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Advantages and Disadvantages of Corona Rakshak Insurance

The Corona Rakshak Policy is a lumpsum benefit policy that covers you for potential medical expenses if you or a family member are infected and hospitalized due to the coronavirus. What makes this COVID insurance cover different is that it provides the complete sum insured as a lump sum in case of a claim, instead of going for reimbursement or cashless treatment.

Advantages  and Disadvantages of Corona Rakshak Insurance policy

Corona Rakshak Health Insurance can payout for your entire hospital bill if you require hospitalization for over 72 hours. This includes the cost of PPE kits, mask, gloves, oxygen, ventilator charges, nursing charges, boarding charges, room charges, and diagnostic test charges. It will also cover the most exorbitant charges incurred in ICU or ICCU treatment.

In the case of home treatment, the policy covers 14 days of the treatment.

Advantages:

  • Benefit Policy: The major advantage of the Corona Rakshak policy is that it is a “Benefit based plan” policy. Corona Rakshak policy settles the total sum insured as the claim amount in case of diagnosis with Coronavirus. Even if the customer has not incurred the sum insured towards treatment the overall sum insured will be paid to the customer.
  • Easy claim settlement: Another advantage of the Corona Rakshak insurance policy is the ease of claim settlement. The claim is settled by the insurance company after submitting the Covid-19 diagnosis report, hospitalization report and there would be no hassle to submit other claim-related documents which would be mandatory for other health insurance policies.
  • Affordable Policy: The premium to be paid in the case of Corona Rakshak policies is very affordable which would be a few hundred bucks. The premium is less when compared to traditional health insurance policies. Here the premium is not charged on the basis of age which is very advantageous.

Dis-Advantages:

  • Limited Coverage: Under the Corona Rakshak policy the minimum sum insured is rs 50,000 while the Maximum sum insured is only Rs.2.5 Lacs. In these turbulent times, the sum insured of Rs.2.5 Lacs would not be sufficient to recover the treatment costs of Corona-related illness. 
  • 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 of other illnesses or diseases apart from the Covid-19.
  • Multiple policies: The major disadvantage of Corona insurance policies is that the policy would be applicable to the treatment of specific diseases only and there need to be taken a separate health insurance policy to cover other illnesses and diseases.

 About Corona Rakshak Insurance Policy

Corona Rakshak is an Individual Covid standard health insurance proposed by the Insurance regulatory and development authority of India and is being offered by almost all the general and standalone health insurance companies in India. Some of these companies include Acko Corona Rakshak, Go digit, Edelweiss Tokio, and HDFC ERGO Corona Rakshak, etc.

  • Entry Age: Minimum entry age is 18 years and the maximum age at entry shall be at least 65 years. General 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 Rakshak policy can be taken on an individual basis only, no family floater plans are available.
  • Policy Tenure: The policy tenure of the Corona Rakshak is of three and a 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 Rakshak is a “Benefit based policy” which means that the insured will be reimbursed the actual sum insured mentioned under the policy if diagnosed with the Coronavirus irrespective of the amount incurred for the treatment. In this policy a lump sum benefit equal to 100% of the sum insured shall be payable on a positive diagnosis of COVID, requiring hospitalization for a minimum period of 72 hours following the positive diagnosis of Covid. The positive diagnosis shall be from the Government-authorized diagnostic center.
  • Waiting period: There is a waiting period of 15 days applicable from the policy start date. No claim shall be payable within the waiting period by the insurance company.
  • 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. The benefit amount paid to the insured customer can be used to pay the ICU or Room rent.
  • 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. A minimum of 72 hours of hospitalization is mandatory for the claim to be paid under the Corona Rakshak insurance policy.
  • Ambulance Charges: There is no separate provision for the ambulance charges; the lump sum amount includes the ambulance charge as well.
  • Sub Limits: There are no sub-limits mentioned under the Corona Rakshak insurance policy and the lump sum amount can be utilized for the treatment of Coronavirus.
  • Home care treatment: Home care treatment is not covered under the Corona Rakshak insurance policy as this policy requires at least 72 hours of hospitalization for the claim to be admissible.
  • Day Care & OPD: Daycare and OPD treatments are not covered under the Corona Rakshak policy as the corona treatment requires 72 hours of hospitalization for the claim to be admissible.
  • Pre & Post Hospitalization expenses: Pre-hospitalization expenses of up to 15 days prior to the date of hospitalization are covered under the Corona Rakshak 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 Rakshak policy.
  • AYUSH Coverage: Corona Rakshak's insurance policy cover cost the claim costs incurred for treatment of Corona under the AYUSH systems of medicine subject to hospitalization for a minimum of 72 hours.
  • Sum Insured: The minimum sum insured under the Corona Rakshak policy is Rs 50, 000/- (Rupees Fifty thousand) and the maximum sum insured is Rs.2, 50, 000/- (Rupees Two Lakhs Fifty thousand). It is up to the customer to choose the sum insured in multiples of fifty thousand.

Corona Health Insurance Vs Standard Health Insurance?

Corona health insurance Standard Health Insurance
Coverage The cover under corona health insurance is limited to treatment for Corona only. The cover under standard health insurance policy includes all kind of illness and diseases. The treatment undertaken for Corona virus is also covered under your standard health insurance policy.
Policy Term  The policy term in Corona health insurance is 3.5 months, 6.5 months, and 9.5 months. The policy term in a standard health insurance policy is 12 months.
Claim Validity The corona rakshak policy exhausts once the claim is paid under the policy as it is a benefit-based policy. In standard health insurance, you can claim any number of times in a policy year subject to the maximum limit of sum insured.
Premium The premium for Corona health insurance policies is the only 1/4rth of the standard health insurance policies. The standard health insurance policies are costlier compared to the corona-specific health insurance policies due to the wide range of cover offered under standard health insurance policies.
Tax Saving Tax benefits cannot be claimed under any Corona health insurance policy Tax benefits can be claimed under Section 80D for standard health insurance policy up to Rs.25, 000. Even the premium paid for senior citizens can also be claimed under the Income-tax act.
Claim Settlement The claim is settled on a Cashless as well as a reimbursement basis. The claim is settled on a cashless and reimbursement basis as per the choice of the customer.
Sum Insured The maximum sum insured in Corona health insurance policies is Rs.5 Lac. If needed more than this, then the customer has to take additional policies on payment of additional premium. There is no limit for the maximum sum insured under the standard health insurance policy as the maximum sum insured depends on the underwriting decision of the insurance company.
Premium Payment The premium is to be paid a lump sum or at one time only. The premium under a standard health insurance policy can be paid in installments.
Pre Existing disease The pre-existing diseases related to Corona are not covered under the Corona-specific health insurance policies. The pre-existing diseases are covered after a waiting period of at least 2 years from the policy start date.
Initial waiting period The initial waiting period of 15 days is applicable on every corona insurance policy. Initial waiting period of 30 days to be satisfied on every standard health insurance policy.
Hospitalization A minimum of 24 hours to 72 hours hospitalization is mandatory for Corona health insurance. A minimum of 24 hours hospitalization is mandatory under standard health insurance policy.
S.I Enhancement The sum insured cannot be enhanced midterm. Sum insured enhancement can be done only at the time of renewal. Midterm sum insured enhancement is permitted subjected to the satisfactory underwriting.
Day Care & OPD Day care &OPD treatments are not covered under Corona health insurance policies. Day care & OPD are covered under standard health insurance policy subject to the terms and conditions.
ICU Expenses No ICU limit is set on the corona health insurance policies. ICU limits are set under the standard health insurance policies. Generally the ICU charges are limited to 1% to 5% of the sum insured selected by the insured.
Add-on Only daily cash benefit is available as an add-on under the corona health insurance policy on payment of extra premium. There are many add-ons available under the standard health insurance plan such as Critical illness, Daily cash, etc. which can be availed on payment of extra premium.
PolicyBachat is an online web aggregator buy the corona rakshak policy online. Please visit Corona health insurance policies or talk to our agent to choose the best corona insurance policy.

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