Do you know what’s scarier than COVID-19 in India?
No, it’s not getting diagnosed with COVID-19.
It’s getting the hospital bill post getting treatment for COVID-19.
I am not trying to crack a joke but state the obvious. Past few months, many COVID-19 patients all over India have complained about huge hospital bills. These bills drain out savings and even force people to take loans from banks or private lenders.
You must be thinking that these guys didn’t have Insurance. But since this pandemic was unknown to us all, the insurance policy never covered COVID-19. Lately, insurance companies in India added COVID-19 in existing insurance policies.
But that didn’t end people’s worries. This is because expenses like PPE kits (personal protective equipment), masks, etc were not covered in the insurance.
Keeping this in mind, IRDA i.e. Insurance regulatory and development authority of India launched the “Corona Rakshak Insurance Policy”.
What is the Corona Rakshak Insurance Policy?
Corona Rakshak Insurance plan is new health insurance in India. This plan will pay 100% of the sum assured amount in your policy if,
You are tested COVID-19 positive.
You need hospitalization for more than 72 hours (Minimum 3 days).
Features and Benefits of Corona Rakshak Insurance Policy:
1. Sum Insured – 50,000 to 2.5 lakh rupees (In multiples of 50,000).
2. 100% Sum Insured given – Positive diagnosis done via Government-authorized center.
3. Waiting period – 15 days
4. Coverage is given to – Individual only (For family, apply for Corona Kavach Policy).
5. Tax exemption – Section 80D on insurance premium paid.
6. Eligibility – Also, Individuals must be aged 18-65.
7. Policy tenure – 3.5 months, 6.5 months, and 9.5 months
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What is included in Corona Rakshak Insurance Policy?
1. Sum Insured – Starting from 50,000 up to 2.5 lakh rupees (In multiples of 50,000).
2. Home Treatment cover – Up to 14 days.
3. Ambulance Cover – Road ambulance charges up to 2000 rupees.
4. Hospitalization charges – Boarding charges, diagnostic tests, room rent, ventilator charges, oxygen, nursing charges, gloves, masks, PPE kits, and cost of ICU/ICCU.
5. AYUSH Cover – Yes
6. Pre and Post Hospitalization Cover – Medical expenses incurred 15 days before hospitalization and 30 days post getting discharged (this includes diagnostic charges).
7. Optional Cover Benefit – Also, 0.5% of the sum insured on daily basis up to 15 days of hospitalization.
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What is not included in Corona Rakshak Insurance Policy?
1. Diagnosis not related to COVID-19.
2. Diagnostic test/treatment taken abroad.
3. Also, diagnostic reports from unauthorized testing centers will not be allowed in an Insurance claim.
4. Travel history to any restricted countries.
Why should you buy the Corona Rakshak Insurance Policy?
However, as there is no vaccine or cure for COVID-19, the Insurance industry in India added this special insurance policy. This policy can save us from high hospital bills. It will also help you safeguard your life against COVID-19.
In conclusion, the main purpose of writing this post is to pass information in the event you/your family member is diagnosed with COVID-19.
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