The global medical crisis brought on by the COVID 19 pandemic has shed much-needed light on the importance of health insurance. A health insurance policy can truly protect your hard-earned savings during a medical emergency. Else, the rising costs of procedures used in diagnosis and treatment can easily serve to drain out your bank account.
The surge of COVID 19 cases in India prompted the IRDAI (Insurance Regulatory and Development Authority of India) to launch a benefit-based health insurance plan called Corona Rakshak Policy. This coronavirus-specific health insurance plan is available with the same uniform terms through different insurance providers. Let us take a further look at the features of the Corona Rakshak Policy.
What is the Corona Rakshak Policy?
The Corona Rakshak Policy is a benefit-based health insurance plan. It offers a lump sum payment of the sum insured to the policyholder when the policyholder is diagnosed as COVID 19 positive and requires hospitalization for 72 continuous hours or more. The Corona Rakshak Policy is a short-term health insurance plan. It can be purchased for three tenures of:
- 3 ½ months
- 6 ½ months
- 9 ½ months
The payout of this policy may be used to meet a number of expenses incurred for COVID 19 treatment. These expenses include ambulance charges, room rent, PPE kit costs, and so on.
The policyholder making a claim must have their COVID 19 diagnosis done at a government-approved testing centre. Makeshift hospitals functioning with government approval will also be approved for claims.
Who can buy the Corona Rakshak Policy?
The Corona Rakshak Policy can be bought by anyone from the age of 18 years to 65 years. Do note that the sum insured is only offered on an individual basis. There is no option to purchase this policy as a family floater plan.
If you are looking for coverage that includes your family, you may consider buying the Corona Kavach Policy instead.
What is the amount of coverage offered under theCorona Rakshak Policy?
The amount of coverage under this health insurance policy starts at Rs 50,000 and goes up to a maximum of Rs 2.5 lakhs. The increase in the sum insured can be done in multiples of Rs 50,000.
Are there any exclusions to the Corona Rakshak Policy?
Like every other health insurance policy, the Corona Rakshak Policy too has certain limitations. Some of the plan’s exclusions are:
- Claims made for COVID 19 cases detected prior to policy commencement
- Claims made during the policy waiting period
- Claims made for tests run at a diagnostic centre that is not approved by the government
Do note that this is a brief overview of the policy’s exclusions. Do speak to your insurance provider for more details.
The Corona Rakshak Policy payout can truly prove beneficial in helping you afford much-needed medical treatment for COVID 19. With cases rising every day, do make sure to get your coverage taken care of immediately. You can buy your policy in person from an insurance company’s office. Or, you can purchase coverage online from the safety of your home. We hope this article will prove helpful for you. Stay indoors and stay safe!
