Corona Rakshak Policy: Definition, Features and Benefits

Corona Rakshak Policy

Buying the right health insurance is essential to cover the expenses for illness amid the Corona pandemic.  Which can help keep you financially secure.

Corona Rakshak policy was launched by the Insurance Regulatory and Development Authority of India (IRDAI) to ensure that you and your loved ones have a COVID insurance cover and can get treated without worrying about the expenses.  This insurance policy covers the cost of treatment of corona virus.  Which helps you to deal with the current pandemic.

What is Corona Rakshak Policy?

Corona Rakshak Policy is a health insurance policy.  This policy was launched by the Insurance Regulatory and Development Authority of India (IRDAI).

This plan covers the cost of treatment of corona virus to the insured.  Help fight this pandemic.  If the insured is found to be Covid positive, he is paid a lump sum amount equal to 100% of the sum assured. This amount will be paid when the insured is hospitalized for 72 hours or more.  And the treatment of Covid should be done from the center authorized by the government.  It is an individual, non-linked, non-participating, health insurance, pure risk premium product.

Features of Corona Rakshak Policy

All the features and coverage benefits listed in this Kovid 19 health insurance plan are the same for all insurance providers. Let us look at their features:

  • The cover (sum insured) available in this Corona Rakshak policy is between a minimum of Rs 50,000 and a maximum of Rs 2.5 lakh.
  • A lump sum amount equal to 100% of the sum assured is paid if the insured tests positive for COVID-19.  This is a profit based plan.
  • You do not need to undergo pre-medical screening before purchasing this insurance policy.
  • The term of this insurance plan is 3.5 months, 6.5 months and 9.5 months.
  • In this, the sum insured can be availed on an individual basis.
  • The premium amount of Corona Rakshak policy is eligible for TEX exemption under section 80D.
  • The minimum waiting period for this insurance plan is 15 days.
  • COVID-19 claims are settled within 30 days to 45 days from the date of document receipt.

What is covered in the Corona Rakshak Policy?

Once the insured gets the COVID-19 positive report from the government authorized centre, he/she can claim for the following expenses as given hereunder:

Hospital Expenses: Room rent, cost of PPE kit, masks, gloves, nursing charges, ventilator charges, oxygen, boarding charges, diagnostic tests etc. expenses are provided.

Home Treatment Cover: The Sum Insured can be used for treatment of COVID-19 at home for a maximum period of 14 days.

Ambulance Expenses: Ambulance expenses to and from the hospital are covered.

ICU Cover: Covers the cost of ICU/ICCU expenses.

AYUSH Cover: Sum insured can also be used for COVID-19 AYUSH treatment expenses.

What is not covered in the Corona Rakshak policy?

You cannot claim expenses incurred on diagnostic procedures and non-incidental expenses for ongoing treatment or diagnosis

  • Any claim made during the waiting period will not be valid
  • Claims are not accepted for COVID-19 tests done at centers other than those recognized by the Government
  • Your claim is not accepted if the insured tests positive while traveling from a country restricted by the Government of India

Corona Rakshak Policy benefits

Corona Rakshak Health Insurance Plan comes loaded with COVID-19 specific coverage benefits.  Given below are some of the unique benefits that the insured can avail with this policy:

  • COVID Coverage- One of the major benefits is that it protects you from exorbitant hospitalization bills which are a concern for many COVID-19 affected patients.
  • 100% Payout- The policyholder receives 100% lump sum payout on positive diagnosis of Coronavirus
  • Eligibility Criteria – Individuals in the age group of 18 years to 65 years can buy this policy
  • Lump sum payment – One of the major benefits is that the insurer pays a lump sum amount irrespective of the actual hospitalization expenses incurred on COVID-19 treatment
  • Standard Coverage Benefits – Policy benefits are standard for all insurers
  • Waiting period – 15 days only
  • Policy Term – Flexible policy term of 3.5 months, 6.5 months and 9.5 months

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