Covid pandemic has now affected people in around 200 nations, including India. To address the requirement for protection against COVID-19 19, IRDAI coordinated all the health and general insurance companies to offer two standard types of COVID-19 insurance plans – Corona Kavach and Corona Rakshak. These kinds of COVID-19 insurance plans have been intended to give special insurance benefits.
Other than these kinds of COVID-19 insurance plans, you can also pick COVID-19 riders accessible with life insurance plans.
Types of COVID-19 Insurance
The Indian government intends to address the need for an insurance cover for COVID-19through two distinct kinds of COVID-19 insurance. The name of these types of Coronavirus insurance plans is to be kept uniform across the industry, trailed by the insurance companies’s name. While one of these kinds of Coronavirus insurance plans is an indemnity plan, the other is a fixed benefit plan.
Given underneath are two kinds of COVID-19 insurance in India:
- Crown Kavach
- Crown Rakshak
We should comprehend the types of COVID-19 insurance exhaustively below:
Being one of the two standard types of COVID-19 insurance, Corona Kavach covers the cost of treatment expected for COVID-19disease. The sum insured goes from Rs. 5,000 to Rs.5 Lakhs for COVID-19 health insurance. Unlike to different kinds of COVID-19 insurance, it can be purchased by paying a solitary premium for the following tenures:
- 3.5 months
- 6.5 months
- 9.5 months
What makes Corona Kavach well known among various kinds of COVID-19 insurance plans is that it is standardised.
Being one of the two kinds of COVID-19 insurance, it covers the treatment of comorbidities, PPE, and homecare. These perspectives are not commonly covered under basic health insurance plans.
It is one of the two kinds of COVID-19 insurance plan which offers a decent singular amount, in contrast to Corona Kavach. You can consider it one of the advantage based kinds of COVID-19 insurance plan that pays a single amount sum – the sum insured to the policyholder.
The main condition to get the advantages of Corona Rakshak is that the policyholder should be hospitalized for seventy hours minimum after being diagnosed positive for COVID-19disease.
Another significant insights regarding Corona Rakshak are:
- Unlike different kinds of COVID-19 insurance plans, the sum insured of this policy goes from at least Rs. 50,000 to Rs. 5 Lakhs
- The policy stops to exist once the related insurance benefit is paid out
- An individual can get it for a policy tenure of 3.5 months, 9.5 months, and 6.5 months with a one-time premium payment
Coronavirus Insurance Riders – A Unique Type of Coronavirus Insurance
Unlike to independent kinds of COVID-19 insurance plans, you can profit from life insurance riders while buying life insurance plans to manage the costs connected with COVID-19 treatment.
Consider these riders one of the significant types of COVID-19 insurance with which you can get insurance coverage against COVID-19 infection finding. They are unique in relation to Corona Kavach in numerous ways.
Key Features of COVID-19 Insurance
- On being diagnosed positive to have COVID-19, the life insured gets 20% of the Rider Sum Assured as a single amount to meet the medical expenses for protection against the illness.
- In the event of the unfortunate demise of the life insured after COVID-19 diagnosis, the rider pays 100 percent of the Rider Sum Assured to the dependents provided the date of death is is within the rider coverage tenure.