Coronavirus (COVID-19) Health Insurance In India
Insurance

Coronavirus (COVID-19) Health Insurance In India

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The year 2020 will forever be remembered as novel coronavirus has altered our life dramatically. The entire world tremendously hit by Coronavirus. Covid-19 cases are still increasingly rising every day and now it is reached almost every part of the world. In India also, there are more than 15 lakh confirmed coronavirus positive cases as of last week of July and now India ranked in 3rd position after the U.S. and Brazil. The expert says that this is not the peak. Now think if we have not yet reached the peak, how the condition will be scary when the number of coronavirus cases will be on the peak.

The coronavirus is not just a contagious and deadly virus who attacked on human health. The coronavirus also attacked economically, financially, mentally, socially, and even every corner of our life. The coronavirus brings financial instability and the global recession. Most of the countries are facing slow down and unemployment so the condition is not at all good. We have to safe not only from Coronavirus but also from any other disease. Now this time health insurance is the best option where an insurance service provider is taking care of our financial liabilities. The Insurance Regulatory and Development Authority of India (IRDAI) have now allowed general and standalone health insurers to offer Coronavirus Health Insurance Policy which is specially designed only for this pandemic.

IRDAI recently announced guidelines for two standard Covid-19 health insurance policies in India and has mandate 30 general and health insurers to offer and market. These two products names are ‘Corona Rakshak’ and ‘Corona Kavach’. Both the policies launched by the insurance companies on July 10. The policy terms remain the same across all the health and general insurance companies in India.

Coronavirus (COVID-19) Health Insurance In India:

1. Corona Kavach Policy: – Corona Kavach Policy is an indemnity plan which covers all the hospitalization expenses that arise from the novel coronavirus. It includes home care treatment cost, ambulance charges, cost of PPE kits, medicines, gloves, masks, doctor fees, and ICU charges. Corona Kavach Policy is available on an individual and family floater basis. The sum insured amount starts from ₹ 50,000 and goes up to ₹ 5 lakh in the multiple of ₹ 50,000.

The Corona Kavach Policy also covers any co-morbid condition triggered due to Covid-19 during the period of hospitalization. The policy shall also cover pre-hospitalization expenses for 15 days and post-hospitalization expenses of 30 days. The policy also allows home care treatment for a maximum of up to 14 days per incident. Ambulance charges worth ₹2000 per hospitalization will be covered. The policy tenure can be 3.5 months, 6.5 months and 9.5 months including the waiting period is 15 days. This policy can be availed by persons between the age of 18 to 65 years. The policy will allow the only single mode of premium payment.

2. Corona Rakshak Policy: – Corona Rakshak Policy is a fixed benefit plans in which if policyholder is diagnosed with Covid-19 and hospitalized for three days than a fixed amount (which is sum insured) will be paid by the insurance companies. For instance, if you opt for a ₹2.5 lakh sum insured, on hospitalization for COVID-19 for three days, you will get a lump sum of ₹2.5 lakh. Once 100% of the sum insured is the paid, the policy will terminate. This policy can be availed by persons between the age of 18 to 65 years.

You can buy Corona Kavach Policy from any of the 30 insurance companies listed below:

  1. Acko General Insurance
  2. Aditya Birla Health Insurance
  3. Bajaj Allianz General Insurance
  4. Bharti AXA General Insurance
  5. Cholamandalam MS General Insurance
  6. Edelweiss General Insurance
  7. Future Generali India Insurance
  8. Go Digit General Insurance
  9. HDFC ERGO General Insurance
  10. HDFC ERGO Health Insurance
  11. ICICI Lombard General Insurance
  12. IFFCO TOKIO General Insurance
  13. Kotak Mahindra General Insurance
  14. Liberty General Insurance
  15. Magma HDI General Insurance
  16. ManipalCigna Health Insurance
  17. Max Bupa Health Insurance
  18. Navi General Insurance
  19. National Insurance
  20. Raheja QBE General Insurance
  21. Reliance General Insurance
  22. Religare Health Insurance
  23. Royal Sundaram General Insurance
  24. SBI General Insurance
  25. Star Health & Allied Insurance
  26. Tata AIG General Insurance
  27. The New India Assurance
  28. The Oriental Insurance
  29. United India Insurance
  30. Universal Sompo General Insurance

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