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This article is more than 2 month old.

Should you buy COVID-19 specific health insurance policies?

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The Insurance Regulatory and Development Authority of India (IRDAI) has recently allowed general and health insurance companies to continue selling and renewing short-term COVID-19 specific health insurance policies, including Corona Kavach and Corona Rakshak till March 31, 2022.

Should you buy COVID-19 specific health insurance policies?
The Insurance Regulatory and Development Authority of India (IRDAI) recently allowed general and health insurance companies to continue selling and renewing short-term COVID-19 specific health insurance policies, including Corona Kavach and Corona Rakshak, till March 31, 2022.
Earlier, the validity of these plans was supposed to end on September 30, 2021.
While Corona Kavach is a standard indemnity-based COVID-19 policy, Corona Rakshak is a fixed benefit plan. These policies have common coverage across the industry, with a waiting period of 15 days and a varying tenure of up to 9.5 months.
Welcoming the move, Indraneel Chatterjee, Co-Founder at RenewBuy called it a boon for customers. Speaking with CNBC-TV18, he said that COVID-specific policies have more benefits at a low-cost premium, one-time payment cover, only 15 days of the waiting period.
However, he added that users should take COVID-specific policies only as an addition to the traditional policy.
“It’s rather advisable to go for a comprehensive health insurance cover,” Chatterjee said.
The advantage of a comprehensive health insurance policy, Chatterjee said, is that it gives coverage for many other diseases apart from COVID.
“For example, with the ongoing monsoon season, there are high chances of monsoon led or vector-borne diseases which a COVID-specific policy cannot suffice, but a comprehensive policy can provide the best bet. Thus, consumers should opt for an adequate health insurance policy which gives them a complete peace of mind in case of any disease, critical illness, or medical emergency requiring immediate hospitalization,” he said.
Amid the rising number of coronavirus cases in the country, IRDAI had last year asked all insurance companies to come out with 'Corona Kavach' policies and 'Corona Rakshak' policies. Several insurance companies had come out with short-term products, which became popular because of lower premiums compared to regular health insurance policies.
Corona Kavach covers the cost of treatment of any co-morbid conditions, including pre-existing conditions, along with the treatment for the coronavirus infection or disease with the tenure ranging from 3.5 months to 9.5 months.
On the other hand, if someone is diagnosed with COVID-19 and hospitalised for three days, then a fixed amount (which is the sum insured) is paid by the insurers under 'Corona Rakshak' policy.
Disclaimer:
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