NEW DELHI: Corona Kavach or a standard covid-specific indemnity-based health insurance policy is being offered by insurers to provide cover for treatment cost or medical expenses arising due to Covid-19. The coverage, as well as the terms and conditions of the policy, remain identical across all insurers.
In this piece, we take a look at five important things that you must know about the indemnity-type Corona Kavach health insurance.
One can purchase a cover for up to ₹5 lakh for self and family members, subject to age limit. The policy can be bought for three and a half months, six and a half months or nine and a half months. The window for buying such Corona Kavach policies has been extended to 30 September by the Insurance Regulatory and Development Authority of India (Irdai).
Policyholders are entitled to benefits of the policy on diagnosis of Covid-19 in a government authorised diagnostic centre and requiring hospitalisation. Under the base cover, following expenses are covered on indemnity basis.
Covid hospitalisation expenses
Home care treatment expenses
Medical expenses towards Ayush treatment
Pre-hospitalisation medical expenses
Post-hospitalisation medical expenses
If you opt for an optional cover, following expenses will be covered on a defined-benefit basis.
Hospital daily cash will be covered by up to 0.5% of the sum insured and is payable for every 24 hours continuous hospitalisation subject to a maximum of 15 days in a policy period for every insured member
The total reimbursement under the policy shall not exceed the sum insured opted by the policyholder including the ‘Optional Cover-Hospital Daily Cash’.
Who is covered?
The minimum entry age to buy this policy is 18 years and the maximum is 65 years. Insurers may cover persons above 65 years of age as per the policy terms and conditions. Dependent children, day 1 old to 25 years of age, are covered since the policy is also available on a family floater basis.
Sum insured options
The minimum sum insured is Rs50,000 and the maximum limit is Rs5 lakh. You can choose any sum insured within these limits in the multiples of fifty thousand. Besides, the policy allows you to pay premium via a single premium payment mode.
The policy has a waiting period of 15 days when you buy it. However, at the time of renewal, this additional waiting period of 15 days is not applicable. But, during the renewal, if you increase the sum insured, the waiting period of 15 days will apply afresh for the enhanced sum insured.
Premium discount for healthcare workers
Healthcare workers are defined under the Corona Kavach policy and are entitled to get a discount of 5% in the premium. Healthcare workers include doctors, nurses, midwives, dental practitioners and other health professionals including laboratory assistants, pharmacists, physiotherapists, technicians and people working in hospitals.