The Covid-19 epidemic has been making headlines for over two years. With an efficient immunization campaign, the crisis has come to a standstill, and the death toll has been reduced. However, with several virus strains emerging in different world regions, the situation is far from normal. As a result, we gradually began to adopt some safeguards in our everyday lives to protect ourselves. Similarly, the high number of hospitalizations and deaths resulting from infection has prompted individuals to rush to obtain Corona insurance.
However, there is a catch. When purchasing Covid insurance, some individuals misunderstood it as a replacement for standard health coverage. This is a wrong perception, and in this article, we will discuss the merits of obtaining a Corona insurance plan.
What Are Corona Insurance Plans?
Under IRDAI guidelines, General and Health insurers are selling two types of Covid specific packages, these include:
- Corona Rakshak plans
- Corona Kavach plans
The Corona Kavach policy is a standard Covid health policy that any general and health insurance company may issue, but not by a life insurance company. The plan is indemnity-based and allows for a family floater option.
Corona Rakshak policies are fixed benefit plans that may be offered by general or health insurers as well as life insurance firms. The plan is designed for individuals and does not allow for a family floater.
It is important to note that corona specific health insurance covers the policyholders afflicted with infection and are not meant to cover other diseases. On the other hand, your standard health insurance covers all costs associated with different medical procedures that necessitate hospitalization. As a result, the two insurance plans are distinct.
How Do They Help?
Corona health plans, such as the Corona Rakshak plan and the Corona Kavach, reduce the financial burden if you are diagnosed with the condition and need to be hospitalized. Furthermore, it helps with the payment of various medical requirements such as room rent, nursing charges, PPE kits, gloves, ICU costs, ventilators, etc. The lowest sum promised under these plans is Rs.50,000, while the maximum value assured is Rs. 5 lakhs for the Kavach plan and Rs. 2.5 lakhs for the Rakshak plan.
Another benefit of Corona plans is that you do not have to pay the premiums for the rest of your life because they are short-term policies. These plans offer coverage for 3.5, 6.5, or 9.5 months and have 15 day waiting period.
Are They A Replacement For Health Plans?
Corona Rakshak and Corona Kavach are meant to address the rising pandemic crisis and do not cover any other illnesses. This is in contrast to the health insurance policies. These policies are intended to cover a wide range of medical conditions, including critical diseases. They are all-inclusive and cover far too many diseases, including accidents.
As a result, it is essential to recognize the difference and not confuse the Covid plans with traditional health insurance. Both the Corona Kavach and the Corona Rakshak plan are not intended to replace any current health insurance coverage but rather to supplement it.
Corona insurance plans include characteristics and benefits that are limited to infection and are not intended for general health insurance. So, if you want to get insurance for the disease, you may use a Corona Rakshak calculator to determine the premium necessary to acquire the coverage.