The COVID- 19 pandemic has dramatically affected people’s lives around the globe in 2020. In 

India nearly 15 lakh confirmed cases of COVID-19, the third-highest in the world after the United States and Brazil leaving a tremendous impact on the Indian economy as well as livelihood. Corona Health Insurance in this situation will be highly beneficial to provide cover against expenses that you may incur in order to get the specific treatment. 

The Insurance Regulatory Development Authority of India (IRDAI) has made it compulsory to provide COVID-19 specific health insurance across the Indian insurance industry. The insurance industry is generally prepared for major crisis events like the COVID-19 and at present, the need for basic health insurance which deals with coronavirus, insurance companies are offering two standard COVID-19 Health Insurance plans: Corona Rakshak and Kavach.

Corona Kavach Health Insurance: Indemnity Insurance Policy

This standard coronavirus health insurance policy covers the cost of treatment for COVID-19 which contains nursing charges along with boarding as well as Intensive Care Units and other pre-existing conditions. The minimum amount to be insured is Rs.50,000 with a maximum of Rs.5,00,000. It requires a one-time payment that covers the available tenures of 3.5 months, 6.5 months, and 9.5 months. This policy can be made for both individuals aged between 18 and 65 years and for their families. It is a limited policy without any benefits of renewability, portability, and migration. It also provides coverage to home care treatment expenses for up to 14 days.

Corona Rakshak Insurance: Benefit-based Policy

This is a standard benefit based policy to cover specific requirements with a 100 percent payback to the policyholder after being hospitalized for a minimum of 72 hours with COVID-19 positive. The policyholder has to pay a minimum amount of Rs.50,000 with a maximum of Rs.2,50,000. After the amount is paid the policy ceases to end. They are available with policy tenures of 3.5, 6.5, and 9.5 months payable with a single premium. Unlike the Corona Kavach Insurance, it does not offer a family floater option.

Summary

Both of these policies serve different purposes. Corona Kavach policy is for covering hospitalization expenses suitable for people without a health insurance policy. On the other hand, Corona Rakshak is appropriate for income replacement. 

With the increasing cases of COVID-19, it may be possible even after being insured you may not get admitted to a hospital due to the limited number of beds. But during uncertain and crucial times like these, the best is we can opt for COVID-19 Specific Health Insurance Plans due to their financial support and online availability along with post-hospitalization expenses to be secured.