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Know About Advantages and Disadvantages of Corona Kavach Insurance Policy

Are you thinking of increasing your medical insurance coverage due to the coronavirus pandemic? If so those with existing health insurance can look at Corona Kavach's existing health insurance policy.

Advantages and Disadvantages of Corona Kavach Insurance Policy

Corona Kavach is the Individual Covid standard health insurance proposed by the Insurance regulatory and development authority of India and is being offered by almost 30 insurance companies in India. These companies include standalone health and general insurance companies in India. Some of these companies include Acko Corona Kavach, Bajaj Allianz Corona Kavach, and HDFC ERGO Corona Kavach, etc.

The Corona Kavach policy is an indemnity-type plan where the hospital bill gets reimbursed up to the sum insured limit subject to terms and conditions. The Corona Kavach Policy will become active only when there is a hospitalization of a minimum period of 24 hours.

The actual medical expense incurred, up to a maximum of the sum insured, will be paid to the insured person irrespective of the number of days he/she stays in the hospital post the first 24 hours.

Here's a look at some of the advantages and disadvantages of the Corona Kavach policy:-

Advantages:

  • Premium payment: The premium payment can be done one time since the Corona Kavach insurance is a short-term insurance policy. Premium once paid is valid till the completion of the policy period in the case of Corona Kavach health insurance policy.
  • Flexible: The terms and conditions of the Corona Kavach insurance policy are flexible and are designed in a way to be understood by everyone. There would be no ambiguity in the policy conditions and the most important thing is that the terms and conditions remain constant across the insurance companies.
  • Affordable Premiums: The premiums to be paid under the Corona Kavach insurance policies are very affordable when compared to the general health insurance policies. This is due to the limited coverage under the corona Kavach health insurance policies. The other health insurance policies cover all the illnesses or diseases while the corona Kavach policy covers only corona-related illnesses.
  • Specific cover: Since the Corona Kavach policy covers only the Covid related illness it is beneficial to be taken till the time the pandemic is active. There is no concept of No claim bonus in these policies. If you are having a regular health insurance policy then it would be beneficial to claim under Corona Kavach policy since there would be no reduction of NCB in Corona Kavach insurance. In this way, the renewal premium and the NCB can be saved under your existing health insurance policy.

Dis-Advantages:

  • Limited Cover: The minimum sum insured under the Corona Kavach policy is Rs.50k and the maximum sum insured is Rs.5 Lacs. The cost of treatment of Corona is mostly regulated by the Governments but still, the claim amount could go well beyond the sum insured and there would be no option to increase the sum insured under the Corona Kavach insurance policy.
  • Policy Period: The policy period in the Corona Kavach policies would be 3.5 months, 6.5 months, and 9.5 months, so if one wants to take Corona Kavach for 12 months then they have to renew the policy after 9.5 months. This short period of coverage may cause inconvenience to the customer if they forget to renew their policy on time forcing them to satisfy the waiting period.
  • Limited Benefits: The benefits offered under the Corona Kavach insurance policy are limited only to the coverage of Corona-related treatments. This means that customer has to have at least 2 health insurance policies; one Corona health insurance policy and another general health insurance policy. This health insurance policy cannot be used for the treatment expenses of other illnesses or diseases apart from the Covid-19.

Let us understand the coverage and exemptions under the Corona Kavach insurance policy:-

  • Entry Age: Minimum entry age is 18 years and the maximum age at entry shall be at least 65 years. Insurance companies are permitted to cover people above 65 years of age as per their product filing with the IRDA and the underwriting philosophy of the company. Children shall be covered from Day 1 of age up to 25 years.
  • Family Floater: Corona Kavach policy can be taken on an individual as well as a family floater basis. The definition for the family would be mentioned in the policy terms and conditions as a legally wedded spouse, parents and parents-in-law, dependent children up to 25 years of age.
  • Policy Tenure: The policy tenure of the Corona Kavach policy is of Three and Half months (3.5 months), Six and Half months (6.5 months), and Nine and Half months (9.5 months) which includes the waiting period mentioned under the terms and conditions of the policy.
  • Type of Policy: Corona Kavach is an indemnity-based policy which means that the insured will only be reimbursed the actual amount incurred on treatment of Coronavirus disease up to a maximum of the sum insured mentioned under the policy terms and conditions.
  • Waiting period: There is a waiting period of 15 days applicable under the policy from the policy start date.
  • Room Rent/ICU Limit: There is no Room rent or ICU limit under the policy. You can get the actual amount incurred on the room rent and ICU.
  • Hospitalization Expenses: Hospitalization expenses such as Surgeon, Anaesthetist, Medical Practitioner, Consultants, and Specialist Fees whether paid directly to the treating doctor/surgeon or to the hospital. Anesthesia, blood, oxygen, operation theatre charges, surgical appliances, ventilator charges, medicines and drugs, costs towards diagnostics, diagnostic imaging modalities, PPE Kit, gloves, mask, and such similar other expenses.
  • Ambulance Charges: Ambulance charges are paid subject to a maximum of Rs.2000 per hospitalization which means that each time the insured is hospitalized up to Rs.2000 would be paid as an Ambulance charge.
  • Sub Limits: Hospital Daily Cash which is an optional time payment cover is 0.5% of the Sum Insured per day subject to a maximum of 15 days in a policy period for every insured member. Home care treatment can be availed maximum of up to 14 days per incident.
  • Home care treatment: Home care treatment is covered under the Corona Kavach policy. Home care treatment means undergoing treatment for COVID-19 at home on the advice of the medical practitioner. All the corona-infected patients need not get admitted to a hospital, hospitalization is only necessary in case the patient is in a severe condition where he/she is not able to breathe properly and requires external support to survive. Home care treatment should be prescribed by the doctor as and when necessary to claim under this section.
  • Day Care & OPD: Daycare and OPD treatments are not covered under the Corona Kavach policy as the corona treatment requires either hospitalization or home care treatment and it cannot be treated within 24 hours.
  • Pre & Post Hospitalization expenses: Pre-hospitalization expenses of up to 15 days prior to the date of hospitalization are covered under the Corona Kavach insurance. Post-hospitalization medical expenses incurred for a period of 30 days from the date of discharge of the hospital are covered under the corona Kavach policy.
  • AYUSH Coverage: Corona Kavach's insurance policy covers the claim costs incurred for treatment of Corona under the AYUSH systems of medicine subject to hospitalization.
  • Sum Insured: The minimum sum insured under the Corona Kavach policy is Rs.50, 000/- (Rupees Fifty thousand) and the maximum sum insured is Rs.5, 00, 000/- (Rupees Five Lakhs). It is up to the customer to choose the sum insured in multiples of fifty thousand.
  • EMI facility: The premium for corona kavach should be paid at one shot and there are no EMI options available under the Corona Kavach insurance policy.
  • Pre Existing Disease: Any claim settlement related to Covid-19 if it has been diagnosed prior to the policy start date will not be admissible under the Corona Kavach policy. However, during the course of treatment for Covid 19, the policy covers the cost of treatment for any co-morbid conditions including pre-existing diseases.
  • Renewal: Corona Kavach policy may be renewed for further 3.5 months or 6.5 months or 9.5 months as per the option of the policyholder. Renewals should be done before the expiry of the current policy.
  • The waiting period in Renewal Policy: In case the Corona Kavach policy is renewed within time, then there would be no waiting period of 15 days applicable. The waiting period served in the previous policy would be sufficient in case of renewal.
  • Sum Insured Enhancement: Sum insured can be enhanced at the time of renewal at the option of the policyholder. However, the waiting period condition of 15 days has to be satisfied for the increased sum insured under the Corona Kavach policy.
  • Migration/ Portability: Customers can migrate from the Corona Kavach policy to the other health insurance policy if permitted by the insurance companies and the terms and conditions of the new health insurance and the waiting period would be applicable.
  • Group Corona Kavach: The insurance companies can now offer group Corona Kavach insurance policies where the terms and conditions would remain the same and only the premium would change. Customers can now avail the group Corona Kavach insurance policies for their employees.

Corona Health Insurance Exclusions

Not all medical expenses are covered under your coronavirus (COVID-19) health insurance policy. Take a look at the list of exclusions under your coronavirus insurance.

It is no secret that your health insurance plan will not cover each and every medical expense. And it’s also quite obvious that every health insurance comes with a list of inclusions and exclusions. Exclusions are however the ones that can give you a bad surprise if you do not know them beforehand.

“Exclusion” can be a medical condition or a healthcare expense that is not covered under your health insurance plan. As it is not covered, it means that your health insurance provider will not pay for it.

If you are a smart insurance buyer who takes out the time to read the Inclusions and Exclusions, and the Terms and Conditions, then you can surely save yourself from those nasty surprises in the future. Most people are only interested in what the policy offers (inclusions) and tend to overlook what the policy does not cover (exclusions). That’s the reason why you must always read the policy wordings before you sign the policy document.

Corona health insurance policies such as Kavach has certain exclusions under them which are listed below:-

  • Treatment or Diagnosis outside India: The policy doesn’t cover the treatment costs for the Coronavirus outside India. In case the corona infection is spread when you are outside India, then the coverage is not applicable in that case as the diagnosis is done outside India. The policy covers only the diagnosis and treatment in India and the claim is made as per the treatment done.
  • Hospitalization: The corona health insurance policies require a mandatory hospitalization of 24 hours to 72 hours for the Kavach and Rakshak, without which the claim is not admissible under the policy. In the case of domiciliary treatment, the claim is not admissible unless the hospitalization condition is satisfied. The main thing to note is that all the Corona infection cases are not serious and most of the cases are treated at home.
  • Other Illness: Any other illness or diseases not related to Corona are not covered under your Corona health insurance policies. The claim is admissible for the Corona-related illness treatment which requires mandatory hospitalization. Since the policy covers only Corona-related illness, the premium charged for this policy is very less compared to the standard health insurance policy.
  • Waiting Period: Any claim reported before the waiting period is not covered under the corona health insurance policy. The waiting period under the corona health insurance policies is 15 days from the policy start date. The waiting period is not applicable if the insurance policy is renewed on time without any break in the policy period.
  • Renewals: There is no chance for renewal under the Corona rakshak policy and a new policy is to be purchased after the expiry of the previous policy. The renewals are possible in case of Kavach policies are permitted and the waiting period is waived off in such cases.
  • Portability: Portability is permitted only for the Corona Kavach insurance policy subject to the new insurance company accepting the policy. The portability is easy for the Kavach policy as the terms and conditions are the same for every insurance company and only the premium differs from one company to the other.
  • Diagnosis: The diagnosis for Corona should be done at Government recognized test center only and the report should be submitted to the insurance company to process the claim. Any diagnosis report from unrecognized centers would not be acceptable by the insurance companies.
  • OPD & Day Care: OPD and Daycare are not available in the Corona health insurance policies as these policies require mandatory hospitalization of at least 24 hours in the recognized hospital as per the definition mentioned in the policy wordings.

For the best Corona health insurance policies please visit Our Portal or talk to our agent to choose the best corona insurance policy.

Please Visit the best Corona health insurance policies or talk to our agent at toll free:1800-123-4003 to choose the best corona insurance policy and corona rakshak health insurance too will cover under the corona health insurance policy.

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