The fear of contracting COVID-19 is pushing more and more individuals to cover themselves under standard health insurance policies such as Corona Kavach and Corona Rakshak, according to Policybazaar.
The fear of contracting COVID-19 is pushing more and more individuals to cover themselves under standard health insurance policies such as Corona Kavach and Corona Rakshak, according to PolicyBazaar.
Between July 10 – when the policies were launched – and August 5, PolicyBazaar claims to have sold over 1,000 policies per day, including both individual and family floater plans. The company found the most preferred tenure to be 9.5 months with 70 percent customers choosing the tenure while buying the policy.
Similarly, the most preferred sum insured is Rs 5 lakh, which is the maximum allowed under the policy construct.
Amongst Corona Kavach and Corona Rakshak, PolicyBazaar says, 85 percent of the customers bought Kavach while 15 percent chose to cover themselves under Corona Rakshak.
According to the company, they are seeing a greater uptake from tier-II and-III cities.
"These products were precisely designed keeping in mind the healthcare needs of people who cannot afford to pay Rs 800 – 1,000 per month for a health insurance policy with minimum sum insured. Surprisingly, even people who are already covered under regular health insurance policies are buying these plans for a guaranteed coverage," PolicyBazaar said in a statement.
The trend shows that there is a demand for short-term COVID-19-specific covers, especially among the first-time buyers of health insurance.
One can also buy Corona Kavach and Corona Rakshak plans as an add-on while buying a term insurance plan on PolicyBazaar platform. The plan is available for a tenure of 3.5 months, 6.5 months and 9.5 months for a sum insured ranging from Rs 50,000 – Rs 5 lakh in the multiples of 50,000.
The premium of Corona Kavach policy for a 32-year-old individual buying a Rs 5 lakh sum insured plan for 9.5 months’ costs approximately between Rs 1,000 – 1,500 depending upon insurer to insurer.
However, it is always suggested to opt for a comprehensive health insurance cover in the long run as it provides the adequate coverage against all possible ailments along with epidemics like COVID-19, according to PolicyBazaar.
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