The coronavirus pandemic has certainly brought a major change in the way we look at health insurance. More and more of us are now becoming aware of how handy medical insurance can be when it comes to protecting ourselves from a financial meltdown. The government too has stepped in and the IRDAI, Insurance Regulatory and Development Authority of India has introduced two new policies, especially catering to health insurance against COVID-19- Corona Kavach Health Insurance and Corona Rakshak Health Insurance. To understand what Corona Kavach Health Insurance is, read on.
Understanding the Corona Kavach Policy
Corona Kavach health insurance is a standard health insurance plan that has been designed to provide insurance coverage to you and your family against the medical cost of COVID-19. The policy was launched in India by IRDAI through all the companies that sell health insurance, on July 10, 2020.
An indemnity-based plan, it is available as a family floater plan as well as on an individual basis. Most companies are offering Corona Kavach without a medical test, however, the insurance company reserves the right to ask for an investigation before they sell you the policy. Let us take a quick look at the main features of the policy.
| Type | Indemnity based, family floater plan |
| Sum Insured | INR 50,000 to INR 5 lakhs |
| Tenure of Policy | 3.5, 6.5 and 9.5 months |
| Age | Minimum: 18 years Maximum: 65 years |
| Waiting period | 15 days (from the date that the policy comes into effect) |
| Mode of Premium | Single |
| Compensation | Based on hospitalisation |
What are the Benefits that I can Expect?
Corona Kavach is being offered by over 30 companies and each company is offering various benefits with the plan. However, the basic features remain common to all:
- The premium is quite affordable as compared to the coverage the plan provides
- Hospitalisation expenses like room charges, cost of nursing, ICU charges, doctors’ fee are covered
- The waiting period is only 15 days
- Up to a specific period of days, both expenses on pre and post hospitalisation are covered
- Unlike other health plans, only a single premium is to be paid at the time of purchase
- There is no upper limit on room charges
- Ambulance service is covered (up to a specified limit)
- It is a short-term plan where the tenure can be 3.5, 6.5 and 9.5 months
Like all medical policies, Corona Kavach would also cover your treatment expense, however, it must be remembered that it could only cater to the expenditure made for the treatment of COVID-19 alone.
I Already Have Health Insurance, Should I Still Invest in Corona Kavach?
Your existing health plan also covers COVID-19 expenses, however, when you have an adequate cover against such a medical emergency, it is only better. Even if you exhaust the limit of your existing plan, Corona Kavach will take care of the rest. You have the option of enhancing your basic policy through a top-up or a super-top-up policy. By doing so, you not only cater to medical inflation but also ensure a cover for life.
How can I Buy Corona Kavach?
The best way to buy Corona Kavach is to buy it online. When buying health insurance online, you can easily compare the plans being offered by different companies. The comparison becomes uncomplicated and easy to understand. You can submit your age, contact details, and other insurance requirements and choose the company that suits your insurance needs the most. The premium can be paid online through debit/credit card or through net banking.
However, certain companies are not offering the plan online, in such cases, you can get in touch with an insurance agent or use the call-in facility of the company you wish to buy insurance from. Given below is a table to show the premium details of the Corona Kavach plan being offered by different companies (the premiums are subject to change).
| Name of the Company | Premium for 3.5 months | Premium for 6.5 months | Premium for 9.5 months |
|---|---|---|---|
| TATA AIG General Insurance | INR 1,994 | INR 2,735 | INR 3,419 |
| Max Bupa Health Insurance | INR 1,658 | INR 2,210 | INR 3,260 |
| Star Health & Allied Insurance | INR 1,408 | INR 1,690 | INR 1,901 |
| Oriental Insurance | INR 636 | INR 1,039 | INR 1,286 |
| Edelweiss General Insurance | INR 609 | INR 966 | INR 1,260 |
What Services/Expenses do not Come Under Corona Kavach?
There is no doubt that the plan offers a comprehensive cover but the following are not covered:
- Expenditure on any other treatment other than COVID-19
- Home treatments like bed rest, nursing
- Expenses on medications without proper prescription
- Unproven healthcare treatment
- Treatment in a foreign country
- COVID hospitalisation that is less than 24 hours
Please note that the exclusions may differ for different companies. Remember to find out about all such exclusions before you buy Corona Kavach.
How do I Claim My Corona Kavach Policy?
The procedure of claiming Corona Kavach is quite similar to that of any other insurance policy. You can opt for reimbursement or go for a cashless claim. The steps to be followed are:
- Inform the insurance company as soon as possible, preferably within 24 hours of diagnosis/hospitalisation
- A pre-hospitalisation letter is required by hospitals in case you opt for a cashless claim
- Fulfill all the company-specific formalities timely and carefully
Do I Really Need Corona Kavach Health Insurance?
The COVID-19 cases in India are mounting unabated and it is feared that soon India would have the highest confirmed COVID-19 cases in the world. In such a scenario buying health insurance for your family is an absolute necessity. Infected people, in severe cases, need hospitalisation along with ventilator support and the expenses can be sky-rocketing, Corona Kavach in such a time is a policy that can help you from a financial crisis.
