Difference Between Corona Kavach And Corona Rakshak Policy

Both Corona Kavach and Corona Rakshak plans are short-term plans and are valid only until March 2021. The insurers currently issue these policies for a specific duration, three and half months, six and half months, and nine and half months. And, like all standard health policies, they have a waiting period.

So, if you are looking to get protection against Coronavirus and are not sure whether to buy Corona Kavach or Corona Rakshak health insurance, knowing the differences between the two can help you make the right choice.

Type Of Policy

The Corona Kavach health insurance policy is an indemnity plan,which means the insurance companies reimburse the treatment expenses you incur to a maximum limit of the sum assured.

The Corona Rakshak health insurance policy, on the other hand, is a benefit-based plan where the insurers pay 100% of the sum assured as per the policy terms and conditions if you are diagnosed with the infection and are hospitalized.

Minimum Hospitalisation Criteria

The Corona Kavach policy becomes active only if you are hospitalized for at least 24 hours. Post the 24-hour stay at the hospital; the insurer will pay for the treatment expenses up to the sum assured limit, regardless of the number of days you stay at the hospital.

The CoronaRakshak health insurance policy becomes active only if you are hospitalized for at least 72 hours at a stretch.

What Does The Policy Offer?

The insurance companies offer Corona Kavach Policy as a mandatory cover to families and individuals on an indemnity basis wherein the claim is paid as per the actual expenses incurred.

The Corona Rakshak plan is offered as an optional policy on a benefits basis. Under the plan, the insurer pays the full sum assured amount as per the policy terms and conditions.

Who Is Covered Under The Policy?

The Corona Kavach policy covered both individuals and families.

The Corona Rakshak is an individual plan, and it covers only one person.

Policy Coverage Amount

For Corona Kavach policy, the minimum sum insured amount is Rs. 50,000, and the maximum coverage you can get is Rs. 5 lakhs.

The Corona Rakshak health insurance policy offers a minimum coverage of Rs. 50,000, and the maximum limit is Rs. 2.5 lakhs.

How Much Is The Premium?

Although both Corona Kavach and Corona Rakshak plans are standard policies, the premium varies from insurer to insurer. Generally, the insurers decide the premium based on their assessment of how likely the policyholder is to file a claim. But, the premium depends largely on the policy tenure you and the sum insured amount you choose. You can easily find either of the policy with a premium ranging from Rs. 523 to Rs. 1200.

Additional Benefits

If you have a Corona Kavach health insurance policy, you are eligible to purchase ‘Hospital daily cash’ add-on cover. Under this plan, every day, you get 0.5% of the sum insured amount as daily cash allowance subject to a maximum of 15 days during the hospitalisation period after testing positive for COVID-19 infection.

With the Corona Rakshak policy, there are no additional benefits.

Conclusion

Both the policies cover the co-morbidities arising from the COVID-19 treatment. So, it is better to purchase a policy with a higher sum assured. Considering the rising risk of the infection, it is better to buy a coronavirus-specific insurance policy even if the disease is covered under your regular healthcare plan.

Also Read: Which is better: health insurance or a medical loan