There is not any respite from Covid-19 pandemic throughout the nation, with the full variety of each, infections and casualties rising with every day. Add to it the prohibitive prices of remedy within the personal healthcare sector, and the issues solely appear to multiply for the victims and family members alike. Keeping the scenario in thoughts, Insurance Regulatory Development Authority of India (IRDAI) lately unveiled two Corona-specific insurance coverage insurance policies viz. Corona Kavach and Corona Rakshak, and made it obligatory for common and well being insurers to supply each these merchandise. Corona Kavach is principally an indemnity coverage, which reimburses an individual for the prices incurred in remedy of Covid-19. On the opposite hand, Corona Rakshak is benefit-based; it gives a hard and fast sum of cash no matter the spending.
Corona Kavach is a normal indemnity-based Covid-19 coverage. The policyholder will likely be reimbursed the precise hospitalisation bills incurred, to the extent of sum insured, offered the individual has been hospitalized for not less than 24 hours. It not solely covers coronavirus remedy, but in addition price of treating co-morbidities.
The Corona Kavach coverage has a sum assured ranging from Rs 50,000 and this could go as much as Rs 5 lakh; there may be, nevertheless, a 5 per cent low cost for the healthcare employees.
In addition to the precise remedy prices, the coverage additionally covers ambulance fees as much as Rs 2,000, price of PPE kits, gloves, masks and different ancillaries.
Corona Rakshak is a profit plan underneath which the insurance coverage firm pays whole sum assured to an individual who has been recognized with coronavirus and hospitalised for a minimal interval of 72 hours. This coverage has a minimal sum insured of Rs 50,000 and this could go as much as Rs 2.5 lakh. Unlike Corona Kavach, Corona Rakshak pays your complete sum assured to the insured individual irrespective of non-public bills. Even an individual who has acquired free remedy in a authorities hospital will get your complete sum assured, offered the hospital keep has exceeded 72 hours.
Both Corona Kavach and Corona Rakshak have a ready interval of 15 days and provide cowl for various time intervals viz. 3.5 months, 6.5 months and 9.5 months.