Coronavirus now has become our daily companion. This super contagious and deadly virus is on the verge of doing the maximum destruction it can. The huge toll it takes on an individual’s mental and physical health, the hospital bills and the rising numbers of deaths have become a piece of everyday news for everyone now. The heavy financial drainage and uncertain life after COVID-19 is giving chills down the spine to everyone. So, what can be done at this time to keep up with your peace of mind?
What is the Corona Rakshak Policy?
The Insurance Regulatory and Development Authority of India ( IRDAI) has come up with the Corona Rakshak Policy, which can keep you and your loved ones protected under the coverage of the insurance. It makes sure that you can go through a hassle-free treatment while not fretting over the expenses. The Corona Rakshak Policy comes with a sum insured up to 5 lakh, which could provide coverage for other costs which are usually excluded in all health claims such as PPE kits, gloves, masks, and other items.
Features of Corona Rakshak Policy:
The Corona Rakshak Policy comes up with many multifaceted features that make it one of the greatest coverages to purchase. Here are the features that this corona insurance policy comes up with:
Benefits of Corona Rakshak Policy:
The For Corona Rakshak Policy comes up with more than one benefit, which makes it a must-have for all those who wish to keep themselves financially covered during this perilous time. Here are the benefits it has to offer:
What are the inclusions under Corona Rakshak Policy?
The coverage inclusion of the Corona Rakshak Policy is strictly specific to the treatment of Covid-19. When the policyholder gets diagnosed with COVID-19 through a government-registered diagnostic centre and requires a 72-hour hospitalisation for the same, he/ she will receive a lump sum payout during the policy term offered by the health insurance company. The following are the inclusions of the Corona Rakshak Policy:
Exclusions under Corona Rakshak Policy
Few exclusions are also applicable for the claims, which get filed under the Corona Rakshak Policy. The insurer need not pay under the following conditions:
Best Corona Rakshak plans in India:
Best Corona Rakshak plans in India |
Premium |
Sum Insured |
Claim Settlement Ratio |
Aditya Birla Corona Rakshak Policy |
NA |
INR 50000- INR 2.5 lakh |
99.36% |
Bharti AXA Corona Rakshak Policy |
NA |
INR 50000- INR 2.5 lakh |
92.17% |
Bajaj Allianz Corona Rakshak Policy |
INR 792 onwards |
INR 50000- INR 2.5 lakh |
98.61% |
Digit Corona Rakshak Policy |
NA |
INR 50000- INR 2.5 lakh |
99.65% |
Future Generali Corona Rakshak Policy |
INR 552 onwards |
INR 50000- INR 2.5 lakh |
93.34% |
Manipal Cigma Corona Rakshak Policy |
INR 1,923 onwards |
INR 50000- INR 2.5 lakh |
99.96% |
Edelweiss Corona Rakshak Policy |
INR 609 onwards |
INR 50000- INR 2.5 lakh |
99.72% |
Oriental Insurance |
INR 636 onwards |
INR 50000- INR 2.5 lakh |
92.71% |
Iffco Tokio General Insurance Insurance |
INR 1.167 onwards |
INR 50000- INR 2.5 lakh |
81.67% |
Source (Economic Times)
Why buy Corona Rakshak Policy?
Due to the massive surge of COVID-19 transmission and infection in our country, it has become essential to stay protected. The vaccination and treatment, which are offered through medical centres though are effective but they take time but can take time. Unlike the availability of the vaccine, the infection is spreading out on a huge scale. In this situation, only a comprehensive health insurance policy can save you from unforeseen situations and financial drainage.
Whether you do or you do not have health insurance cover at this time, you can purchase Corona Rakshak Policyin both situations. Even when you have a health plan and are uncertain about its adequacy, this extra protection against the high-cost Covid treatment can come in very handy. The sum assured that you receive in lump-sum, would help you to cover the cost for the treatment or deal with a financial crisis that may arise at home due to your sickness.
Buy the Corona Rakshak Policy to:
How to claim and how to buy Corona Rakshak Policy?
The claim for the Corona Rakshak Policy is easy to make if you test positive with COVID-19 and get the diagnosis from any of the government-authorized diagnostic centres. When you receive the report of your test and doctor prescribed hospitalisation certificate, you can inform the insurer and process the claim.
Buying the Corona Rakshak Policy is quite simple too. You can purchase the Corona Rakshak Policy online from the insurer. All you need to do is select the policy from any of the insurance providers as per your preference. You can explore the different benefits that are being offered by the health insurance companies and then pick the one that suits your requirements as well as your budget. After that, you need to fill in the application form, make the payment and receive the policy over email. You can also get this process done by visiting the company office physically.
Here are a few tips that you should keep in mind before you buy the Corona Rakshak Policy:
Corona Rakshak Policy Cancellation:
The insurer may cancel the Corona Rakshak Policy at any time in case the policyholder encounters any fraudulent activity or misinterpretation by the insurance company. Also, in case of non-disclosure of the information, a cancellation can take place by giving 7 days of notice. In case there is a misrepresentation of the information, then the premium will not get refunded by the provider of the health insurance.
Conclusion
When the entire globe seems to be engulfed under this deadly virus, it may not always be possible to save yourself from falling prey to Covid. Under such circumstances, it is only prudent that you invest in a health plan that not only helps to cover up the medical costs but also compensates for the loss of income that your sickness may cause. Corona Rakshak Policy is a great option to secure your financial future in this time of disease and infections.
Covid Rakshak Policy and the Corona Kavach are both covid-specific health insurance plans, but they have some clear cut differences. TheCorona Rakshak or the Covid Rakshak Policy comes as a benefit-based plan, this means that when the policyholder is diagnosed with Covid and requires hospitalisation for over 72 hours, he would receive 100% of the sum insured that he has opted for. On the other hand, in the case of the Corona Kavach Policy, it is an indemnity plan that would pay the medical bills of the policyholder when he is hospitalised due to Covid for 24 hours or more.
Yes. You can easily buy the Corona Rakshak Policy for your whole family. You can simply buy the Corona Rakshak as an individual plan for your family members, where each member would have a separate sum insured.
Corona Rakshak Policy comes as a one-time benefit offering plan. The benefit of it is applicable for the entire term policy of the cover, and it shall be terminated upon the payment for only one time.
Yes, the company can cancel the policy on the grounds of any misrepresentation, no disclosure of facts, and fraud by the insured person based on a 7 days notice.
No, the Corona Rakshak Policy does not cover the insured policyholder for any treatment, which has been undergoing primarily for the purpose of evaluation and diagnosis.