If you haven’t bought a Coronavirus wellness insurance coverage program but, there is very good news for you.The Insurance Regulatory and Development Authority of India (IRDAI) has extended the time line to offer you and renew quick term Covid certain wellness policies up to September 30, 2021. The suggestions on the introduction of quick-term wellness insurance coverage policies provide coverage for the COVID-19 illness have been introduced in June 2020. Such Short term wellness insurance coverage policies have been to be issued for a policy term of significantly less than 12 months and the suggestions have been valid till March,2021.
To meet hospitalization expenses arising out of Covid-19, there are two certain insurance coverage plans. One is the Corona Kavach policy which is becoming presented by basic and wellness insurance coverage businesses only,whilst the other one is Corona Rakshak policy which may well be presented by all insurers, such as life insurers.
IRDAI had asked insurers to style want based merchandise covering expenses of remedy of coronavirus (COVID-19)illness. All insurers (Life, General and Health Insurers) have been permitted to offer you COVID – 19 certain quick term wellness insurance coverage policies topic to these suggestions.
Recently, the IRDAI has extended the timeline and all insurance coverage businesses such as Life, General and Health Insurers are permitted to offer you and renew quick term Covid certain wellness policies up to September 30, 2021.
Corona Kavach and Corona Rakshak – Differences
Who provides them
Corona Kavach Policy, the COVID Standard Health Policy desires to be compulsorily presented by all basic and wellness insurance coverage businesses and life insurance coverage businesses can’t offer you them. To obtain Corona Rakshak Policy, one may well strategy any insurer such as the life insurance coverage organization.
Minimum and maximum
The minimum sum insured for Corona Kavach Policy is Rs 50,000 and the maximum is Rs 5 lakh whilst for the Corona Rakshak Policy, the minimum sum insured is Rs. 50,000 and the maximum limit shall be Rs.2.5 lakh.
Hospitalization
In the Corona Kavach Policy, the base coverage or the sum insured will apply only when there is a hospitalization of a minimum period of 24 hours. The hospital expense up to the sum insured will be paid as claimed by the insurer irrespective of the days of keep in the hospital. But, in the case of Corona Rakshak Policy, it calls for hospitalization for a minimum continuous period of 72 hours.
Nature of policy
The Corona Kavach Policy shall have One Basic mandatory cover and One Optional Cover. The premium payable towards this Optional Cover Will have to be paid separately so as to allow policyholders to decide on and spend based on the want. The Base Cover of Corona Kavach Policy will be presented on Indemnity basis whereas Optional Cover shall be produced obtainable on Benefit Basis.In an indemnity cover, the claim is paid as per the hospital bills whilst in a Benefit cover, the whole sum insured is paid to the policyholder.
Type of policy
One can obtain Corona Kavach each on an person basis and on Family Floater basis but Corona Rakshak is presented on an person basis only and therefore no Family Floater solution is obtainable in it.
Optional advantage
The Corona Kavach Policy provides one the solution to add ‘Hospital Daily Cash’ cover. Under it, the insurer will spend .5 per cent of the sum insured per day for just about every 24 hours of continuous hospitalization for remedy of COVID following an admissible hospitalization claim beneath this policy. The advantage shall be payable maximum up to 15 days for the duration of a policy period. However, there is no such function in Corona Rakshak policy as it is totally a advantage-based program.