The novel coronavirus has had a drastic effect on each and every person in the world. Young or old, the severe impact can be seen on just about everyone. In India, the number stands at 3.28 crore (as of 1 September 2021) and is increasing by the minute. Keeping the alarming situation in mind, the government has initiated various schemes and plans to help the common man deal with the financial crisis this pandemic can create.
Following the guidelines of the IRDAI, Insurance Regulatory and Development Authority of India has introduced two new health insurance policies for corona-19 - Corona Kavach Health Insurance and Corona Rakshak Health Insurance. To understand and evaluate Corona Rakshak Health Insurance, read on.
Understanding the Policy
Corona Rakshak health insurance is a fixed benefit-based health insurance plan that offers the policyholder 100% of the sum insured, in a lump sum, in case he is diagnosed with COVID-19 and stays in the hospital for treatment for 72 hours or more. The sum insured can be between INR 50,000 to INR 2.5 lakhs and the policy will lapse when the amount is paid. It is a single premium health insurance and the policy is available in three tenures - 3.5, 6.5 or 9.5 months.
Unlike Corona Kavach Health Insurance, Corona Rakshak can be bought from all insurance companies including life insurers. The policy is a standard health policy that is available on an individual basis and does not come with the family floater health insurance policy option.
| Type | Fixed benefit based, Individual plan |
| Sum Insured | INR 50,000 to INR 2.5 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 | One-Time settlement |
What are the Benefits that I can Expect?
Corona Rakshak health insurance is being offered by all insurance companies and different companies are offering different benefits. The basic features, however, remain the same:
- The plan is very affordable, as the policyholder you have to pay a small percentage of the sum insured
- There is a short waiting period of just 15 days
- It is a single premium health insurance plan
- The policy also covers the cost of ICU
- Prescribed home care treatment for a maximum period of 14 days is also covered
- Expenses on pre and post hospitalisation are covered, for a specified number of days
- Under section 80D, you can avail of tax benefits on the premium that you pay
- You would receive 100% of the sum insured as a lump sum amount
- The policy comes with a flexible tenure
I already Have Health Insurance, Should I Still Invest in Corona Rakshak?
In severe cases, COVID-19 patients need hospitalisation along with ventilator support. This kind of treatment can make the expenses very high. You may want to consider buying Corona Rakshak even if you have a regular health insurance plan as the hospitalisation expenses may exceed the upper limit of your regular health insurance. As it can act as an income replacement, your financial situation will not be affected at all.
Keep in mind that a deduction that is made on the claim will be supplemented as Corona Rakshak is a benefit-based policy. Your regular health insurance may not cover items like PPEs (personal protection equipment), having Corona Rakshak will be helpful here.
How to Buy Corona Rakshak Health Insurance?
The best way to buy anything these days is online, the same is the case with Corona Rakshak. Surfing the company websites makes it easy to draw a comparison between companies and the benefits that they are offering.
As you submit your age, contact details and the insurance requirements, you will receive all the choices available. You can then choose the insurer that suits your insurance needs the most. The premium of the policy can be paid online through debit/credit card or net banking.
Given below is a table that will give an idea about the Corona Rakshak premium rates:
| Sum Insured | Approximate Premium | Approximate Premium | Approximate Premium |
|---|---|---|---|
| INR 50,000 | INR 700 onwards | INR 900 onwards | INR 1,000 onwards |
| INR 1 lakh | INR 1,500 onwards | INR 1,800 onwards | INR 2,000 onwards |
| INR 2 lakh | INR 3,000 onwards | INR 3,600 onwards | INR 4,100 onwards |
| INR 2.5 lakh | INR 3,800 onwards | INR 4,600 onwards | INR 5,100 onwards |
| Policy Term | 3.5 months | 6.5 months | 9.5 months |
What Expenses are Excluded Under Corona Rakshak?
- Expenditure on the treatment of any other disease other than COVID-19
- History that shows travel to a restricted country
- Diagnosis or treatment that is done at an unauthorised centre
- Treatment outside India
How do I Claim My Corona Rakshak Policy?
Claiming the policy is simple. When diagnosed with COVID-19 at an authorised diagnostic centre, inform the insurance company and share the report with them. The company will assist you in making the claim. Ensure that you fulfill all the company-specific formalities carefully and in time.
Do I Really Need Corona Rakshak Health Insurance?
It is indeed a scary situation. All of us are trying to keep ourselves and our family safe. But we may not always be able to fight the pandemic, and hence it is wise to be prepared for it. When it comes to protecting ourselves from a financial meltdown, buying health insurance can be very helpful and prove to be a prudent decision. Corona Rakshak becomes all the more a judicious option when you don’t have regular health insurance.
