In this COVID-19 standard benefit-based health policy, in case of hospitalisation, one gets 100 per cent of the sum insured.
COVID Health Insurance Plans: The incidence of Coronavirus is on the rise and till the time a vaccine is found, the risk of hospitalisation due to COVID-19 remains high. Taking cues from the high cost of treatment and the need of a specific health insurance policy covering hospital bills solely on account of COVID-19, the insurance regulator had asked all insurance companies to launch exclusive products to cover them. Corona Rakshak Policy is the standard benefit-based health policy which IRDAI has asked all insurers to launch preferably before July 10, however, it remains to be seen when the actual launch happens.
Corona Rakshak Policy is different from Corona Kavach Policy as the latter can be launched only by general and health insurers and is a reimbursement based policy. In Corona Kavach Policy only the hospital bill gets reimbursed as it is an indemnity-based plan but in Corona Rakshak Policy, the 100 per cent of the sum insured is to be paid to the policyholder as it a benefit-based plan.
Corona Rakshak Policy is a health insurance policy to take care of hospital expenses of the policyholder who get hospitalized for treatment of Covid-19. COVID Standard benefit-based health policy will be offered on an individual basis only and hence no Family Floater option is available in it.
Features of Corona Rakshak Policy
The unique nature of the Corona Rakshak Policy is that it is a Benefit based health policy. It means the insurer pays the entire sum insured irrespective of the hospital bill to the policyholder. The features and the structure of the Corona Rakshak Policy will be same across all insurers.
The COVID Standard benefit-based health policy will be available in three tenure – 3 ½ months, 6 ½ months, and 9 ½ months including waiting period. So, being short-term health plans, one can buy it for 105 days, 195 days and 285 days respectively.
On positive diagnosis of COVID, requiring hospitalization, a lump sum benefit equal to 100 per cent of the Sum Insured shall be payable to the policyholder. However, the hospitalisation has to be for a minimum continuous period of 72 hours. The positive diagnosis of COVID shall be from a government authorized diagnostic centre.
Minimum and Maximum limits
The minimum sum insured under COVID Standard benefit-based health policy shall be Rs. 50,000 and the maximum limit shall be Rs.2.5 lakh. The minimum entry age shall be 18 years and maximum age at entry shall not be less than 65 years. Features of lifelong renewability, migration and portability are not applicable in the policy.
It is important that all insurance companies launch their plans at the earliest so that buyers will be able to compare the premium and make an informed buying decision. Corona Rakshak Policy and Corona Kavach Policy are short-term health plans meant to help one meet hospital costs on account of COVID-19 treatments and hence do not depend entirely on them. Buying regular health insurance for self and all family members is of utmost importance to keep your savings safe and secure.