Corona Kavach Policy

From the time the first wave of Covid hit the world, till its second wave created havoc in India, our lives have been deranged and distressful. With more and more people falling prey to this deadly disease, the government had launched a few covid-specific health insurance plans to help the common man deal with the financial affliction that accompany this disease. 

There is no denying the covid-19 has a deep effect on the physical and mental health of an individual, but what often breaks the back of a family’s finances is the high-cost treatment. A hospitalisation that can easily last for 14 days can empty one’s life’s savings. To save yourself and your family from the dead weight of the treatment expenses, it is strongly recommended that you opt for the Corona Kavach Policy. This policy can truly act as a shield for your loved ones in the time of fear and panic. 

The insurance sector regulator, IRDAI, Insurance Regulatory and Developmental Association of India, has mandated it for all health insurance companies to offer and renew the covid-specific Corona Kavach Policy to its customers. With this affordable and easy to understand health plan, the government is trying to help millions of uninsured Indians and blueline frontline workers who may find it extremely perplexing to afford quality treatment.  

Understanding Corona Kavach Policy

Launched in India by the IRDA on July 10, 2020, the Corona Kavach Policy is a covid-specific health plan. Like most health insurance plans, it is an indemnity based health plan. Under this policy, if you are diagnosed Covid positive and because of it you require a hospitalisation  Being a standard policy, the premium at which you purchase this policy is similar across companies. It is a short term plan that comes in 3 tenures of 3.5 months, 6.5 months and 9.5 months. You can choose either of these terms and pay the required premium amount. Corona Kavach Policy is a limited insurance policy that does not offer renewal benefits, or portability or migration. The policy is an affordable way to cover your medical expenses related to covid and thus, people of various sections of society can invest in this plan. The plan covers in-hospital expenses with no upper limit on room charges.

Corona Kavach Policy can be purchased on an individual basis, where there is an individual sum insured for each member of the family, or on a family floater basis, where the sum insured is shared between all the insured members. 

Main features of Corona Kavach Policy

With the help of the table given below, you would be able to understand the highlights of the Corona Kavach Policy :

Type of Health InsuranceIndemnity basedAvailable on Family Floater as well as Individual basis 
Sum Assured INR 50,000 to INR 5 lakhs (in the multiples of 50,000)
Term of the Policy3.5 months, 6.5 months and 9.5 months
Eligibility Age Minimum: 18 years, Maximum: 65 yearsDependent children can be covered from 3 months to 25 years
Waiting period15 days
Premium Mode Single-Premium
Payout Basis Indemnity – Based on hospitalisation

Cost of Corona Kavach Policy

The table given below will allow you to make a Premium Comparison of Corona Kavach Policy:
It shows the premiums across the age group of 25 to 30 years for the three tenures for a sum insured of INR 1 lakh. And INR 5 lakhs:

Name of the CompanyThe premium for 3.5 monthsThe premium for 6.5 monthsThe premium for 9.5 months
Sum Insured: INR 1 lakh
Bajaj Allianz General Insurance INR 531INR 708INR 885
Oriental Insurance INR 215INR 351INR 434
Star Health & Allied InsuranceINR 525INR 630INR 709
United India InsuranceINR 256INR 412INR 568
Sum Insured INR 5 lakhs
Bajaj Allianz General Insurance INR 792INR 1056INR 1320
Oriental Insurance INR 636INR 1039INR 1286
Star Health & Allied InsuranceINR 1408INR 1690INR 1901
United India InsuranceINR 620INR 1140INR 1660

The need for Corona Kavach Policy

Corona Kavach Policy offers a lot of benefits, the comprehensive coverage includes:

  1. In-Patient benefits
    When you report Covid positive in a recognised government diagnostic facility and require hospitalisation that lasts over 24 hours or more, your in-patient expenses such as room rent, nursing, boarding, specialist fee, consultants, doctors, oxygen, blood, ventilator charges, PPE kits, gloves and masks are covered. The plan also covers ICU charges.
  2. High-Cost Covid Treatment
    The second wave of Covid was a heart-breaking reality that India struggled to come out of. Most of the people who were infected needed specialised hospitalisation along with ventilator support and the expenses were sky-rocketing, a long stay in the hospital can very quickly eat up all your life’s savings. Being under the protection of a health plan is nothing short of a basic necessity.
  3. Comorbidities
    Along with the treatment of Covid-19, comorbid conditions are also covered.
  4. Home Treatments
    Doctor-prescribed treatment that otherwise requires hospitalisation is covered for a maximum period of 14 days.
  5. Ambulance Charges
    Ambulance service used for emergency transport of the insured would be covered up to INR 2,000.
  6. AYUSH treatments
    The treatments that you seek in a hospital to seek alternate treatments under AYUSH which is Ayurveda, Yoga, Unani, Siddha and Homeopathy are covered.
  7. Pre and Post Hospitalisation
    Medical expenses that are incurred on pre and post-hospitalisation is covered under Corona Kavach policy for a period of 15 and 30 days respectively. This benefit is available for home treatment as well.
  8. Ease of Claim
    Depending on the hospital that you take your Covid treatment in, you can make a cashless claim or go for reimbursement.
  9. Hospital Cash
    As an optional coverage, you can avail of hospital cash. With this, you would receive 0.5% of the sum insured per day. This benefit can be availed when you are hospitalised for Covid-19 for 24 hours or more.

What is excluded in the Corona Kavach Policy?

As discussed earlier, Corona Kavach Policy is a covid-specific policy that covers hospitalisation expenses incurred due to Covid. The following conditions are not covered:

  1. Any other treatment apart from Covid
  2. Recovery and bed rest after covid
  3. Treatments/ medications sought from an unauthorised doctors/ hospitals/ health centers or clinics
  4. Treatment taken outside India
  5. Hospitalisation is under 24 hours

How to Buy Corona Kavach Policy?

It is recommended that you purchase Corona Kavach Policy online from the convenience of your home. At a time suitable to you, you would be able to make a comparison between the policy offered by different health insurance companies. Studying the coverage and exclusions of the policy becomes much easier. You can buy the plan from a company that you deem right. You can visit the official website of the company or go to an online insurance aggregator website and purchase the policy from there. The premium can be paid through net banking, credit/ debit card or through mobile wallet. 

There are certain companies that may not offer this plan online, if you wish to buy Corona Kavach Policy from such a company you would have to use the call-in facility or get in touch with a trusted insurance agent. 

How to Claim Corona Kavach Policy?

Making a claim for Corona Kavach Policy is very similar to making a claim for any other indemnity health plan. Make sure you get diagnosed by a government-recognised diagnostic centre. If you test positive and are advised hospitalisation for over 24 hours, notify your health insurance company as soon as possible. Depending on the company that you are insured with, your hospital expenses would be settled on a cashless or reimbursement basis. You would have to submit all the treatment documents with the company along with the Claim Form. in order to have a quick and smooth claim, make sure you follow all company-laid guidelines carefully. 

Conclusion

The pandemic we know as Covid-19 has been a challenge for each one of us. Be it healthcare, education, agriculture, small and large businesses, just about every aspect of our economy has been touched by it. India has been amongst the worst-hit countries in the world and has since been struggling to suppress the situation. While preventing this disaster may not always be an option, the best you can do is to keep yourself prepared. 

Being under the coverage of the Corona Kavach Policy can help you from a financial crisis. Almost all indemnity-based health plans cover Covid-19 hospitalisation, however, the cost of treatment is quite high. If you are uncertain and are concerned that your health plan may not be enough in case of a covid emergency, then opting for Corona Kavach Policy is an affordable way to secure an uncertain future. Tomorrow, if you or a loved one falls prey to this disease, you have a financial backup to help you deal with the financial aspect. 

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