Hyderabad: With seemingly high cost of treatment for corona cases, many are scurrying to buy a health insurance cover. Those for whom affordability is not an issue, they are taking a comprehensive cover and those with a limited budget are buying the low priced Corona Kavach and Corona Rakshak policies. The cover ranges from Rs 50,000 to Rs 5 lakh and comes with a term ranging from 3.5 months to 9.5 months. The waiting period is 15 days.

As per the directives of Insurance Regulatory and Development Authority (IRDAI), health and general insurance companies have launched Corona Kavach, an indemnity health insurance policy that covers the expenses arising out of corona, ten days ago. The single-premium policy is offered by about 30 insurers.

According to Amit Chabbra, Health Business Head, Policybazaar.com, the policy covers hospitalisation expenses including room rent, nursing costs, ICU costs, surgeons’ fee, doctor’s consultation and others till the cover limit. Pre and post hospitalisation expenses are covered up to a defined period. The policy comes with a no capping on the room rent. Ayush treatment costs are also included. The policy has a tenure of 3.5, 6.5 and 9.5 months with a facility to get them renewed. The premium varies with the tenure of the policy and age band of people buying it and the cover is available in multiples of Rs 50,000 to a maximum of Rs 5 lakh.

Costs

For instance, one company has pegged the premium for a 9.5 months at Rs 745 for a cover of Rs 50,000, Rs 885 for Rs 1,00,000 cover, Rs 975 for Rs two lakh cover, Rs 1,080 for a Rs 3 lakh cover, Rs1,195 for a Rs 4 lakh cover and Rs 1,320 for a Rs 5 lakh cover. This is for a person in the age group of 0-35 years and does not include the GST. For a 3.5 month cover, the Rs 50,000 cover is priced Rs 447, Rs 1 lakh cover for Rs 531, Rs 2 lakh cover for Rs 585, Rs 3 lakh cover for Rs 648, Rs 4 lakh cover for Rs 717 and a Rs 5 lakh cover for Rs 792. Ideally one should purchase a comprehensive health cover. However, these covers are still the best option for those who are not in a position to afford, Chabbra said.

Gurdeep Singh Batra, Head- Retail Underwriting, Bajaj Allianz General Insurance said, “So far, we have received a good response and the product is picking up fast as people look toward safeguarding themselves against the immediate health risk and the consequent medical expenses due to this pandemic. We are seeing more demand in 6.5 months and 9.5 months tenure policy”.

There is also one more variant- Corona Rakshak Policy. In this, the policy holder receives a lump sum payout upon a positive diagnosis of coronavirus irrespective of the actual hospitalisation expenses incurred on the Covid-19 treatment.

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