Corona Rakshak Policy in Health Insurance
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.
Let us understand the coverage and exemptions under the Corona Rakshak 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 Rakshak policy can be taken on individual basis only, no family floater plans are available.
- Policy Tenure: The policy tenure of the Corona Rakshak 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 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 Corona virus irrespective of the amount incurred for the treatment. In this policy a lump sum benefit equal to 100% of sum insured shall be payable on 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 centre.
- 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. Anaesthesia, 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. 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 utilised for the treatment of Corona virus.
- 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:Day care 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 hospital are covered under the corona Rakshak policy.
- AYUSH Coverage: Corona Rakshak insurance policy covers 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.
- EMI facility:The premium should be paid at one shot and there are no EMI options available under the Corona Kavach insurance policy.
- Pre Existing Disease: Any claim related to Covid-19 if it has been diagnosed prior to the policy start date will not be admissible under the Corona Rakshak 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 Rakshak policy cannot be renewed and a new policy needs to be taken at the time of renewal.
- Waiting period in Renewal Policy:In case the Corona Rakshak policy is renewed within time, then there would be no waiting period of 15 days applicable.
- Sum Insured Enhancement: Sum insured cannot be enhanced during the policy period and the higher sum insured can be chosen only at the time of renewal. Midterm sum insured enhancement is not permitted by the insurance companies under the corona rakshak insurance policies.
- Migration/ Portability: Customers cannot migrate or port their existing Corona Rakshak insurance policies to other insurance companies. The existing policies can be cancelled if the customers are not satisfied with the service of the insurance company and purchase a new policy from another insurance company.
For best Corona health insurance policies please visit Health Insurance or talk to our agent to choose the best corona insurance policy.