Important Things to Know About Indemnity-based Corona Kavach Policy
“The threat of COVID-19 is looming large over the globe, and India is also not far from the picture, with multiple outbreaks impacting the lives of a lot of people. The necessity of having good health is widely understood by many people now, after looking at the increasing cost of treatment in hospitals. Hence many have decided to purchase health insurance and mediclaim for corona to safeguard themselves from virus treatment-related expenses. Medical insurance can prove to be our most trusted partner during medical emergencies and is slowly gaining ground.
In addition to the numerous initiatives made by the Indian government India, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated all health insurance companies to introduce a ‘Corona Kavach,’ an indemnity policy that provides COVID-19 treatment coverage for up to 9.5 months against a one-time payment.
Corona Kavach Policy: Corona Kavach insurance Policy is a standard health insurance plan that is cost-effective and geared explicitly towards treating COVID-19 and the complications caused by the virus. This plan will cover the medical expenses that arise from hospitalization during the treatment of COVID-19 or any medical conditions considered comorbid as a result of COVID-19. This could be the most affordable health plan that will keep your family and yourself secure from financial hardships should you contract COVID-19.
Essential Features of the Corona Kavach Policy
- Eligibility criteria: The minimum entry age to purchase this policy is 18 years. The maximum period is 65 years, but according to the insurance company’s conditions and terms, specific policies also provide coverage for individuals up to 65 years old. From the age of 1 year up to 25 years of age, dependent children are also covered under the policy as it is offered on a family-floater basis.
- Expenses Covered: The policy shall cover the hospitalization expenses like room charges, nursing, ICU charges, doctor fees, etc.; both post and pre-hospitalization expenses are covered in the corona Kavach Plan. Also, it provides a facility to cover the additional costs related to the treatment like oxygen, anesthesia, blood, all kinds of surgical devices, and consumable items such as gloves, PPE kits, masks, etc.,
- Sum assured: The minimum sum assured under the policy is Rs. 50,000, and the maximum amount is Rs.5 lakh. One may choose the amount you wish to be insured for in multiples of 50,000. Also, the Corona Kavach plan permits you to pay for premiums using one payment method for tips. Finally, the amount paid towards the policy’s compensation is eligible for tax benefits under section 80D of the Income Tax Act of 1961, which is also a reason for advantage.
- Waiting period: The policy comes with a waiting period of 15 days from when you purchase the cover. It is shorter than similar approaches with a waiting period of 30 days. However, when you choose to renew the policy, the additional waiting time of 15 days will not be applicable. But if you prefer to increase the sum assured at the time of renewal, the waiting period of 15 days would be applied again on the increased amount.
- Inclusions and Exclusions: Though we have explained the features of Corona Kavach’s health insurance policy, there are specific inclusions and exclusions for the policy, which are given below:
Inclusions:
1) Pre- and Post-Hospitalization: 15 to 30 days of the individual undergoing treatment for covid19 is one of the excellent coverage by the policy.
2) Intensive Care Unit Charges: If there is a tragic event that results in the patient being transferred to the ICU ward or treatment requiring intensive care, this policy shall pay expenses up to the amount of insurance.
3) Road ambulance charges: When the need for an ambulance arises to bring the COVID-19 infected patient to the hospital, a maximum amount of Rs 2,000 is made available forwards ambulance expenses for the policyholder by the policy.
4) AYUSH Treatment: Costs incurred to treat any Coronavirus patient at any authorized hospital of AYUSH are covered under the Corona Kavach Policy cover.
5) Homecare Treatment: In the case of the doctor recommending homecare treatment, the Corona Kavach insurance policy covers the costs incurred as a result of the same. Charges for consultation, oxygen cylinders, medications, instruments like thermometers, pulse oximeters, etc., are also covered.
6) Hospital Daily Cash: Available as an additional add-on, the hospital daily cash feature can be taken by purchasing it for an extra cost, according to the policyholder’s requirements. In addition, the insured shall enjoy benefits of up to 0.5 percent of the sum assured, which can be utilized to meet additional expenses by cash payment for certain things not covered by the policy.
Exclusions: The following are not covered the Corona Kavach insurance policy
- Any hospitalization that is less than 24 hours
- COVID-19 claims that were made before the policy came into force
- Medicines not prescribed by the doctor, or any treatment not related to COVID-19
- Diagnosis or treatment outside India
- Testing carried out in an unapproved government testing center
It is essential to know that exclusions and inclusions may vary from one insurance company to the other. Therefore, it is required for you to pay attention to the policies before selecting the insurance service provider that suits your requirements and needs.
Coronavirus has affected millions of people across the globe, causing unbearable loss of lives and livelihood to many. Moreover, it has brought many economies to a complete standstill. In such a crisis, the only way forward is to keep yourself and your family members as secure as you can and make sure they are covered by a reliable health insurance policy to cover the medical expenses In case of any diagnosis. Purchasing a Covid specific insurance policy like Corona Kavach Health Insurance Policy can give you an advantage and peace of mind, Incase, any family member, gets affected by the pandemic-causing virus.”
