Corona Kavach Policy: Features and Benefits

On January 12, 2020, the WHO confirmed that a novel coronavirus outbreak was reported in Wuhan in China on December 31, 2019. Now, Corona Kavach Policy is a basic plan that every general insurance should offer.

Tests in January 2020 confirmed the first cases of what was now called Covid-19 in India. By March that year, the first fatality had occurred in the country. Lockdown was imposed on March 26 up till April 14. The government announced several measures to curb the spread and provide benefits, assistance, food, and shelter. Screening, testing, vaccination, and travel restrictions have also occurred.

Since then, there have been several opportunities and challenges. The Indian insurance sector has responded as the crisis has unfolded, quickly morphing from a health issue into a financial one. The pandemic has seriously impacted the global insurance sector. However, it has also spurred a move towards innovation, improved customer experiences, varied cost structures, and a range of policy changes.

Corona Kavach Policy

According to the new norms mandated by the IRDAI, all health insurance providers must launch a Corona Kavach policy to cover treatment costs for Covid-19. This indemnity policy offers coverage for up to 9.5 months against one-time payment. Policy-holders need not be anxious about accessing funds during a crisis and can access life-saving care immediately.

Features 

Insurance companies offer different plans, but most of them cover these aspects:

• Hospitalization for Covid-19: includes co-morbidities, room rent, ICU, nursing, surgeon/physician fees
• Plan type – Family Floater Policy and Individual Policy 
• Coverage for pre/post-hospitalization expenses, including consumables
• Range of options for sum insured
• Eligibility: Purchaser age from 18-65, Beneficiary age from 1 day-65 year
• Options for tenure range from 3.5 months to 9.5 months
• Telemedicine charges may be covered
• Inpatient treatment care includes AYUSH (Ayurveda, Yoga/Naturopathy, Unani, Siddha, and Homeopathy)
• Emergency ambulance charges within certain limits
• Some policies have no cap on room rent and may cover home-care
• No health-check-up required, cashless facility through network hospitals
• Tax benefits under Section 80D

Main Benefits

Coverage

Coverage of the plan includes comprehensive diagnosis, treatment, and medical costs. If you opt for home quarantine, you’re covered for two weeks’ medical expenses, and this may also include ambulance and AYUSH options.

Comprehensive

Coverage is available for pre-existing conditions, co-morbidities, medical costs associated with diagnosis, treatment, and consultation.

Floater and Individual benefits

Covid-19 is highly infectious and often attacks the entire household. Corona Kavach can be extended to other family members with discounts for each member added. A separate sum insured for individual policy-holders is available.

Standard policy

The wordings of policies are standard across the industry. The validity of IRDAI guidelines is from March 31, 2021. The minimum sum assured is Rs 50,000; the maximum is Rs 5 lakhs.

Other benefits

Cashless and reimbursement are possible. The Hospital daily-dash feature is useful. Pre-hospitalization coverage includes expenses 15 days before hospitalization, including diagnostics charges. A minimal waiting period of 15 days after the purchase of the policy, is useful for people who don’t have other health insurance such as Medicare. Premium is affordable and a one-time feature.

Key Features

Hospitalization Expenses Cover

If you are affected with Covid-19, during hospitalization the policy will cover all basic needs of the patient like – medical expenses, oxygen, and ventilators. If you are taking treatment in other hospitals then you have to claim for your expenses and if you are taking treatment in a network hospital of your insurer company then it’ll settle cashless. Taking treatment in a network hospital makes things easy for you, instead of for It’s better to spend your time doing something else than circling for claims.

Pre & Post Hospitalization

Diagnosed with Covid-19 means spending time in hospital, hospitalization means expenses, and Corona Kavach Policy helps you in this. Pre & Post hospitalization offer is available in this plan and it’ll cover 15 days pre-hospitalization and 30 days post-hospitalization. We all saw the worst condition of hospitals during Covid-19 peak time, at that time patients were not even getting beds in the hospital. Just, because of avoiding such kind of situation, the insurance company provides these services.

Ambulance Expenses Cover

It’s a basic need for any patient and most of the company provides these services with their health policy or critical illness policy. You will receive a Rs 2000 amount as reimbursement of an ambulance per hospitalization. It means, with every hospitalization you will get ambulance cover with the plan. We all are witnesses of the outbreak of Covid-19 and after being affected with Covid-19, no one knows how many times you have to admit to the hospital.

Home Treatment Available

As per policy, after affecting with Covid-19 and the result of Covid-19 test is positive then your insurance company will cover the expenses of 14 – 15 days and till these 14 – 15 days, you can take treatment at home. But, one thing that you should keep in mind is there is no coverage if you are not positive and if you are diagnosed with Covid-19 then your insurance company will cover all your expenses during home treatment.  It’s like a domiciliary treatment, every health insurance policy offers you domiciliary treatment option with policy but offering home treatment options with Corona Kavach Policy, reminds us of the worst situation of Covid-19 peak time.

Single-Premium Payment

Single premium payment means, do not have to pay the premium like every month’s installment, you have to pay the entire premium in one go. Single premium payment is basically the payment method that makes certain things clear as an insurer and insured both. Like – you never have to take a load of premium payment cause it’s like a burden on our per month budget, apart from this after paying a single premium, it becomes easy for you to claim.  No one wants to face any kind of problem regarding premium when he needs a hospital and single premium payment options make your claim easy and smooth.

Hospital Daily Cash

It’s an optional cover with Corona Kavach Policy, as per this coverage you will get 0.5% of the sum assured as hospital daily cash benefit till 15 days. If you are affected with Covid-19 and admitted to the hospital. The sum assured that every company offered is Rs 50,000 to 5,00,000 and it’ll quite good amount if you go with hospital daily cash option in your bad time. We all admire the outbreak of Covid-19, the way this virus pushed us back not only financially, economically but also psychologically and extra coverage of this plan is a key for you.

Cashless Reimbursement

We already mention that if you are diagnosed with Covid-19, your first job is to get admitted to the network hospital of the insurer company cause it’ll be easy to claim for you and you’ll get the best treatment and there is no need to travel to the insurer for a claim. If you are taking treatment in a non-network hospital then the claim will be, bit lengthy process for you but after submitting papers Insurer Company will pay for your loss.

Corona Kavach Group Policy

This policy also offers you to insure a large number of people with this policy, and the larger number of people covering this policy the more benefit they’ll get and the more valued coverage. Group Policy will mostly work in big industries and in companies, with this policy companies can cover their employee and as per norms company should provide everything to their employee. As per this plan, people who are helping in the fight with Covid-19 will get a 5% rebate on the policy.

Corona Kavach Policy’s Basic Info

Companies that provides Corona Kavach Policy

Existing health insurance policy-holders can either purchase additional Corona Kavach coverage or take super-top-up/top-up for their normal health insurance. The Corona Kavach coverage is intended specifically and only for the treatment of Covid-19.