Corona Rakshak Policy

The pandemic has been challenging for all of us. There seems to be no aspect of our everyday life that is untouched by its influence. Being amongst the worst-hit countries, India has been struggling to contain the situation. After the first wave, when most people let normalcy creep in, the second wave presented itself as a heart-breaking reality. 

People today are more and more concerned about the devastating effects of this deadly disease, which not only drains you physically and mentally but also financially. The high-cost treatments, the shortage of supplies, long hospitalisation and the lack of awareness are some of the few problems the common man faces. What is also a challenge in India is that people are still averse to insurance, especially health insurance. 

The government has introduced many health plans to help people deal with the financial strain that this disease brings with it. Under the guidelines of the government the IRDA, Insurance Regulatory and Development Authority, the health insurers have been advised to launch 2 COVID-specific health insurance plans, Corona Rakshak Policy and Corona Kavach Policy. Both of these are standard health insurance plans and thus, across different companies, the features and premium rates are similar. 

If the worry of being adequately covered against Covid has been looming over you too, then Corona Rakshak Policy might be the solution to your worries. Let us discuss the various aspects of the policy:

Understanding the Corona Rakshak Policy

Corona Rakshak Policy is a fixed benefit plan that offers payout in a lump sum. If you are diagnosed with Covid and have to be hospitalised for over 72 hours, you would receive 100% of the sum assured. The sum assured amount could be INR 50,000, 1 lakh, 1.5 lakhs, 2 lakhs or 2.5 lakhs. Once the payout is made to you, your policy is terminated. Anyone in the age group of 18 years to 65 years can buy the policy. Being a single premium policy, you are required to pay the premium only at the time of policy purchase. 

Depending on your requirement you can choose a policy tenure of 3.5 months or 6.5 months or 9.5 months. Once you buy the policy, there is a waiting period of 15 days, this means that no payout will be made if you turn Covid positive during the first 15 days of policy inception. The premium of the policy is quite affordable and is similar across the companies. 

Main features of Corona Rakshak Policy

The table given below would help you understand the basic details of Corona Rakshak Policy at a glance:

The need for Corona Rakshak Policy

Here is a list of the benefits that you can avail of when buying Corona Rakshak Policy:

1. Lump-Sum benefit
   As discussed earlier, in case you or an insured member is tested positive for Covid, in an authorised testing facility, and you require a hospitalisation that lasts over 72 hours, under the Corona Rakshak Policy you will receive the entire sum assured that you have opted for in a lump sum. You can utilise this money to clear your medical bills or manage your financial condition at home.
2. Scope of Coverage
   There are 5 different sum insured options that you can choose from, these are INR 50,000, 1 lakh, 1.5 lakhs, 2 lakhs or 2.5 lakhs. Depending on your insurance needs you can select the amount you feel will suit you best. Keep in mind that the premium of the policy would also increase with every slab.
3. Affordability
   Keeping in mind the high-treatment costs, Corona Rakshak Policy can greatly help in dealing with the financial havoc that this disease brings with it. The premiums are affordable and thus people from all sections of society can invest in this policy. To give you an idea of the premium that you would be paying, here is an estimate:

4. Flexibility
   Corona Rakshak Policy offers you the freedom to customize the plan as per your financial needs. You can select a premium that you deem right and cover yourself for a term that you feel adequate. In terms of the price as well as the tenure, you can choose what you require.
5. Tax benefits
   The premium that you pay towards the Corona Rakshak Policy would be eligible for tax benefits under Section 80D of the Income Tax Act. 

Consider Corona Rakshak Policy if you:

• Are NOT covered under a health plan
  A health plan is a shield that can save you from a medical emergency. With the ongoing scare, not being covered can cause you a lot of concern and worry. With the second wave being deadlier than the first, it is only prudent to keep yourself as well as your family members prepared so that even if you need covid treatment, you would not have to bite into your savings to pay for the same. 

• Already have a Health Plan
  In case you have the insurance of a health plan, you can purchase Corona Rakshak Policy. It is like an added advantage that would offer you more financial support in case you turn covid positive. Hospitalisation due to covid is expensive. The cost of a ventilator, oxygen cylinders, medicines, doctor’s fee, ambulance etc is a few aspects that can make big holes in your pocket. The lump-sum benefit that you receive, can act as compensation to make up for the loss in income, or the expenses on diagnosis and treatment. 

So, if you have a group health insurance plan or are covered under a health insurance plan and are concerned that the coverage might not be enough, you can always opt for Corona Rakshak Policy. The benefit that you receive would help you fill in the gaps that may arise between the existing policy and the cost of treatment.

What is excluded in the Corona Rakshak Policy?

Corona Rakshak Policy is a covid-specific fixed benefit policy. You will receive a payout only when you are diagnosed with covid and require hospitalisation for 72 hours or more. No other illnesses or injuries or diagnosis are covered under the policy. 

The policy will not pay out the benefit:

• If your travel history reveals you’ll be in a restricted country 
• If the diagnosis or treatment is done at an unauthorised centre
• If the treatment is sought outside India

How to Buy Corona Rakshak Policy?

These days, the best way to buy something is online, the case is similar to Corona Rakshak Policy. All health insurance policies are offering this policy at similar premiums. You may surf through them to see if any company is offering any added advantages. You would be asked to submit your age, contact details along with some ID proof. You can pay the premium through debit/credit card or mobile wallet or net banking.

How to Claim Corona Rakshak Policy?

Claiming the Corona Rakshak Policy is a very easy and simple process. If you or an insured member must get a diagnosis at an authorised diagnostic centre. When you have the Positive Positive Report, inform the health insurance company about the same and share the report with them. Your insurance company will help you in processing the claim. You will be required to fill in the claim form and attach the report. Make sure you follow all guidelines issued by the company. In a few days time, you will receive the benefit in your savings account. 

Conclusion

When it comes to buying a health insurance plan, most Indians consider themselves to be “overtly safe” from such medical emergencies. However, with the Covid-19 scare, many people, especially millennials, have understood the importance and advantages of having a health plan. More and more people are becoming aware of the burden that hospitalisation can bring with it and thus, they do realise that the best way to fight an emergency is to be prepared for one.  Even if you are not able to prevent Covid, at least be ready to fight it. In such a scenario, Corona Rakshak becomes all the more a judicious option.