To avoid the financial burden and take off the financial burden blooming around individuals, experts say this provides the best of features.
The COVID-19 pandemic has created disorder and disruption in the world. Given the current world health scenario due to the global COVID-19 pandemic, it has become mandatory for people to take control of their physical and financial health. To help with that, IRDAI had recently mandated insurance companies to offer short-term health plans that will cover hospitalization expenses related to the COVID-19 treatment.
Rakesh Jain, ED, and CEO, Reliance General Insurance, says, “The expenses related to the treatment of this coronavirus are weighing on patients who are underinsured or uninsured. So, it is important to get yourself and your loved ones secured by gifting Corona Kavach which is a comprehensive insurance product to cover all costs of treatment of COVID-19.”
The virus has affected millions of people around the world. Since the count remains soaring up and there is no specific vaccine or treatment introduced yet, the cost of the treatment is relatively high. To avoid the financial burden and take off the financial burden blooming around individuals, experts say this provides the best of features. Jain of Reliance General says, “The pandemic has served to stress and insecurity related to people’s health and finance issues. Even if your parents are financially independent, this policy will only add on to their stability and make them convinced of their financial security.”
Both Corona Kavach Policy and Corona Rakshak Policy are health insurance plans meant for Covid-19 related hospital expenses. The Corona Kavach is an indemnity-based plan that helps individuals meet hospitalization costs due to coronavirus, whereas the Corona Rakshak Policy is a benefit-based plan where 100 per cent of the sum insured is paid to the policyholder in case of COVID-19.
Here are 5 reasons why you should consider gifting COVID Kavach;
- The policy provides hospitalization expenses including room and boarding charges along with PPE kits, gloves, masks, and such other similar expenses. It also covers AYUSH treatment. The cost of the pulse oximeter, oxygen cylinder, and nebulizers are also covered under this policy.
- It covers home care treatment expenses for the policyholder for up to 14 days if it involves an active line of treatment and is done on a medical practitioner’s advice, among other conditions.
- The short term policy comes with the tenure of 3.5 months, 6.5 months, and 9.5 months with just 15 days waiting period, unlike 30 days in any other regular health insurance policy.
- The sum insured can be opted for as per the policyholder’s requirement in multiples of a minimum of Rs 50,000 up to a maximum of Rs 5 lakhs.
- Policy holder’s get the additional optional cover of ‘Hospital Daily cash’ wherein the insurer pays 0.5 per cent of the sum insured per day for every 24 hours of continuous hospitalization for treatment of COVID following an admissible hospitalization claim under this policy. The benefit is payable for a maximum of 15 days during a policy period.
- Note that this will not impact your No Claim Bonus or Cumulative Bonus on your regular health insurance plans.