SBI Corona Rakshak Policy

Covid-19 not only came as a health threat but also as a financial threat for many around the world. Those who were infected and hospitalised due to covid had to bear high medical expenses incurred in the treatment. Therefore the need for covid health insurance was felt, and Corona Rakshak Policy was introduced.

Corona rakshak policy is a policy offering a fixed benefit of up to ₹ 2.5 lakhs per individual if the insured is covid positive and hospitalised for a minimum of 72 hours in continuity. The policy is a supplementary policy designed for the short term to take care of additional expenses due to covid hospitalisation. It is offered by all insurance companies with the same features and benefits. The policy is available for purchase online.

In this article, we are discussing Corona rakshak Policy from SBI Health Insurance.

SBI General Insurance helps its customers by covering medical expenses of hospitalisation due to covid. SBI Corona rakshak Policy is a single-premium health insurance protection policy offering coverage on a positive diagnosis of COVID-19. The policy offers 100% of the sum insured in a lump sum if the insured is hospitalised for at least 72 hours in continuation due to a COVID-19 diagnosis done at a government-recognized diagnostic centre.

Salient Features of SBI Corona rakshak Policy

• Age at the time of Entry - Minimum 18 years to maximum 65 years

• Maturity Age - Maximum 66 years

• Sum Insured - Starting from ₹ 50,000 to ₹ 2.5 lakhs

• Policy Term - 105 days (3 months), 195 days (6.5 months), 285 days (9.5 months)

• Premium Payment Term - Single payment

• Pre-Medical Checkup - It is not required

• Waiting Period - 15 days from the date when the policy is issued

The policy provides a fixed benefit equal to 100% of the sum insured on hospitalisation due to covid for continuous 3 days at least. The fixed benefit offered by the plan can be utilised in any way as per requirement and after that, the policy terminates. The policy helps in covering the deductions in your existing health insurance plan, such as high room rents, the cost of PPE kits and other expenses not covered in regular health insurance plans.

Compare & Buy Health Insurance Plans

Get upto 60% discount

Compare Plans

Following are the major exclusions in the policy.

• Any diagnosis not related to covid
• Covid diagnosis from a centre not recognised by the government
• Any death, maturity or surrender benefits are not applicable under the policy
• No grace period is there
• No loan facility is available
• No discounts are available
• Any claim for covid diagnosis before the policy commencement.
• No cover is provided in case the policyholder travels to a place restricted by the government.
• Covid hospitalisation in the initial 15 days.
• Treatment for mild covid symptoms
• Hospitalisation of less than 72 hours

In case the insured is diagnosed with covid, he needs to notify the claim with full details to the insurance company within 15 days of diagnosis. All the necessary documents should be provided to the company within 30 days of discharge from the hospital. The company will accept or reject the claim within 30 days of receiving the last document. If the payment is delayed, the company pays penal interest on the claim amount.

The claim documents required to be submitted to the company are as below,

• Claim form filled and signed by the insured.
• Insured’s passport copy with all pages. Suppose the insured does not have a passport, a doctor’s prescription advice on admission.
• Photo Id proof of the patient
• Doctor’s prescription
• Hospital discharge summary, including full medical history of the patient with all necessary details.
• Covid test report from a government-authorised centre.
• NEFT details of the insured’s bank account or a cancelled cheque
• If the claim is more than ₹ 1 lakh, KYC details of the proposer are also required
• Legal heir certificate, if applicable
• Any other document required by the insurer.

Like other health insurance policies by SBI, it is very simple to buy a corona rakshak policy from SBI. You can easily purchase the plan online from the company’s website if you meet the eligibility criteria. In case you have any doubts, you can call customer care and book an appointment.

Alternatively, Coverfox provides the facility to purchase the plan from the Coverfox App. It lets you compare various SBI Health Insurance plans and also provides advice on how much coverage you need based on the inputs you provide on the app. Here are the steps to purchase a plan from Coverfox App.

• Download the app.
• Provide details such as gender, full name and phone number
• Enter the name of your city with the pin code
• Compare plans from different insurers
• Select a plan and pay online
• You will receive the policy by email.

Your existing health insurance policy might not be sufficient to cover hospitalisation expenses due to covid-19 because

• Covid treatment involves special hygiene, isolation and waste management arrangements, which are additional costs that are not covered in regular health plans.

• Most health insurance plans have a room rent limit. Any amount beyond the limit is borne by the insured. Hence the benefit paid under the covid insurance can be used to cover the excess room rent.

• It does not require any pre-policy medical tests.

• The waiting period is only 15 days from the date of purchase of the policy.

With a lump sum benefit equivalent to the policy amount, not dependent on actual expenses, the claim process is much easier than any other Medical Insurance policy. The SBI Corona rakshak Policy is affordable and can be easily purchased online. The policy offers 3 term choices. Choose the one that assures protection for a longer period. The covid specific coverage definitely helps in taking care of any covid related unexpected expenses.

Even if you have health insurance coverage, supplementing it with a covid insurance plan makes a lot of sense.