The health and general insurance companies have recently launched two standard COVID-19 health insurance policies -- Corona Kavach and Corona Rakshak.
The health and general insurance companies have recently launched two standard COVID-19 health insurance policies -- Corona Kavach and Corona Rakshak. While Corona Kavach is a standard indemnity-based COVID-19 policy, Corona Rakshak is a fixed benefit plan.
The insurers have announced the launch of the Corona Kavach policies for three -and-a-half months; six-and-a-half months and nine-and-a-half months with sum insured ranging from Rs 50,000 to Rs 5 lakh (in multiples of Rs 50,000).
According to experts, Corona Kavach should be bought to get additional coverage for PPE kits and other essential consumables which may not be covered in existing policies.
These policies have common coverage across the industry. However, there are some difference in the way insurers have priced the product.
Here's a comparison of Corona Kavach policy's premiums across different companies, according to Policybazaar:
|Corona Kavach - Age: 30-year-old Individual|
|Insurer||Plan Name||Duration||Sum Insured||Annual Premium|
|Bajaj Allianz||Bajaj Allianz Corona Kavach||6.5 Months||Rs 5,00,000||Rs 1,056|
|United India||United India Corona Kavach||6.5 Months||Rs 5,00,000||Rs 1,140|
|Oriential Insurance||Oriential Insurance Corona Kavach||6.5 Months||Rs 5,00,000||Rs 1,039|
|IFFCO Tokio||IFFCO Tokio Corona Kavach||6.5 Months||Rs 5,00,000||Rs 1,324|
Meanwhile, under Corona Rakshak policy, if someone is diagnosed with COVID-19 and hospitalised for three days, then a fixed amount (which is sum insured) will be paid by the insurers.
Here's a comparison of Corona Rakshak policy's premiums across different companies, according to Policybazaar:
|Corona Rakshak - Age: 40-year-old Individual and Sum Insured: Rs. 2.5 Lakh|
|Insurer||Plan Name||Duration||Annual Premium||Duration||Annual Premium|
|Star Health and Allied Insurance||Star Health and Allied Insurance Corona Rakshak||3.5 Months||Rs 3,846||9.5 Months||Rs 5,192|
|Future Generali Insurance||Future Generali Insurance Corona Rakshak||3.5 Months||Rs 510||9.5 months||Rs 1,079,|
|Universal Sompo General Insurance||Universal Sompo General Insurance Corona Rakshak||3.5 Months||Rs 577||9.5 months||Rs 1,635|