The COVID-19 pandemic came with several challenges to the health and safety of individuals. Millions have been tested positive with one of the variants of COVID-19. The World Health Organization has recently said that Omicron may not be the last variant of the COVID-19 virus and it may take some more time for the pandemic to fade away.
Due to the rising number of cases and an increasing number of hospitalizations, IRDAI has mandated insurers to launch policies specifically for tackling the COVID-19 crisis. As part of the IRDAI mandate, two policies – Corona Kavach and Corona Rakshak – were launched in June 2020.
Ever since the start of the pandemic, many patients have required hospitalization and the increasing hospital costs have made it important for many to hold such short-term insurance policies. Here is all you need to know about Corona Kavach and Corona Rakshak policies.
Read also: Omicron variant may change course of Covid-19 pandemic: WHO chief
What are Corona Kavach and Corona Rakshak policies?
These are two basic short-term health insurance policies that IRDAI has mandated for general insurers and stand-along health insurers. First launched in June 2020 with a deadline of March 31, 2021, the IRDAI has extended the deadline to September 30, 2021, and further to March 31, 2021, with the pandemic hitting back with second and third waves.
These policies were launched to cover the population that does not have access to the standard health insurance plans against COVID-19.
Corona Kavach
Corona Kavach policy is an indemnity-based health insurance policy that provides coverage against coronavirus. The Corona Kavach policy offers reimbursement for your hospitalization charges in case you are tested positive for the novel coronavirus. The minimum sum insured under Corona Kavach policy is Rs. 50,000 while the maximum is Rs. 5 lakh. This can be bought as an individual plan or a family floater. The policyholder needs to be hospitalized for at least 24 hours for filing a claim under this policy.
Corona Rakshak
Corona Rakshak is a standard benefit-based health insurance plan that offers payout in case the policyholder is tested positive for COVID-19. This helps in making up for the lost income during the COVID-19 treatment. This is an individual plan with a minimum sum insured of Rs. 50,000 while the maximum is Rs. 2.5 lakh.
What is the difference between Corona Rakshak and Corona Kavach policies?
| Corona Kavach vs. Corona Rakshak | ||
| Corona Kavach | Corona Rakshak | |
| Individual or family floater | Can be taken as an individual or family floater policy | Can be taken as an individual policy |
| Sum insured | The maximum sum insured is Rs. 5 lakh | The maximum sum insured is Rs. 2.5 lakh |
| Condition | Hospitalization of at least 24 hours | Hospitalization of at least 72 hours |
| Payout | The actual cost of treatment of COVID-19 is covered | As per the sum insured irrespective of actual hospitalization cost |
What if you already have health insurance?
In case you already have health insurance, you are covered for your room rent and part of hospitalization expenses in case you are tested positive for COVID-19. You can buy the Corona Kavach policy so that you can have end-to-end coverage of hospitalization and treatment expenses of COVID-19. Also, you can buy the Corona Rakshak policy if you want to have a lump sum payment as a replacement of income in case you are diagnosed with COVID-19.
These policies should not be considered as an alternative for comprehensive health insurance plans. As a health insurance plan provides coverage for a wide variety of ailments or diseases, it is important to have a separate health insurance plan.
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From where can you buy Corona Kavach or Corona Rakshak Policy?
You can buy the Corona Kavach and Corona Rakshak online or offline from a variety of insurers. For the Corona Kavach policy, you can contact any of the general and health insurance companies. Similarly, for a Corona Rakshak policy, you can contact any of the Life, General, and Health insurance providers in the country.
The last word
With the increasing number of cases across the country, it is better to buy a cover as per your requirements in time. If you are an earning member of your family and have dependents, you should opt for a Corona Rakshak policy. Similarly, if you are looking for protection against hospitalization expenses in case you or a family member is diagnosed with COVID-19, you should opt for a Corona Kavach family floater plan.
