COVID-19 Insurance and its types
Created on 18 Sep 2020
Wraps up in 5 Min
Read by 2.2k people
Updated on 06 May 2022
5.21 Million! Yes, you read that correctly. COVID has affected 5.21 million people in India and deaths are around 84,372 until now.
Every story we were ever told brought out the obvious fact that the sun shines only after the storm. The COVID is one such storm that has affected roughly 5 million people in India. Before we could even think of the sunshine, it is essential that we protect ourselves and survive the damages which the storm might cause. Isn’t it?
Covid-19 Insurance: Overview
Health insurance is one such protection that helps during tough times like these. Understanding the need of the hour, the Insurance Regulatory Development Authority Of India (IRDAI) has requested various insurance companies to come up with a solution that would cater to the population's immediate needs in regards to the COVID-19 pandemic.
Keeping the pandemic into consideration, the insurance companies have issued short term plans which will remain valid till March 31st of 2021. They are:
Further, the other three plans which are already available in the market are as follows:
Indemnity oriented insurance plan.
Fixed benefit insurance plan.
Aarogya Sanjeevani policy.
Please note that the premium charged may vary slightly from provider to provider. Now let’s analyze and choose the one that best fits you,
This being a standard indemnity based plan, is the one point solution if you are looking for a cover from the deadly COVID-19. Anyone between the age group of 18-65 years of age can avail of this benefit.
An individual can opt for this health insurance policy, starting from a minimum sum of 50,000 to a maximum limit of 5,00,000. Similarly, the premium can also be paid across varying policy tenures of 3.5 months, 6.5 months, and 9.5 months.
However, it is important to remember that the policy doesn’t offer any reimbursement or renewal facility, as it is for a limited period only. The policy can be purchased as a family floater as well. You can cover your dependents, including your elderly parents and parents-in-law, along with your children up to the age of 25 years.
What does the Corona Kavach policy cover?
The Corona Kavach health insurance policy covers the following,
Comorbid costs, room, boarding, nursing, surgeons, and any fees paid to any other specialist you had to consult as a result of COVID infection.
Oxygen, ventilators, PPE’s, masks, nebulizer, and oximeter.
ICU and ICCU expenses.
Ambulance charges up to 2000
Costs incurred for undergoing treatment prescribed by the doctors and expenses incurred during the purchase of medicines prescribed.
Any cost incurred 15 days prior to hospitalization and 30 days after the discharge or completion of the home care treatment.
In case you need cash to meet the daily hospital expenses, the same can be claimed. It is paid at 0.5% of the insured amount for a maximum of 15 days (optional).
How to claim the Corona Kavach policy?
Let's walk through this with an example. Let’s suppose Mr. X has invested some 50,000 rupees in Corona Kavach. He is detected positive of COVID-19 and now wants to claim his policy. In such a case, he must be tested positive for COVID in any government authorized diagnostic center and inform the insurer about the same. Further, in order to claim the policy, he should be hospitalized for a minimum of 24 hours. The policy will be sanctioned after 15 days of the waiting period.
The next coronavirus insurance policy in India is the Corona Rakshak, which is basically a benefit based cover. Unlike in the previous case, the insurer will pay the lump-sum, at one single shot, rather than in premiums.
The policy can be opted for a minimum of 50,000 to a maximum of 2,50,000 rupees. The policy can be chosen across different tenures of 3.5 months, 6.5 months, and 9.5 months.
Important points to be noted:
The sum can be claimed only after 72 hours of hospitalization.
Any test results which are acquired from centers that are not authorized by the government can lead to rejection of the claim.
The policy can be claimed only after 15 days of the waiting period, and any claim prior to that will lead to rejection.
Indemnity oriented COVID-19 insurance plan
This is a plan which is useful in fulfilling the expenses incurred in case of any serious illness and the following hospitalization. Unlike in the above options, the policyholder can opt for a higher amount depending on his convenience.
However, it does not pay for any consumables or home treatment expenses. The policy will carry along certain limits on the claim amount as well. The waiting period in this regular plan may vary anything between 2 to 4 years.
If you are someone who has never thought of a Health insurance policy for so long and now wants to take one, then you can go in for this sort of policy. But if you are looking for a policy to protect yourself from the coronavirus, then it is advisable to opt for either Corona Rakshak or Corona Kavach.
Fixed benefit COVID-19 insurance plan
This coronavirus insurance policy gives a lump sum if tested COVID-19 positive, irrespective of whether or not you are hospitalized. However, the amount up to which one can opt is limited. These can be used as an add-on policy or a backup.
Aarogya Sanjeevani policy
Arogya Sanjeevani is a policy that was introduced by IRDAI as the one point solution to all the problems. The policy covers all types of hospitalization expenses, including that of COVID. It can opt as a floater plan wherein the dependents will also be covered.
This covers the cataract treatment expenses as well. That is, 25% of the sum is given or 4000, which is higher. Pre-hospitalization expenses up to 30days and post-hospitalization expenses up to 60 days are covered. Further, a 5% increase in the sum is awarded for each claim-free year.
Difference between all the COVID-19 insurance policies
Other important differences which you should know are as follows,
To sum up
All the above-mentioned coronavirus insurance policies can be taken at your convenience in the comfort of your home. Further, if you are a person working in the health care sector, then you will be getting a 5% discount on the premium on both the Corona Rakshak and Corona Kavach. Also, you can opt for more than one policy depending upon your need.
So get online right away and find the policy to protect the lives of yourself and that of your loved ones against the ghastly COVID-19.
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