Corona Rakshak Policy: Features, Benefits, And More

Since the beginning of the COVID-19 pandemic, it has impacted a large number of lives worldwide and is still continuing its havoc. The best way to tackle this deadly disease to date came out to be lockdowns and social distancing, which has prompted loss of jobs and economic recession. To add to these challenging financial times, individuals have been deprived of their savings and long-term investment plans to meet the expensive treatment costs of COVID-19. In such a circumstance, it becomes necessary to have a health insurance policy against COVID-19. The government has asked insurers to launch various COVID-19 specific plans such as Covid Rakshak Policy.

The Corona Rakshak Policy has been introduced as a standard health insurance benefit plan in India. It adheres to the essential rules given by the Insurance Regulatory and Development Authority of India (IRDAI) and can be offered by general insurance as well as standalone insurance companies. The Corona Rakshak Policy has been intended to shield the high medical expenses of treating COVID-19, and in this write-up, we will check out a portion of the vital elements and advantages of the Corona Rakshak Policy. 

Highlights of Corona Rakshak Policy

Following are some of the critical highlights of the Corona Rakshak Policy –

1. Single Premium Paying Term –

The Corona Rakshak Policy has a solitary premium paying term where you can pay all your premium charges in a one-time mode and can be at peace of not making any further intermittent premium payments towards the policy.

2. Lump-sum amount Payment –

The Corona Rakshak Policy accompanies a singular cover with a coverage amount ranging from Rs 50,000 to Rs 2.5 Lakh. If the insured person tests positive for COVID-19, 100% of the guaranteed sum assured is paid as a lump sum to the policyholder.

3. No Deductibles –

One of the most unique elements of the Corona Rakshak Policy is that it doesn’t have any deductibles, guaranteeing that there will be no compromise in case of your medical treatment or supervision.

4. No Medical Test –

To qualify for Corona Rakshak Policy, a policyholder doesn’t have to go through earlier medical screening, and it isn’t required to buy or invest in the same.

Advantages of the Corona Rakshak Policy

Now let’s know about the various advantages that anybody with Corona Rakshak Policy can benefit from –

1. Hospitalization Benefit –

Corona Rakshak Policy is explicitly intended to offer you financial help against COVID-19. Under this benefit, hospital bills are totally covered for the policyholder if they have tested positive for COVID-19 and should be hospitalized. Therefore, all expenses identified with the analysis, treatment, and hospitalization for COVID-19 are totally covered under the Corona Rakshak Policy, and the policyholder is relieved from paying any extra amount from his or her pocket. However, this benefit is only payable when a person is hospitalized for over 72 hours.

2. Lump-sum Payout Benefit –

The Corona Rakshak Policy empowers its policyholders to get their aggregate guaranteed sum assured as a lump-sum amount. This feature is valuable for policyholders as they can decide to involve that equivalent sum to make a payment towards consumables, such as PPE kits. These expenses are by, and large not covered by most of the health insurance policies, and this component is genuinely an additional advantage. Besides, the single amount payout additionally tries to enhance and fortify your current health care coverage inclusion, guaranteeing that you are shielded from all sides, no matter what.

3. Compensation Benefit –

The compensation benefit is an exception to this policy alone as it is an extremely helpful advantage that is accessible to all policyholders under this health insurance plan. With the help of this component, policyholders can claim the benefit of the payout option in the event of loss of pay because of the diagnosis of COVID-19. Thus, the Corona Rakshak Policy protects your financial necessities and prerequisites despite job loss.

These are the critical elements and advantages of the Corona Rakshak Policy. The pandemic is yet to be finished, and you are encouraged to play it safe to save yourself and your loved ones from contracting it. The Corona Rakshak Policy aims to secure your financial necessities exhaustively, yet you should think about your own requirements and different policies prior to racing to buy or put resources into this policy. If you want to know more about Corona Rakshak Policy, then head to iiflinsurance.com and even speak to their insurance experts to have a better understanding while making the right buying decision for the betterment of yourself and your family members.