Insurance Policy in India

With Corona Rakshak Insurance Policy, save up to 2.5 lakhs on hospital bills

Do you know what’s scarier than COVID-19 in India?

Any guesses?

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

You can also readChoose the best Health Insurance in India

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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Corona Rakshak Insurance Policy Premium in India

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.

“Alexa, I’m taking my blog to the next level as I’m participating in Blogchatter’s My Friend Alexa. Send Blogchatter some wine please!”

Throughout this month, you can find all my posts on Twitter under this hashtag – #LanceWrites. Stay tuned!

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21 thoughts to “With Corona Rakshak Insurance Policy, save up to 2.5 lakhs on hospital bills”

    1. Hey Aditi, I’m glad you liked this piece of information. Insurance today is necessary to save ourselves from huge bills.

  1. Actually I completely agree with you on the fact that the treatment and the hospital bills for COVID are maybe scarier than getting diagnosed itself. So many people cannot afford the same and quite sadly a pandemic like this will make the poor poorer.

    1. Hey Aseem, I’m glad you liked this piece of information. Insurance today is necessary to save ourselves from huge bills.

  2. That is a very useful post on an insurance policy for Covid19. It is indeed news to me that some companies added covid19 to existing policies but as your post points out a lot of things are not covered and the corona rakshak insurance policy seems ideal.

    1. Hey Jaya, I’m glad you liked this piece of information. Insurance today is necessary to save ourselves from huge bills.

  3. Dint know about this insurance policy. Doesnt harm to have the safety net during these critical times. Thanks for this.

    1. Hey there, I’m glad you liked this piece of information. Insurance today is necessary to save ourselves from huge bills.

    1. Hey there, I’m glad you liked this piece of information. Insurance today is necessary to save ourselves from huge bills.

  4. Looking at how this pandemic is spreading, this insurance sounds like a sensible option. Thanks for sharing all the important details about it. This will make many people make an informed choice.

    1. Hey there, I’m glad you liked this piece of information. Insurance today is necessary to save ourselves from huge bills.

  5. The importance of a medical insurance policy can be understood the most in these times and it wonderful to see how insurance companies in India have come up with plans according to the situations prevailing.

    1. Hey Parul, I’m glad you liked this piece of information. Insurance today is necessary to save ourselves from huge bills.

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