be eligible to buy these policies.
– In the case of any Pre Existing Diseases, there is no standard approach and will vary from insurer to insurer.
– If you have an adequate cover, you may not need to buy a Corona Rakshak. However, since it’s disease-specific insurance, the general insurance might not cover costs related to these diseases, and hence, buying a Corona Kawach is suggested.
– Considering the inflation in insurance, a Rs 10 lakh life insurance for an average family is suggested, if not then buying a Corona Kawach would be suggested depending on other situations.
– While filing claims, if the bill is more than the Corona Kawach sum insured then you can cover the rest through your Mediclain insurance policy.
Before buying any COVID 19 cover, clear your doubts with the insurers as to know you would require any of the corona related insurance or not.
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