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Corona Health Insurance Vs Standard Health Insurance?

Covid-specific insurance covers

In 2020, insurance companies rolled out the Corona Kavach and Corona Rakshak covers on the basis of guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI). These standard health insurance policies cover the treatment cost of the coronavirus disease. These policies are issued for very short-term and was supposed to remain valid until March 31, 2021. Irdai has now allowed insurers to offer and renew these Covid-19 specifi health policies up to September 30, 2021.

let us know how they differ to each other:-

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 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 Cashless as well as reimbursement basis. The claim is settled on 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 lump sum or at one time only. The premium under standard health insurance policy can be paid in instalments.
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.

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

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