The COVID 19 pandemic has shown us how important it is to stay secured against illnesses with proper health insurance. Keeping in mind the situation, the IRDAI (Insurance Regulatory and Development Authority of India) launched the Corona Kavach Policy and Corona Rakshak Policy. These are two short-term policies for COVID 19-specific health insurance. While the Corona Kavach Policy is an indemnity-based plan, the Corona Rakshak Policy is a benefit-based plan that pays a lump sum. 

In this article, we will take a closer look at the Corona Kavach Policy by listing out 5 important things you need to know about this insurance product. 

• The coverage

The Corona Kavach Policy is an indemnity-based plan. The plan covers your hospitalisation costs if you are admitted for COVID 19 for a minimum period of 24 hours or more. You also get covered for pre-hospitalisation costs for a period of 15 days and post-hospitalisation costs for a period of 30 days. There is no cap on the limit for room rent or ICU charges. You are also covered for the costs of consumables like PPE. 

Under this policy, you are also covered for inpatient care from AYUSH and for telemedicine costs. You can also make a claim for home treatment provided that it has been recommended by a medical practitioner. 

• Eligibility 

The Corona Kavach Policy is available as an individual and family floater plan. The plan can be purchased by anyone between the ages of 18 to 65 years. Dependent children who are included for coverage will get covered from day 1 till the age of 25 years. 

Under the family floater plan, you can include your spouse, parents, parents-in-law, and dependent children (natural and adopted legally). 

• The sum insured

The Corona Kavach Policy offers a sum insured ranging from Rs 50,000 to Rs 5 lakhs. You can choose your preferred sum insured in multiples of 50,000. If you are opting for the family floater plan, it would be advisable to choose the highest sum insured that you can manage. 

• Tax benefits

Like with your regular health insurance, the premium paid for your Corona Kavach Policy also qualifies for tax benefits as per prevailing tax laws. 

• Waiting period

There is a waiting period of 15 days that is applicable on the Corona Kavach Policy. 

Apart from these points, do note that your Corona Kavach Policy will not cover any claims made for a COVID 19 diagnosis before the start date of the policy. Also, OPD and day care are not covered. For a full list of the exclusions and terms of coverage, do read the policy wordings before signing up. 

Until the situation improves, it is advisable to keep ourselves secured with adequate health insurance. The Corona Kavach Policy can prove to be just what you need right now. Best of all, you can buy your policy online in a manner that is quick and convenient. Go ahead and get the coverage you need today. 

Take care.