COVID 19 insurance applies to the insurance program that provides the policyholder’s all-healthcare related expenses for treating COVID 19. Health insurance encourages patients to get high-quality medication and preventive coverage to tackle an ongoing pandemic’s harmful effects.
COVID 19 insurance offers covered coverage with a limited waiting period (usually 15 days). So, if a person has been diagnosed COVID 19 positive, he/she is insured, given 15 days from the issuance of the diagnosis. Any person can get this cover as a separate policy or under an existing COVID 19 medical insurance. To deal with such a critical condition, the IRDAI has launched two significant insurance policies: Corona Kavach and Corona Rakshak.
Corona Kavach Policy
A Corona Kavach Scheme is a medical insurance package structured primarily to cover hospitalization and medication costs due to COVID 19. It included all post-hospitalization and household costs, home care costs, and the policyholder’s AYUSH treatment.
- Includes the costs of hospitalization and co-morbidities, room leasing, nursing and ICU fees, surgeons & doctor’s fees.
- When purchasing Corona Kavach Insurance, an individual insured must pay a premium sum once.
- The hospitalization costs before and after are compensated for a fixed period.
- Certain insurers pay medical expenses for 14 days for individuals battling with COVID-19.
- There is no upper cap limit for covering room rent.
- The cost of Ayurveda, Unani, Siddha, and Homeopathy in AYUSH treatment are also covered.
What is included in Corona Kavach?
In Corona Kavach policy, the list of inclusions are provided below:
- Covid Hospitalization Expense Cover: This program covers responsibility for hospitalization costs incurred due to treatment for Coronavirus.
- Ambulance cover: The cost of road services is also included whilst the patient is travelled to the hospital, providing a max coverage of Rs 2,000 for transfer.
- Cash benefit: This scheme gives up to 0,5% of the covered value as a benefit every day for a certain period, as set out in the policy statement.
- Cover for Home treatment: The program also includes the treatment that takes place at home for 14 days, based on the patient’s state. Home treatment is covered if the patient has Coronavirus at home.
- Cover for Pre-Hospitalisation: This program includes pre-hospitalization costs such as assessments and consultancy fees and check-ups for 15 days.
- Cover for Post-Hospitalisation: This provision includes costs for post-hospitalization up to 30 days from the date of release.
Corona Rakshak Policy
Corona Rakshak is a health care package paying 100% of the covered total as a lump sum for COVID-19 policyholders positive for 72 hours or more in hospital. Currently, the expenses spent on personal protective clothing, masks, and other medical safety items contributing to the hospital bills are usually not compensated. Under Corona Kavach, the cost of PPE Kits, masks, gloves, and other related expenses would be paid. However, until the insurer covers the lump sum claim.
The Corona Rakshak health insurance has unique policy advantages for COVID-19. Some of the unique benefits that the insured can gain from this policy are as follows:
- COVID Coverage: The key advantage is that it protects you from high hospitalization costs, which affect many COVID-19 patients.
- 100 per cent payout: A 100 per cent full payout is granted to the policyholder upon positive COVID-19 diagnosis
- Criteria for Eligibility: This policy can be purchased for people aged 18 to 65 years.
- Lump-sum payout: One of the key advantages is that the health provider pays a lump sum instead of the real hospitalization costs for COVID-19.
What is included in Corona Rakshak?
Corona Rakshak Policy inclusions are unique to the treatment of Coronavirus. The policyholder will receive a lump sum payout from the health insurance provider for the policy’s duration if diagnosed as positive as COVID-19 by a government registered diagnostic centre.
- Hospitalization Costs: the regulation shall refer to nursing, boarding, room renting, cost of masks, PPE kits, gloves, oxygen, ventilator, and medical monitoring.
- Protection from ICU costs: The program coverage also protects ICU/ICCU prices.
- Home Health cover: The provider would pay for the same if the patient wants home treatment for up to 14 days.
- AYUSH Cover: AYUSH care for COVID-19 is covered in the plan as well.
With the following insurance policies released by IRDAI for covering Covid-19 related hospitalizations or quarantine, you can buy these medical insurances as a cover to get coverage for your health-related expenses caused due to COVID-19. With the bajaj health app you can get On-demand consultation and doctors’ assistance regarding your health and provide you with a real-time health diagnosis. The medical consultants can help you in taking adequate care and ensure that you recover better from COVID-19.