There are several questions that you may have regarding your cover- Are you protected from Covid 19 with your insurance cover? If not, how can you fill the gap? Let us understand further regarding how you can opt for specific Covid plans or should you opt for a comprehensive term health plan.
Covid Specific Covers
On the basis of the guidelines issued by the IRDAI, most of the insurance companies rolled out special Corona specific policies for health and life covers. They covered all the treatment costs involved in this disease. However, they were issued on a short term basis with validity till March, 2021. However, the Insurance regulatory authority has now allowed the insurers to renew these specific policies till September, 2021.
There are two different policies that are available for you to choose from. Depending upon the affordability and benefits you can choose the one that suits your needs the best.
- Corona Kavach: This is a health cover for individuals and families on an indemnity basis.
- Corona Rakshak: This health cover is offered by the insurance company on just the benefit basis.
When to go for Corona Kavach
This health insurance policy is indemnity based that reimburses you the expenses incurred in the treatment of corona. It covers all the home care treatment costs, hospitalization costs, medical expenses incurred in the Ayush treatment as well as all the post hospitalization costs. This policy can be taken on an individual basis only if your age is between 18 and 65 years. In case you want to get children under the cover, you can get them under the family floater option. The assured sum in this plan ranges from 50,000 to 5 lakh. This makes this plan quite affordable so that you can buy one for each member of your family. The tenure of this policy ranges from three and a half months to six as well as nine and a half months. However, this policy should be bought only if you do not have a comprehensive health insurance plan wwith an adequate sum assured for the whole family.
When to go for Corona Rakhshak
This individual insurance cover is a benefit based plan wherein the complete sum assured is paid to the insured person in case he/she gets hospitalized. On the basis of certain terms and condition, this policy pays the complete benefit amount rather than the actual treatment expenses. A person has to be between the age of 18 and 65 to qualify for it. The assured sum ranges from 50,000 to 2.5 lakh. The tenure options are similar to Corona Kavach policy. This should be bought if you already have a health insurance plan in place but feel that it may not be enough at the time of treatment. This cover offers the insured the freedom to spend the money in their own preferred way.
Conclusion Do keep in mind that once you have suffered from corona, it becomes extremely difficult to buy this policy after recovery. Contact our financial experts to know more about which policy suits your needs the best.