insurance covers illnesses caused by Coronavirus

Types of Coronavirus Health Insurance Policy in India

The world is still trying to win the battle against the novel coronavirus. This disease started spreading in the year 2019, and by 2020, it engulfed the entire world. India is still battling its way out of the second wave of this deadly virus. Important learning that we have got during this period is to invest in a health insurance plan. Medical expenses and complex treatment charges of COVID-19 infection are surging, and managing it all without an insurance policy can squeeze all the money out of the pocket. To support this medical emergency, the IRDAI launched two short-term COVID-19 health insurance policies. This policy is specially designed to cover the cost incurred during the treatment of coronavirus infection. 

Below are two types of COVID-19 health insurance policies.

1.  Corona Kavach Policy

o   This is a single premium policy that provides coverage of the treatment expense of COVID-19. 

o   This is indemnity-based health insurance.

o   The Corona Kavach Policy covers the individual as well as the family members.

o   This policy provides a coverage period of 3.5 months, 6.5 months, and 9.5 months.

o   The Corona Kavach Policy is provided by both private and general insurance providers.

o   It also covers the cost of AYUSH treatment.

o   In addition, the Corona Kavach Policy also covers the expenses of home care treatment, pre-hospitalization expenses, post-hospitalization expenses, and road ambulance expenses.

o   The policy has a shorter waiting period of 15 days, which means that you can start availing of the benefits of the policy soon. 

o   Another noticeable feature of the Corona Kavach Policy is that you can also get daily cash benefits, but one needs to pay an extra premium.

2.  Corona Rakshak Policy

The next popular COVID-19 health insurance policy is the Corona Rakshak Policy.

This is not the same as the Corona Kavach Policy. The Corona Rakshak Policy offers a lump-sum benefit to the insured in case the person is tested positive for COVID-19 infection. 

  • It offers individual coverage, and the insured amount ranges between Rs. 50,000 and Rs. 2.5 lakh in the multiples of Rs. 50,000.
  • People between the age of 18 years and 65 years are eligible for this policy.
  • The policy term ranges between 3.5 months, 6.5 months, and 9.5 months
  • The policy gets over after the payment of the benefit. 
  • An important point to note about this policy is that the insured can get the benefit only when they have tested positive at a government-recognized center.
  • This policy also comes with a shorter waiting period of 15 days. Also, it doesn’t offer a lifetime renewability benefit.

Applying for a COVID-19 insurance policy online

The best part about the COVID-19 health insurance plan is that one can easily apply for this online policy. Most of the general insurance providers also provide the COVID-19 health insurance plan. 

The following table highlights the key providers of the COVID-19 health insurance plan: 

Health Insurance ProvidersCorona Kavach PolicyCorona Rakshak Policy
Aditya Birla Health Insurance Co. Ltd.YesNo
Bharti AXA General Insurance Co. Ltd.YesNo
Edelweiss General Insurance Co. Ltd.YesYes
HDFC ERGO General Insurance Co.Ltd.YesNo
ICICI Lombard General Insurance Company LtdYesYes
Kotak Mahindra General Insurance Co. Ltd.YesNo
IFFCO Tokio General Insurance Co. Ltd.YesYes
Max Bupa Health Insurance Co. LtdYesNo
Bajaj Allianz General Insurance Co LtdYesNo
Reliance General Insurance Co.LtdYesYes

To avail of the COVID-19 insurance policy online, you can log on to their website and click on the health insurance tab. The best part about both these policies is that it has a shorter waiting period which means you can start availing the benefits of this policy within 15 days. 

COVID-19 insurance policy online

Final thoughts

Health insurance plans are a must today. The surge of medical emergencies like the COVID-19 has taught us to be more conscious about our health and make the right investment so that it can cover the cost during emergencies.