Pandemic came, changed the way of life. Not only health deteriorated but financial health also suffered a setback. One thing is understood that health is our real wealth. Now with the arrival of a new strain of corona virus, it has become clear that Covid-19 will be around us for a long time. In such a situation, basic caution is not enough to keep ourselves safe. Rather, now we need a health insurance policy, which will give us life in emergency.
Now the question arises that which can be the best policy to protect against corona virus. There are many types of policies available in the market. But, choosing the right policy is the real challenge. Here we are telling you two different types of health plans which will give you a shield of protection.
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Corona Kavach and Corona Rakshak Health Plans
These two health insurance plans are designed to offer standard coverage benefits across the industry at a very nominal premium.
Corona Kavach Policy- As per IRDAI guidelines for Corona Kavach Policy, Sum Assured will be Rs 50,000 to Rs 5 lakh.
Corona Kavach is an indemnity-based health plan that provides coverage on an individual and family floater basis. It covers room rent, ICU charges, medicines, PPE kits, doctor fees, ambulance charges etc. You can avail the treatment without worrying about the expenses.
People between the age group of 18 to 65 can buy this plan. Parents can also take it for their children between the age group of 1 day to 18 years.
Corona Rakshak Policy- This policy provides 100% lump sum payout (Rs 50,000 to Rs 2.5 lakh) on positive diagnosis. It also covers the cost of PPE kits, gloves and masks, which is a major benefit. A minimum of 72 hours of hospitalization is required to file a claim on this policy.
Both are standard products across the industry with similar features and benefits, but both come with different sets of coverage benefits.
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Know the difference between Corona Kavach and Corona Rakshak Policy
But, before you buy them, here are some differences between the two COVID-specific plans.
The biggest difference is that in Corona Kavach policy, the insurer compensates the cost of hospitalization up to the sum assured (Rs 50,000 to Rs 5 lakh) and in Corona Rakshak policy, the insurer pays 100% of your Sum Assured (Rs 50,000 to Rs 2.5 lakh) if you get a COVID positive diagnosis.
Here is a table of differences between Corona Kavach and Corona Rakshak policies:
| Features | Corona Kavach Policy | Corona Rakshak Policy |
| Sum assured | Rs 50,000- Rs 5 lakh | Rs 50,000- Rs 2.5 lakh |
| Coverage | Floater | Individual |
| Hospitalization hours | 24 hour | 72 hours |
| Cover type | Indemnity based | Benefit based |
| Payment | As per hospitalization expenses | Lump sum paid on diagnosis |
| Premium | Single premium payment | Single premium payment |
| Period | 3.5 months, 6.5 months and 9.5 months | 3.5 months, 6.5 months and 9.5 months |
| Entry age | 18-65 years, Children up to 25 years | 18-65 years, Children up to 25 years |
| Pre-existing diseases | Comorbidities are covered / Pre-existing | Pre-existing / Comorbidities are covered |
| Deductible | N/A | N/A |
| Waiting period | 15 days | 15 days |
| Optional cover | Daily Hospital Cash Cover | N/A |
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Let’s see Corona Kavach and Corona Rakshak in more detail:
Minimum and Maximum Sum Assured- In Corona Kavach policy, you get to claim a minimum insured sum of Rs 50,000 and a maximum of Rs 5 lakh. Whereas in Corona Rakshak policy, the sum insured limit is a minimum of Rs 50,000 and the maximum can go up to Rs. 2.5 lakh.
Hospitalization Expenses- Corona Kavach policy, minimum period of 24 hours hospitalization is required to avail the benefits. Hospital expenses will be paid by the insurer irrespective of the number of days in the hospital up to the coverage amount (Rs 50,000 to Rs 5 lakh). But, if you have a Corona Rakshak policy, you need to be hospitalized for at least 72 hours to claim the 100% of the lump sum expense (Rs 50,000 to Rs 2.5 lakh).
Nature of Policies- The oriental insurance Corona Kavach policy provides basic essential cover and optional cover as well. Base cover benefits are provided on indemnity basis whereas optional cover is available on benefits basis only. Indemnity means that the claim is paid as per the hospital bills, whereas in benefit cover, you get the full sum assured in a lump sum by the insurer.
Corona Kavach is an indemnity-based plan that reimburses COVID hospitalization expenses. Whereas Corona Rakshak is a benefit plan that gives a fixed lump sum amount on positive COVID diagnosis requiring a minimum of 3 days of hospitalization irrespective of the medical expenses incurred.
Optional Benefit- The Corona Kavach policy provides an additional daily hospital cash cover for coronavirus treatment update. The insurance company pays you 0.5% of the Sum Assured daily for 24 hours of allowable continuous hospitalization. It is valid for a maximum period of 15 days during the term of the policy. On the other hand, Corona Rakshak policy is a benefit-based plan with no such facility.
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Which is the best health insurance company in India for Covid-19
Both Corona Kavach and Corona Rakshak policies cover Comorbidities arising during the treatment of Covid-19, so it is better to go for a policy with higher sum assured and longer policy term. Do not buy these policies as a substitute for your regular medical insurance plan or comprehensive health cover.
If you do not have insurance, you can avail the cover for treatment of COVID-19 with these policies at an affordable premium. But if you have insurance, buy any Corona Kavach and Corona Rakshak policy as a complement to your existing policy.
With COVID-19 cases at their peak, it is advisable to invest in a best Corona Kavach policy or a Corona Rakshak policy as per your choice. You can buy any of these policies from any online portal (such as Corona Kavach Star Health) and save your time and money.
Importance of health insurance in Covid-19
The coronavirus pandemic has reminded us of the uncertainties of life by creating a health crisis. Due to this we faced the slowdown of economic activity and the impact of the lockdown. In such a situation, dealing with a medical emergency due to this disease can be extremely difficult for anyone. In particular, the elderly and those who are already ill are at higher risk.
But, by preparing yourself financially and buying health insurance, this stress can be reduced. Therefore, it is essential to have health insurance, which will cover hospitalization and treatment expenses in an unforeseen event. Choose any coronavirus health insurance and ensure the well being of your loved ones.
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Scientists have succeeded in finding an effective COVID-19 vaccine. But, until we get the vaccine shot, we must follow the strictest safety measures to protect our loved ones. In the present situation where there is a health hazard and the arrival of a new strain of COVID-19 is confirmed, a health insurance plan acts as a safety net for your finances and protects your health. In short, it keeps us mentally stress free in case of any medical emergency.
