Should You Get Insurance Against Coronavirus?

The Covid-19 pandemic has changed our lives forever. The continued emergence of new variants across the globe has highlighted the need to have health insurance that offers protection against various ailments and viruses.  An insurance policy covering Covid-19 proves to be quite useful in dealing with the financial effect of this virus and the associated health issues.  Indian Insurance companies currently offer corona insurance policies like Corona Rakshak policy and Corona Kavach to help people deal with its impact on their health and finances. Let us find out more details about these policies and their features.

What is Corona Insurance?

Covid insurance policies are health insurance plans that offer a financial cushion against expenses incurred due to COVID-19 infection. You can choose from two types of insurance policies:

  • Corona Kavach– This is an indemnity-based health insurance policy that protects you from Covid-19 by providing for reimbursement of the actual expenses up to the policy’s limit. The policy also covers the cost of consumable items like PPE Kits, masks and gloves besides expenses incurred during treatment at home. You can go for a value insured of Rs 50,000 to Rs 5 lakh based on the number of people being covered under it. The rules mandate that the patient must be hospitalised for at least 24 hours owing to Covid. This policy is available to both individuals and a family.
  • Corona Rakshak- This is a standard benefit-based health insurance option wherein the insurer gets the insured amount if diagnosed with Covid-19. The policy is available only for individuals and requires a minimum of 72 hours of hospitalisation for the disbursal of the insured amount.

Corona Rakshak-Plan Features

The Corona Rakshak policy offers 100% lumpsum pay-out benefit and the policy issuance does not require any kind of medical examination. Some other features of this policy are:

  • It is available for several durations like 3.5 months, 6.5 months or 9.5 months.
  • The pay-outs are independent of the nature, or the amount of expenses incurred.
  • The sum assured can be as low as Rs 50,000 and as high as Rs 2.5 lakhs.
  • The policyholder can avail of the benefits of this policy 15 days after taking this policy.
  • Premiums payable towards this insurance are eligible for tax exemption under Section 80D.

How to Buy It?

You can choose to buy a corona Rakshak plan from the insurance provider directly by visiting their website. You can also use a Corona Rakshak premium calculator to know the premium that you will have to pay to get coverage for a specific amount.

Should You Get It?

The decision to buy a Corona insurance policy depends on several factors like your immunity levels, your work schedule and your vaccination status.  Also, if you have any medical condition that makes you vulnerable to viral infections including COVID-19, you should go ahead and buy insurance protection.

However, if you already have a health insurance policy, you can decide not to go for separate insurance for COVID-19. You can avail coverage for corona under your existing health insurance policy provided you are not diagnosed during the initial waiting period.

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