With the rise in the number of COVID-19 cases and blurry lines around standard health insurance, IRDAI launched new policies that specifically focus on the current pandemic. People are now looking for health insurance plans. Many of them want specific coverage against this virus. We are living in a time where even a single cough or sneeze is enough to strike fear all around. The primary cause for the spread of this infectious virus is through droplets of saliva or discharge from the nose.
With each passing day, the number of cases are increasing. The treatment expenses are getting higher with an uncertain cure. Now when most of the insurance companies have started offering the mandatory policy by IRDAI i.e. Corona Kavach. Not everyone is offering the benefit-based corona rakshak policy. To understand who needs this policy, let’s first take a look at some details of the same.
What does Corona Rakshak offer?
There are three tenures in the policy-105, 195 and 285 days. The minimum eligibility age for it is 18 years, the maximum is 65 years. It comes with a waiting period of 15 days during which no claim could be registered. The sum insured could be anywhere between 50,000 to 2.5 lakhs in multiples of 50,000. The amount is paid one-time after which the policy will expire. It is only available on the individual basis, no family floater plan is open. Also, unlike other regular policy Corona Rakhsak cannot be renewed.
The premium of this policy
You already have fewer choices for getting the premium as the policy is given by a smaller number of insurers. As the policy is not a mandatory and standard one the terms and conditions may differ. However, one can compare the numbers by checking the websites and get the best one which suits all their needs.
The rate of infection is only growing. Seeing the number, one can easily predict that the end of this pandemic is far. With uncertainty one can get hospitalised for even minor symptoms. On testing positive one would need to go through different procedures which can be costly. The insurance has been priced considering all these aspects and the premium is paid one time at a very low rate.
When should you buy?
The comparison between other health insurance policies, corona kavach and corona rakshak must be difficult. Each of them has their separate roles and is suitable for all. The key is to find which policy you need according to your requirements, while kavach pays for hospitalisation the rakhsak policy is benefit-based means for income replacement.
Corona Rakshak could be the best policy for people who already have health insurance which will cover their basic needs of hospitalisation. In this case, when they will get the added benefit of income replacement almost all the things would then be covered. This is best for someone who already has a health insurance policy but is tested positive with the diagnosis of COVID-19. Buy health insurance policy right now to get additional coverage for your family in these difficult times.