As of January 17, 2022 there are a total of 16,56,341 active cases of Coronavirus in India. Total number of deaths due to Covid-19 since the start of the pandemic is 4,86,451. This becomes a huge concern for India.
However, if you have a health insurance plan or Corona insurance policy you can get your treatment costs covered for yourself and your family members. It can also help your family in case of deaths caused due to Covid-19.
With the threat of Covid 19 still at large, it is crucial to make arrangements to safeguard your future. This means preparing for all eventualities and getting health insurance that matches your needs. Coronavirus health insurance policy is a personalized health insurance plan that provides cover for hospitalisation, pre-hospitalisation and post-hospitalisation expenses, and other medical expenses arising due to the treatment of COVID-19.
With the importance of stopping transmission and reducing the impact of this disease taking prime focus, almost all health insurance policies now offer cover for the treatment of coronavirus in India. The cover is available from day 1 after the insured is tested positive for coronavirus. Since COVID-19 is a new disease, it does not fall under the category of pre-existing diseases.
Coronavirus, or Covid-19 is a group of viruses that causes a number of health issues to people, starting from the common cold to Severe Acute Respiratory Syndrome or SARS. This disease attacks the immune system of the body, and leaves it vulnerable to these health complications. Since the virus originated and was identified in the year 2019, this disease has been named Covid-19.
This disease starts the deterioration process by causing an infection in the nose, sinuses and the upper throat. This can lead to a number of problems like pneumonia, multiple organ failure and others. This is the reason why the coronavirus has proved to be lethal for people above the age of 60, who have pre-existing conditions.
Not everyone affected by this disease needs hospitalization, but may at least need home treatment while they recover. That is why it is crucial to get a Covid 19 Covid-19 insurance policy, that takes care of expenses like hospital room rent, cost of medical and hygiene supplies like PPE kits and more.
Millions of people worldwide have been affected by this contagious disease caused by a group of viruses. With the disease attacking the immune system and causing far-reaching health effects, it is becoming more and more important to make health a priority. That is why it needs to be secured in the event of emergency situations. The most effective way to do this is to buy coronavirus insurance that will provide financial security to support you and your loved ones in your time of need.
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated the creation and execution of coronavirus insurance plans, so health insurance companies can provide specific coverage for the treatment of this disease.
With the situation being one of high uncertainty, coupled with high medical expenses, and increased health risks, it is a good idea to secure oneself financially. Among other things, getting coronavirus insurance will help you stay stress-free as you navigate through this pandemic.
There are a number of benefits that come with buying coronavirus health insurance. These include the following
Cover for Home Treatment: If prescribed by the doctor
Cost of consumable expenses covered: Includes PPE kits, masks, gloves, oxygen cylinders and more
Cashless Treatment: Is available in network hospitals of the insurance provider
Add on benefits available: So you can personalize your plan as per your requirements
The pandemic has been going on for more than a year now and the disease shows no signs of going away anytime soon. Thus, having covid insurance during such a time would be highly beneficial. As the disease has been shown to exacerbate health issues in people over the age of 60, it is especially advantageous to get covid insurance for senior citizens. Covid insurance is important, since it is specially designed to provide coverage against high costs associated with the treatment of this disease.
The coronavirus health insurance policy includes coverage for various in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, thereby letting you focus entirely on your quick recovery. These plans also include cover for domiciliary or home treatment. So, to safeguard the health of all your loved ones, including those that are more vulnerable to its effects, ensure their protection by investing in insurance. Ensure you especially get the best covid insurance for senior citizens, that covers comorbidities.
There are a number of ways in which you can secure financial protection against the disease. These come in the form of multiple health insurance plans, especially the covid 19 health insurance policies. For those of you seeking comprehensive coverage in your health insurance plan , you can get a standard plan that provides coverage for all medical expenses, including those related to the treatment of coronavirus. But ensure that these plans also offer the add on benefit covering home treatment or domiciliary treatment.
Other than these, you can also choose covid 19 health insurance plans launched by the IRDAI. These short-term covid 19 health insurance policies cover all coronavirus-related treatment expenses. There are two plans that come under this category.
If you are not opting for a comprehensive health insurance plan, you must consider the covid 19 specific health insurance plans. As mentioned earlier, there are 2 types of plans available specifically for the treatment of coronavirus. These were created as per IRDAI guidelines and the specifics of the policy terms are the same across all health and general insurance companies providing these health insurance plans. The types of coronavirus health insurance in India include:
The Corona Kavach health insurance plan is a standard coronavirus health insurance policy that provides cover for hospitalization expenses, home treatment or domiciliary treatment, cost of hygiene equipment like PPE kits, gloves masks and others. It also covers the cost of ambulance charges, doctor’s consultation fees, ICU charges and even AYUSH treatments.
The sum assured amount for this type of covid 19 health insurance plan starts from Rs 50,000 and goes up to Rs 5,00,000.
The Corona Rakshak health insurance plan is also a covid 19-specific health insurance policy that covers expenses related to treatment of this coronavirus. This health insurance plan provides cover for hospitalization of minimum 72 hours and more as required. It also covers costs related to buying PPE kits, gloves, nebulizers, masks, oxygen cylinders, oximeters and AYUSH treatments. The Corona Rakshak health insurance plan is available for individuals between the age of 18 to 65 years. This is an individual plan with the sum assured amount that ranges between Rs 2.5 Lakh to Rs 5 Lakh.
In case you depend on a group health insurance plan , you should check in with your plan provider to find out if this plan will cover expenses related to covid 19. For most standard health insurance plans, you will have to get add ons that cover these expenses. But if your group health insurance plan is Corona Kavach or Corona Rakshak, you can rest easy. This is because these 2 plans have been created specifically for covid 19 as per guidelines provided by IRDAI.
| Corona Kavach Policy | Corona Rakshak Policy |
|---|---|
As mentioned in the sections above, Corona Kavach Policy provides the insured health insurance coverage for all healthcare costs incurred due to hospitalization and the treatment in case the insured tests positive for COVID-19 infection. This policy provides cover for most of the hospitalisation expenses. This includes the cost of treatment, medication, room rent, nursing, and more. But this type of health insurance coverage only takes care of the treatment cost. Nothing else will be covered. |
On the other hand, the Corona Rakshak Policy is a benefit-based policy. It provides the insured with 100% of the sum insured, irrespective of any medical expenses taking place. This type of health insurance coverage is highly recommended if you are the breadwinner in your house. |
If you already have a mediclaim policy that protects you from costs arising from room rent in case of hospitalisation, then you should opt for Corona Rakshak Policy. In case you don’t own an existing mediclaim policy, then opting for Corona Kavach Policy is advisable as it protects you against room rent and other expenses.
For those who are the sole earners in their family, choosing the Corona Rakshak Policy highly is recommended. The cover you purchase ideally should be at least 125% of your monthly salary. But this amount must not cause any burden to your financial position. In case income replacement is your only concern, then you should choose this policy.
If you already have a health insurance cover then you can opt for the Corona Kavach policy. But the claim settlement may differ with different policies laid out. So, the choice finally comes down to the amount of premium you are willing to pay and which policy you opt for.
There are a number of insurance companies in India that are offering health insurance specially curated to accommodate the requirements of Covid 19 treatment. While some companies also have health insurance plans that offer add ons that are geared towards recovery coronavirus, following are the insurance providers that offer covid 19 special health insurance - Corona Kavach Policy and Corona Rakshak Policy.
| Insurance Provider | Corona Kavach | Corona Rakshak |
|---|---|---|
| Acko General Insurance Ltd. | ||
| Aditya Birla Health Insurance Co. Ltd. | ||
| Bajaj Allianz General Insurance Co Ltd | ||
| Bharti AXA General Insurance Co. Ltd. | ||
| Cholamandalam MS General Insurance Co. Ltd. | ||
| Edelweiss General Insurance Co. Ltd. | ||
| Future Generali India Insurance Co. Ltd. | ||
| Go Digit General Insurance Ltd. | ||
| HDFC ERGO General Insurance Co.Ltd. | ||
| HDFC ERGO Health Insurance Limited. | ||
| ICICI Lombard General Insurance Company Ltd. | ||
| IFFCO Tokio General Insurance Co. Ltd. | ||
| Kotak Mahindra General Insurance Co. Ltd. | ||
| Liberty General Insurance Ltd.. | ||
| Magma HDI General Insurance Co. Ltd. | ||
| ManipalCigna Health Insurance Company Limited | ||
| Max Bupa Health Insurance Co. Ltd. | ||
| Navi General Insurance Ltd. | ||
| National Insurance Co. Ltd. | ||
| Raheja QBE General Insurance Co. Ltd. | ||
| Reliance General Insurance Co. Ltd | ||
| Care Health Insurance Co. Ltd | ||
| Royal Sundaram General Insurance Co. Ltd. | ||
| SBI General Insurance Co. Ltd. | ||
| Star Health & Allied Insurance Co.Ltd. | ||
| Tata AIG General Insurance Co. Ltd. | ||
| The New India Assurance Co. Ltd | ||
| The Oriental Insurance Co. Ltd. | ||
| United India Insurance Co. Ltd. | ||
| Universal Sompo General Insurance Co. Ltd. |
There are 2 plans that you mainly need to look out for - Corona Kavach Policy and Corona Rakshak Policy. These are the short-term policies created as per IRDAI guidelines, and customers can choose between the two as per their needs.
While choosing your health insurance plans , there are a number of factors that you should consider before making your choice. One of the major factors in the process of evaluating health insurance plans is to pay attention to the insurance provider - especially the CSR of the company. CSR or Claim Settlement Ratio of an insurance company signifies the rate at which claims are cleared by the company. It is always advisable to opt for an insurance company that has a higher CSR.
To help you in your efforts, below are listed the top 5 companies offering Corona Kavach Policy and Corona Rakshak Policy. These companies are ranked solely based on their Claim Settlement Ratio.
Coronavirus health insurance policies are created especially to help deal with covid 19 treatments. These plans are created as per guidelines provided by IRDAI, and cover the following expenses:
All the Coronavirus health insurance plans cover the cost of hospitalisation due to COVID-19. This comes into play if the hospitalization lasts more than 24 hours.
These plans have the added advantage of providing cover to the people that are quarantined in government identified authorities.
Some of the insurance providers offer coronavirus specific health insurance plans with add-on optional covers. The insured can opt for these by paying an extra premium.
There are a number of exclusions in the coronavirus health insurance policy. These include the following medical expenses that are not covered by the plan:
Any costs taking place during the quarantine period spent at home are excluded from coverage as per the COVID-19 specific health insurance policies.
Any costs incurred when the insured is in quarantine at a non-recognised center for the treatment of COVID-19 are not covered as per the plan.
Any costs that take place due to treatment of pre-existing illnesses will not be covered until the waiting period is completed.
Providing proof of treatments starts from the prescription given by the doctor. Thus, if the insured undergoes hospitalisation without a valid prescription by a qualified doctor, then he/she will not be covered for any costs incurred due to treatment.
Buying health insurance can be hassle-free if you approach the right channel. Having said this, Coverfox.com provides your choice in tech-enabled platforms like our website and our Coverfox App. Here you can compare the best health insurance and choose the one that matches your requirements. You also have the advantage of getting expert advice, along with an informed, unbiased opinion that will clear all your doubts and help you buy the perfect plan. Moreover, enjoy the attention of a service manager who will assist you with all your post-sale requirements- from claims processing to renewals!
Now buy health insurance online in no time from Coverfox. To get started, here are the steps to buy medical insurance:
Claiming your health insurance is the most important part of owning a health insurance policy. There are 2 ways to file for your health insurance claim. These cashless claims and reimbursement claims. You can find out more about them below:
Most of the insurance companies in India today offer the facility of cashless treatments. In this mode of convenience, the insured does not need to pay anything to the hospital when getting admitted for treatment. Instead, the insurance company will take care of the expenses with the hospital directly.
But bear in mind that this facility is only available in the list of network hospitals that the insurance company is partnered with. So if you go for treatment at any of the hospitals in this list, you don’t have to pay from your own pocket.
This type of claim has the insured paying out of pocket at the time of admittance in the hospital. This usually takes place when the insured needs to be admitted in a hospital or verified medical centre that is not listed as a network hospital for the insurance company. The insurance provider will refund the costs borne by the insured.
You can apply for reimbursement after your discharge. To carry out this process, you are required to submit a claim application form, along with documents such as hospital bill payment receipts, test reports, prescription records and more in the time period determined by the insurance company.
Before buying any insurance policy, you should look out for certain factors that need consideration. In case of coronavirus insurance policies, there are a few factors that you should be aware of. These factors include the following:
The amount of sum assured selected determines the level of care you can get. Covid 19 has affected a large number of people in different devastating ways. Your insurance plan should be able to keep up the level of care you need in case of unforeseen circumstances and medical complications. This is especially important as the expenses can be very high, if you consider hospital room rent, ICU charges and so on. That is why it is advisable that you opt for a higher sum assured so you can be prepared for any situation.
Every insurance provider has their own set of elements that are covered in the policy. It is very important to take the time and go through each offering, so you can get the coverage you will require. Ideally, you would want a plan that covers pre, during and post hospitalization expenses, ambulance charges, cost of medical supplies, doctor’s consultation fees and more.
This is an essential factor to consider while selecting your coronavirus health insurance plan. The waiting period of a plan denotes the time period before which the plan will be active. If you are in an emergency situation, you might want to look for a plan that activates in a shorter duration. Most health insurance plans have a waiting period of 30 days. However, some insurance providers have come up with plans that activate in 16 days. Also, the Corona Kavach and Corona Rakshak policy have a waiting period of 15 days. During the waiting period, none of the claims filed will be entertained. This is because the policy is considered inactive till the waiting period is over.
At Coverfox, you get the advantage of exploring plans by over 40 insurance providers on one platform. Here, you can find the perfect plan that gets you the coverage you need to combat coronavirus and secures you financially for all your medical expenses arising from this disease. There are a number of health insurance plans that have an added home treatment cover and other add on benefits that can help in the fight against coronavirus.
For those of you seeking a solely covid health insurance plan, you can opt for Corona Kavach or Corona Rakshak policies.
