Team AckoJun 10, 2022
To help people protect themselves from the rising costs of Covid-19 treatment, Insurance Regulatory and Development Authority (IRDAI) approved two Covid-19 health insurance policies, namely Corona Rakshak and Corona Kavach health insurance policy. The Corona Kavach health insurance is an indemnity insurance policy, while the Corona Rakshak is a benefit-based policy. Therefore, the coverage, benefits, and features of these Covid-19 health insurance policies differ.
Below is a detailed guide on the differences between the two basic coronavirus health insurance policies.
|Features||Corona Kavach||Corona Rakshak|
|Coverage||Family Floater to include your spouse, two dependent children (age max 25 years) and parents||Individual|
|Hospitalisation||Minimum of 24 hours to get medical expenses reimbursed||Minimum of 72 hours to get the benefit|
|Types of Cover||Indemnity plan||Fixed benefit plan|
|Sum Insured||Rs. 50,000 to Rs. 5,00,000, in multiples of Rs. 50,000||Rs. 50,000 to Rs. 2,50,000, in multiples of Rs. 50,000|
|Premium Cycle||Single premium amount||Single premium amount|
|Tenure||3.5 months (105 days), 6.5 months (195 days), 9.5 months (285 days)||(105, 195, 285 days)|
|Compensation||Based on hospitalization bills||One-time settlement which is 100% sum insured amount|
|Eligibility||Minimum 18 years, Maximum 65 years||Yes|
|Pre-Existing Diseases||Comorbidity and pre-existing comorbidity condition(s) are covered||Yes|
|Waiting Period||15 Days||15 Days|
Corona Kavach is an indemnity plan. Meaning, if you are tested Covid-19 positive by any of the government authorised testing centers and hospitalised for at least 24 hours, you can reimburse the hospital bill amount up to the maximum sum insured amount. In the case of Corona Rakshak policy, since it is a fixed benefit plan, you get a lump sum amount (which is 100% of the sum insured amount) upon being diagnosed with Covid by any of the government authorised testing centers and hospitalised for at least 72 hours.
In Corona Kavach, the sum insured is a minimum of Rs. 50,000 and a maximum of Rs. 5,00,000, in multiples of Rs. 50,000. In the case of Corona Rakshak policy, the sum insured is a minimum of Rs. 50,000 and a maximum of Rs. 2,50,000, in multiples of Rs. 50,000.
Yes, you can include your family members i.e., spouse, two children, and parents under Corona Kavach policy. However, since Corona Rakshak policy is an individual plan, you cannot include your family members under this plan.
Unlike Corona Kavach policy, there is no add-on cover in Corona Rakshak policy.
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All hospital expenses, 100% covered
✓ Zero waiting period ✓ Zero deductions at claim
IRDAI Registration No: 157
Category: Non-Life Insurance
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