corona kavach health insurance

Corona Kavach Health Insurance Policy – IRDAI Orders (Full INFO)

Corona cases are increasing steadily. In such a situation, insurance companies launched the Corona Armor Policy on Friday. The Corona Kavach health insurance Policy can be for three and a half months, six and a half months, and nine and a half months. The insurance amount ranges from Rs 50,000 to Rs 5 lakh.

Several insurance companies on Friday introduced the Corona Kavach Policy for the short term to cover the expenses of Covid-19 treatment. Insurance companies have taken this step, following the deadline of insurance regulator IRDAI. Amid rising cases of coronavirus infection, the Insurance Regulatory and Development Authority (IRDAI) had asked general and health insurers to introduce the Corona Kavach Health Insurance Policy by 10 July.

The number of Covid-19 infected cases in the country has reached nearly 8 lakhs and the number is increasing day by day. As per IRDAI guidelines, the corona kavach health policy for short term can be for three and a half months, six and a half months and nine and a half months. The insurance amount ranges from Rs 50,000 to Rs 5 lakh (in multiple of Rs 50,000).

What does Corona Kavach Health Insurance Cover?

Hospitalization expenses:

This corona kavach health insurance policy includes bed charge, nursing charge, blood test, PPE kit, oxygen, ICU and doctor’s consulting fees.

Pre-Admission Expenses:

Before a hospitalization, the expenses of doctor consultation, check-up and diagnosis are included. On such expenses, the cover is provided up to 15 days before hospitalization.

Expenses after discharge:

It provides coverage on medical expenses up to 30 days after discharge from the hospital.

Home care expenses:

If your corona virus treatment is going on at home, then health monitoring and medicines are covered for up to 14 days.

Ayush:

Under this policy, expenses on Ayurveda and related treatment are also covered.

Road ambulance cover:

Transfer from home to hospital and ambulance from hospital to home is also covered. In corona kavach policy, you get Rs 2000 per recruitment. You have an option to opt for corona kavach policy buy online from different insurance providers.

Key features of “Corona Kavach” are as under:

Product Type Available on Individual and Family Floater Basis
Type of Cover 1. Base Cover on Indemnity Basis- Covid Hospitalization cover
2. Optional Cover on Benefit Basis- Hospital Daily Cash
Sum insured Rs 50,000/- (Fifty Thousand) to 5,00,000/- (Five Lakh) (in the multiples of fifty thousand)
Waiting Period 15 days
Policy Period Three and Half Months (3 ½ months), Six and Half Months(6 ½ months), Nine and Half Months (9 ½ months) including waiting period.
Eligibility Policy can be availed by persons between the age of 18 to 65 years.
Policy can be availed for Self, spouse, Parents, Parents-in-law and Dependent Children up to 25 years of age.
Hospitalization Expenses Medical Expenses of Hospitalization on diagnosis of Covid shall be admissible
Pre Hospitalization Expenses 15 days
Post Hospitalization Expenses 30 days
Sub-limits 1.    Home care treatment: Maximum upto 14 days per incident.
2.    Ambulance Charges: Rs.2000/- per hospitalization.
3.    Optional Cover of Hospital Daily Cash: 0.5% of Sum Insured per day subject to maximum of 15 days in a policy period for every insured member.
Home Care Treatment Expenses Cost of treatment incurred by the Insured person on availing treatment at home for Covid on positive diagnosis up to 14 days per incident, which in the normal course would require care and treatment at a hospital but is actually taken while confined at home.
Premium payment  Single Premium
Hospital For the purpose of this policy any set-up designated by the government as hospital for the treatment of Covid shall also be also considered as hospital.

Source – IRDAI – Corova Kavach Policy 

Corona Kavach Policy Premium

According to the IDRA, the premium payment has to be made once and the premium amount will be the same throughout the country. Initiating the Corona Kavach policy, HDFC Irgo said that if a case of corona infection is found after an investigation in a government recognized testing house under the new health insurance policy, then the medical expenses of hospitalization will be borne by the hospital.

Bajaj Allianz General Insurance has also introduced this type of insurance policy. The company has fixed the premium for basic insurance cover from Rs 447 to Rs 5,630. GST will be levied separately on this. The insurance premium is dependent on the age, insurance amount and duration of the person.

Krishnan Ramachandran, managing director and chief executive officer of Max Bupa, said that the premium of the corona policy of Max Bupa is competitive. For a person between 31 and 55 years, the policy premium of Rs 2.5 lakh is Rs 2,200. The premium for two adults and two children of the same age is Rs 4,700.

 

List of Insurance Companies Authorized by IRDAI

The Insurance Regulatory and Development Authority of India (IRDA) has allowed 30 general and health insurance companies to introduce short-term corona armor health insurance policy for Covid-19 treatment. Insurance companies have received this permission at a time when the cases of coronavirus are increasing rapidly in the country.

Sr.No Insurance Company Name
1 Acko General Insurance Ltd.
2 Aditya Birla Health Insurance Co. Ltd.
3 Bajaj Allianz General Insurance Co Ltd
4 Bharti AXA General Insurance Co. Ltd.
5 Cholamandalam MS General Insurance Co. Ltd.
6 Edelweiss General Insurance Co. Ltd.
7 Future Generali India Insurance Co. Ltd.
8 Go Digit General Insurance Ltd
9 HDFC ERGO General Insurance Co.Ltd.
10 HDFC ERGO Health Insurance Limited
11 ICICI Lombard General Insurance Company Ltd
12 IFFCO TOKIO General Insurance Co. Ltd.
13 Kotak Mahindra General Insurance Co. Ltd.
14 Liberty General Insurance Ltd.
15 Magma HDI General Insurance Co. Ltd.
16 ManipalCigna Health Insurance Company Limited
17 Max Bupa Health Insurance Co. Ltd
18 National Insurance Co. Ltd.
19 Navi General Insurance Ltd.
20 Raheja QBE General Insurance Co. Ltd.
21 Reliance General Insurance Co.Ltd
22 Religare Health Insurance Co. Ltd
23 Royal Sundaram General Insurance Co. Ltd.
24 SBI General Insurance Co. Ltd.
25 Star Health & Allied Insurance Co.Ltd.
26 Tata AIG General Insurance Co. Ltd.
27 The New India Assurance Co. Ltd
28 The Oriental Insurance Co. Ltd.
29 United India Insurance Co. Ltd.
30 Universal Sompo General Insurance Co. Ltd.

How to Buy Corona Kavach Insurance Policy?

If you are looking to buy an insurance policy for corona virus then corona kavach health insurance will be very beneficial for you. You can buy coronavirus insurance policy from any of the above listed insurance companies. They all are authorized by the Insurance Regulatory and Development Authority of India (IRDAI)

7 things to Keep in Mind When buying a Health policy?

 

Other than this Corona Kavach Health Insurance Policy, here we are going to tell you why it is very important to buy a health insurance policy and what are the 7 things you should in mind while health policy.

In this era of constantly increasing medical expenses, it is prudent to take a mediclaim policy as soon as possible. Akshat Rastogi’s leg was fractured in a bike accident a few days ago. When he reached the hospital, he came to know that there was also a hair line fracture in his head. The cost of treatment can be two or three lakh rupees. Rastogi had to spend this money from his pocket.

Manav Bajaj, CEO of Consumer Partner, a firm providing legal advice, said, Spending on health is continuously increasing and now millions of rupees are being spent on treatment of minor ailments as well. In such a situation, it is important to get health insurance on time. It helps reduce the load on your pocket.

We are telling you 7 important things related to health insurance:

1. Money is not wasted

Many people consider taking mediclaim or health insurance a waste of money. Certified financial planner Samanta Sikka said, “If you don’t have to take the claim, it’s a very good thing.” There is no option to stay healthy and stable, but if you ever need it, it can prevent you from getting holes in your pocket. After paying a nominal premium, it is sensible to take a health cover of five to seven lakh rupees.

2. Compare

Compare then buy health insurance, carefully understand its condition before taking a health plan. If you do not understand yourself by reading, then seek help from someone you know. Comparison is available on the online site and details of the plans of all companies. Understand every clause in the health policy carefully, then pay the premium. Buy the plan by understanding the liability of the company in case of critical illness, pre-existing disease and accident.

3. Don’t Buy in Hurry

In case of early investment, it is said that in the case of early investment, it helps to build a large property. In the case of health cover, it is said that if you take cover soon, you will have to pay a lower premium. If you take cover before the age of 40, then you can get maximum benefit without any condition. Deepali said, “Young people usually have fewer illnesses. In this sense, insurance companies keep premiums low for them. ‘

By renewing it on time every year, you will continue to get the benefit of No Claim Bonus. A middle-income married person should get a cover of at least five lakh rupees.

4. Share Correct Medical Information with Insurance Company

Honesty is the best policy, while taking health insurance, inform the insurance company about your medical records accurately. If you give some wrong information, then the health insurance company can refuse to give you the claim, due to which you will face problems during the treatment.

Sikka said, ‘It is wrong to hide chronic diseases while taking a health plan. Tell the insurance company clearly even if you have to pay a higher premium.

Take all the information and then take a decision with thought. ”Sikka said that the claim of indigestion during or after treatment has a bad effect on the brain, so do not let it come.

5. What is not included

it is necessary to know that some things are not included in medical insurance. Every insurance company has its own rules and accordingly designs that company policy. Before purchasing a health policy, understand what is not included in it. In some policies, cover of serious diseases can be taken under the rider, in some, coverage is not available in case of accident due to domestic reasons. Buy the policy by clearing all these things.

6. Do not take a Policy on an already ongoing Disease.

If you have taken a critical illness plan which requires long-term treatment, then claiming in this situation means that your premium is constantly increasing. Do not get caught in this trap of taking a new policy. Bajaj said, “Take a policy that can be renewed at any time in life.

The purpose of health cover is financial protection from the expenses incurred on the treatment of diseases at old age, keep this in mind. ”Bajaj said that the attack of diseases is also more in old age and usually there is no money to get treatment.

7. Do not take a plan with limit/sub limit.

Avoid the limit like room rent limit in the hospital. It is not in your hand which room you should keep during your treatment. It is not right for you to set any sub-limit by the health insurance company for the expenses. Keep this in mind when purchasing a health policy and do not take such a policy.

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