Insurance
Regulatory and Development Authority of India introduced Corona Rakshak and
Corona Kavach plans in March 2020 as covid insurance plans. These are
short-term health policies created particularly for COVID-19. Both the plans
cover treatment costs of coronavirus and its variants, such as Omicron. Read on
to know whether you should get insurance against corona.
What is Corona Insurance?
It is a kind of health insurance that exclusively covers medical costs and other related expenses for COVID-19 treatment. That is, corona insurance will not cover the costs of any other health conditions.
Under the coverage, ambulance charges, pre- and post-hospitalisation costs, and treatment costs are paid if you are tested positive for COVID. You can choose the sum assured and find out the premium payable by using a corona insurance calculator.
Covid
insurance plans are available for a limited period of 1 year and you cannot
renew them. They feature an initial waiting period of 15 to 30 days. You can
avail the cover if you have a positive diagnosis of COVID-19 or raise a claim
after the given waiting period.
Plan Features
As discussed, covid insurance is available in two types of plans. Say, you opt for Corona Rakshak policy. It comes with the following features:
· Simplified issuance without any requirement of medical examination.
· Offers a lump-sum payout that amounts to 100% of the sum assured if you are hospitalised for at least 72 hours at a stretch on a positive diagnosis of COVID-19. It is available as a one-time benefit that applies to the whole term of the plan.
· Choice of a term from 105 days, 195 days and 285 days.
· The premium cost ranges between ₹156.5 and ₹2,230. You can use the Corona Rakshak premium calculator to check out the amount of premium payable.
·
Hassle-free and easy insurance procedure. Claim payouts are
independent of the amount or nature of costs incurred.
How To Buy It?
Before buying corona insurance, such as the Corona Rakshak plan, check out the eligibility criteria. These include the age at entry, maturity age and premium payment term. If you meet the eligibility criteria, go ahead to buy the plan online.
For that, follow these steps:
· Choose the policy term and the sum assured.
· Fill in your date of birth.
· Click on your gender.
· Choose your state and city.
· Fill in your basic details.
· Click on "calculate premium". Then use the Corona Rakshak premium calculator to learn the figure of premium payable. Make sure to settle for an affordable premium amount.
·
Complete the remaining steps.
Should You Get It?
People
who want to stay protected against the alarming COVID-19 pandemic but do not
have enough financial support to pay for treatment nor have a cover for the
purpose should get insured against the disease since it is still prevailing.
Just remember to use the corona insurance calculator to choose an affordable
premium amount for the cover.
If you need insurance against other conditions as well, consider choosing a comprehensive health insurance plan that also covers COVID-related medical expenses.
