Why Corona Insurance Is Still Relevant?

Coronavirus health insurance policies: 5 things to keep in mind - The  Economic Times

The COVID-19 pandemic severely affected the lives of many individuals all around the world and continues to do so. While the virus continues to mutate, the new variants can cause a fresh wave to erupt, causing panic amongst the population.

Being diagnosed with COVID-19 can dig a hole in people’s pockets and cause financial distress.  COVID insurance takes care of the monetary burden in case the policyholder is diagnosed with the virus and requires hospitalization. 

What is Corona Insurance?

Corona Rakshak Policy was introduced by the IRDAI to provide insurance cover for individuals against COVID-19. It offers a sum assured of up to Rs 2.5 lakh and covers the cost of COVID-19-related equipment such as PPE kits, gloves, and masks. This plan is a single-premium affordable health insurance plan that individuals can purchase with ease.

If an individual has purchased the Corona Rakshak Policy and is diagnosed with COVID-19, they may receive 100% of the lump sum payment if hospitalisation is required for 72 hours or more after being diagnosed. The tenure of the policy ranges from 3.5 months to 9.5 months. 

Use a Corona Rakshak premium calculator to get an estimate of the premiums. The premiums begin from Rs 700 onwards. Any individual between the ages of 18 to 65 years can purchase this insurance.

What are the features and benefits of the Corona Rakshak Policy?

IRDAI designed the Corona Rakshak policy specifically for offering coverage against Covid-19. Here are some striking features and benefits of the policy:

  • If the policyholder is diagnosed with Covid-19, they may receive the benefit as a lump sum. Use a corona insurance calculator to get an estimate of the coverage you need.
  • There are no pre-medical screenings mandatory before buying corona insurance.
  • The major beneficial feature of the policy is that it saves one from exorbitant hospitalization bills which one may have to pay when hospitalized due to COVID-19.
  • The waiting period of the plan is 15 days.
  • The premiums you pay for this policy are exempt from taxes under Section 80D of the Income Tax Act. Use an online Covid premium calculator to get an estimate of your premiums. 
  • The tenure of the policy is flexible, as one can choose any term from 3.5 months, 6.5 months, and 9.5 months.

Why Should You Get the Corona Rakshak Policy?

The treatment, especially the hospitalization of coronavirus-infected patients, can be quite expensive. Without insurance, people may not be able to afford the treatment they need or may have exhausted their savings doing so. Both are unfortunate circumstances that one would want to avoid.

The IRDAI has announced that a health insurance policy specific to Covid-19 can be sold by general insurers separately until September 30, 2022. This directive applies to the Corona Kavach and Corona Rakshak policies. The two low-cost COVID insurance plans can ensure that individuals who do not have a comprehensive health policy are well-insured against Covid-19.