The insurance regulator has instructed all life general and standalone health insurance companies to extend the timelines for sale and renewal of short-term Covid-specific health insurance policies Corona Kavach Policy and Corona Rakshak Health Insurance Plan till September 30, 2022. These policies were introduced by Insurance Regulatory and Development Authority of India (Irdai) in June 2020 in the midst of the Covid-19 pandemic for financial protection in case of a medical emergency due to Covid.
At the time of the launch, these policies were to be sold till March 2021. However, with the outbreak of the second wave, the time period was extended till September 30, 2021. Experts say while the number of active Covid-19 cases have fallen since the peak in January, individuals should go for a Covid-specific health plan in case they do not have a comprehensive health insurance cover.
Corona Kavach Policy
Corona Kavach Policy, an indemnity-based plan, covers hospitalisation, pre-post hospitalisation, home care treatment expenses and Ayush treatment for Covid patients. The minimum sum insured is Rs 50,000 and the maximum is Rs 5 lakh. The policy term is 3.5, 6.5 or 9.5 months and can be renewed as per the option exercised by the policyholder. The waiting period under this policy is just 15 days and the policy is available on individual as well as family floater. There is no room/ICU limit under the policy.
The policy covers hospital expenses such as doctor/ surgeon fees, anesthesia, blood, oxygen, operation theater charges, medicines, diagnostic imaging modalities, etc. It also covers road ambulance subject to a maximum of Rs 2,000 per hospitalisation.
The policy covers pre-hospitalization medical expenses incurred for a period of 15 days.
Corona Rakshak Health Insurance Plan is a benefit-based plan that offers a lump sum payout if the policyholder requires hospitalization for Covid treatment for a minimum continuous period of 72 hours.
The sum insured ranges between Rs 50,000 and Rs 2.5 lakh and the period of the coverage is for 3.5 months, 6.6 months and 9.5 months. The policy offers only individual coverage and on payment of 100% of sum insured the policy gets terminated. The insurer settles or rejects a claim, as the case may be, within 30 days from the date of receipt of the necessary documents.
While these two policies can give financial protection to an individual in case of Covid, it is always ideal to buy a comprehensive cover with a top-up to protect the family financially in case of any medical emergency.