Corona Kavach Insurance
The COVID-19 pandemic has brought a paradigm shift in our lives and has tested our limits in the worst possible ways, whether it is psychologically, economically, or physically. However, it has brought to the fore one thing that no one can ignore – that health insurance is extremely pivotal at any point in life.
With the pandemic gradually fading away across the world, the question of the hour is – are you protected or insured against the coronavirus disease? If not, then there is a dire need to purchase Corona Kavach Insurance which financially protects the policyholder and his family in times of emergency.
This post will highlight some of the most important aspects of the Corona Kavach Policy that one should know before purchasing it. But before that, let’s briefly understand what exactly the policy is!
What Is Corona Kavach Policy?
Various insurance companies in India are offering Corona Kavach Policy as per the regulations of the IRDAI (Insurance Regulatory and Development Authority). Corona Kavach Insurance is a COVID-19-specific product designed to cover the treatments for the infection caused by the novel coronavirus. The policy provides coverage for hospitalization, pre- and post-hospitalization, nursing expenses, and home treatment expenses for COVID-19 as per the sum insured under the policy.
One can either choose an individual plan or a family health insurance plan to protect the near and dear ones. Since the insured is covered by this policy, so he doesn’t have to scramble to collect money at the last minute to receive life-saving medical care.
Corona Kavach Policy At Glance
|Minimum Entry Age||18 Years|
|Maximum Entry Age||65 Years|
|Policy Tenure||31/2 Months, 61/2 Months, 91/2 Months|
|Waiting Period||15 Days|
|Sum Insured||Rs. 50,000 To Rs. 5 Lakhs|
|Premium Payment Mode||Single|
Why Should One Zero In Corona Kavach Policy?
One should buy Corona Kavach Policy due to the following reasons:
- One–Time Payment: Unlike other standard health insurance plans, the insured person is required to pay the premium amount for the policy only once.
- Shorter Waiting Period: With only a 15-day waiting period, the Corona Kavach Policy allows the insured to begin utilizing the policy’s benefits more quickly.
- Family Protection: An individual can purchase the family floater variant of the plan and safeguard his/her family members in case of a medical emergency.
- Peace Of Mind: Going through the pandemic can prove difficult for anyone. In case an individual has insurance to fall back on, he/she can become calmer and more peaceful.
- Pocket-Friendly: It is available at a reasonable health insurance premium because the IRDAI introduced the Corona Kavach Policy to ease financial stress during the coronavirus outbreak.
- Tax Benefits: According to Section 80D of the Income Tax Act of 1961, the policyholder might receive tax benefits on the premium they paid for this policy. It should be noted that the benefit is available regardless of how the premium is paid—other than in cash.
What’s Covered Under Corona Kavach Insurance?
The following expenses are included in the plan:
- COVID-19 Hospitalization: Hospital costs up to the policy’s sum insured are covered by the plan for COVID-19 patients.
- Pre- & Post-Hospitalization Expenses: Pre-hospitalization expenses for a period of 15 days and post-hospitalization expenses for a period of 30 days are covered under the policy.
- AYUSH Treatment: The coverage covers medical costs associated with in-patient care and COVID-19-related therapy that falls under the purview of AYUSH medicinal systems like Ayurveda, Naturopathy, Unani, Siddha, and Homeopathy.
- Road Ambulance Cover: In the event of a COVID-19-related emergency, the insured’s road ambulance transportation costs are also covered by the Corona Kavach Insurance.
- ICU Cover: A COVID-19 patient typically needs to be hospitalized in the intensive care unit. Without a question, the costs associated with the procedure are on the higher end. There is no need to worry, though, as the policy also covers these costs.
- Home Care Treatment: Depending on the severity of the illness, the policy may provide up to 14 days of in-home care for the insured.
What’s Not Included Under Corona Kavach Insurance?
There are certain exclusions under the policy. They are as follows:
- OPD and daycare procedures
- Testing at unregistered or unauthorized hospital
- Treatment expenses unrelated to the coronavirus
- Expenses from buying medicines without a proper prescription
- A claim made due to war, war-like situation, or nuclear weapon
- Vaccination, inoculation, and preventive treatments
- Treatment taken outside India
- Rest cure, respite care, and rehabilitation
Tips For Choosing The Right Coverage For Corona Kavach Insurance
Before purchasing Corona Kavach Insurance from any company, follow these easy and quick steps for the right coverage:
- Check Your Budget: It is crucial that the calculated final premium amount be one the customer can comfortably pay out of his pocket. In case the amount goes out of the budget, he/she can go for other alternatives in the market. However, one should also check the claim settlement ratio of the company alongside being affordable.
- Select The Right Coverage Amount: Verify that the amount insured is adequate to cover the total number of plan participants. Consider the rising expenses of medical care brought on by inflation when selecting the coverage amount.
- Ensure Whole Family’s Protection: Make sure to include as many family members as you can in the scope of the family floater plan. This ensures safeguarding the family members in case of any medical exigency due to COVID-19.
- Test The Credibility Of The Insurer: There are many companies that offer affordable rates and insurance benefits, but not all of them might be as prompt in approving claims. It is better if the customer is aware of the company’s solvency ratio and claim settlement ratio. They indicate if the corporation is in a strong enough financial position to pay the claims; this is particularly important during COVID-19 when numerous claims are submitted concurrently.
Buying Process Of Corona Kavach Policy
The Corona Kavach Policy is available both online and offline through various platforms. Though different platforms have different purchasing steps, the following are the general steps for buying the policy:
- The customer first needs to visit the official website of the company from which he/she needs to purchase the policy.
- Navigate the health insurance section on the home page and then select “Corona Kavach Policy”.
- Find out the “Buy Now/Purchase Now” button and then press it.
- Enter all the required details for calculating the premium amount, such as name, age, gender, date of birth, number of family members, and so on. Submit all the information and then process to view the quote.
- The company’s website will now display the premium amount on the screen. Pay for the premium online and the policy details will be sent to the policyholder at the registered email address or phone number.
One can also purchase the policy offline by either visiting the branch office of the company or by calling its customer care number, which is usually toll-free for customers. The customer care executive of the company will guide the person in purchasing the plan from their company and will solve queries if any.
Claim Process Of Corona Kavach Policy
One can either raise a cashless claim or a reimbursement claim against the policy. The steps for filing a claim are described below:
- The first thing to do is to inform the insurance company. In case of emergency hospitalization, the insured is required to inform the company within 24 hours of hospitalization; whereas, in case of planned hospitalization, the insured is required to inform the company 72 hours before hospitalization.
- Then, a pre-authorization letter is required to be sent in order to request approval from the insurance provider for cashless claims. While talking about the reimbursement option, the policyholder initially pays the hospital costs out of their own money and then files a claim.
- Following claim approval, the insurance provider will either instantly pay the hospital bills or refund the costs up to an allowable limit.
Frequently Asked Questions
Here’s the list of the frequently asked questions related to Corona Kavach health insurance:
Yes. The cost is covered as part of the pre-hospitalization medical expenses if your positive Covid-19 diagnosis occurred within 15 days of the hospitalization or home care therapy.
The travel history will not have an impact on the acceptability of your claim under Corona Kavach as long as the hospitalization takes place in India.
No. You are not required to have a pre-policy medical examination.
- a) Hospital Daily Cash (Optional Cover): 0.5% of the Sum Insured per day
- b) Home Care Treatment: Maximum up to 14 days per incident
- c) Road Ambulance: Up to Rs.2000/- per hospitalization
Any COVID-19 claim that was diagnosed before the start date of the coverage will not be acceptable. However, the policy pays for the treatment of any comorbid disorders, including pre-existing diseases, while COVID-19 is being treated.
The policyholder may be permitted to adjust the sum insured at renewal. However, the 15-day waiting period will be reinstated for the increased sum insured.
Yes. The Corona Kavach (Individual) Policy may be transferred from one general and health insurer to another.
No, this policy does not have a deductible.