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, HDFC ERGO Corona Kavach, etc.
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 family floater basis. The definition of the family would be mentioned in the policy terms and conditions as a legally wedded spouse, parents and parents-in-law, and 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 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, Consultant, and Specialist Fees whether paid directly to the treating doctor/surgeon or 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 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 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 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 before 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 from the hospital are covered under the corona Kavach policy.
- AYUSH Coverage: Corona Kavach 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 should be paid in one shot and there are no EMI options available under the Corona Kavach insurance policy.
- Pre-Existing Disease: Any claim relating to Covid-19 if it has been diagnosed before 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.
- 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 of the group Corona Kavach insurance policies for their employees.
Advantages and Disadvantages of Corona Kavach Insurance
Advantages of Corona Kavach Insurance
- 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 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 the 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.
Disadvantages of Corona Kavach Insurance
- 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 Government 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 of other illnesses or diseases apart from Covid-19.