The importance of health insurance has increased because of the raging Coronavirus pandemic. No one is sure about how long one can stay safe from this virus. With the rapid spread of the virus, the number of cases is on the rise. The economic impact of the virus is also proving to be huge. With the lockdowns, loss of jobs, and shutting down businesses, the public faces squeezed household expenses. With all these issues, getting infected with coronavirus and spending on hospitalization is a double loss for most people.
This is where health insurance comes to save you!
If you are looking for a standard covid-specific indemnity-based health insurance policy, then Corona Kavach will suit your requirements. Corona Kavach is a health insurance policy offered by insurers across the country to cover treatment costs and medical expenses arising out of Covid-19 infection. The coverage and terms and conditions are standard across all insurers, making this policy easy to understand. The policy is provided on an individual basis, as well as on a family floater basis. If you are looking to buy this policy for yourself and your family, there are five things that you need to understand:
- Expenses Covered: The policy covers all the expenses that arise because of the diagnosis of Covid-19 at any government diagnostic centres and the subsequent hospitalization requirement for the same. Under the base coverage provided on an indemnity basis, the covered expenses include Covid hospitalization expenses, medical expenses for Ayush treatment, home care treatment expenses, pre-hospitalization expenses, and post-hospitalization costs.
The plan also gives you the option to add a 'Hospital Daily Cash' cover. The insurer gives you an amount equivalent to 0.5% of the sum insured per day (up to 15 days) for every 24 hours of continuous hospitalization.
- Sum Insured: The minimum sum insured under the policy is Rs 50000, and the maximum is Rs 5 lakh. You can choose the sum insured according to your requirements within these limits in multiples of 50 thousand. Also, you can pay the policy premium in a single premium payment if that suits you.
- Age Limit for Coverage: The minimum age limit for purchasing the policy is 18 years, and the maximum limit is 65 years. Insurers may issue the policy to people older than 65 years, as per the terms and conditions mentioned in the policy. Under a family floater plan, dependent children of age 1-day-old to 25 years are also covered.
- Tenure of the policy and Waiting Period: Corona Kavach health insurance policy is a short-term health insurance policy that has policy tenure options of three and a half months, six and a half months, and nine and a half months, i.e., 105 days, 195 days, and 285 days.
There is a waiting period of 15 days after you purchase the policy. During the renewal of the policy, this 15 day waiting period is not applicable. But if you are planning to increase the sum insured during the policy renewal, then a waiting period of 15 days is applicable afresh.
- Premium Discount for Health Care Workers: Health care workers listed under the policy are eligible for a discount of 5% on the premium paid towards the policy. The health care workers listed under the policy include doctors, nurses, midwives, dental practitioners, lab assistants, pharmacists, physiotherapists, technicians, and others working in the hospitals.
Health insurance policy plays a huge role in protecting the savings that you have reserved to fulfil your goals. It is essential to buy a health insurance policy after careful consideration of your requirements. If you are planning to buy a Corona Kavach health insurance policy, it is essential to read the terms and conditions carefully so that you do not face issues at the time of filing for claims.
Disclaimer: The information published in this article is for reader′s reference only. The content of this information is to provide an overview of your health insurance needs. It should not be relied upon for personal, medical, legal or financial decisions, and you should consult an appropriate professional for specific advice. The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.