Quite often, our treatment costs go beyond the actual hospital bill we receive. For instance, when you fall ill and receive treatment, you have to also factor in many costs such as co-payment in health insurance and other costs that may exceed the sub-limits of your policy. You may also not earn money while receiving medical attention due to your inability to attend to your work. In such a situation, a benefit-based plan can help you meet these expenses. The Corona Rakshak Policy is a benefit-based plan that has been created by the IRDAI (Insurance Regulatory and Development Authority of India). This plan offers a lump sum payout if you are diagnosed with COVID 19 and require hospitalisation for a minimum period of 72 continuous hours. In this article, we will look a bit more closely at the details of this plan.

What is the Corona Rakshak Policy?

The Corona Rakshak Policy is a benefit-based plan that pays out a lump sum amount if the insured individual is hospitalised for a period of 72 continuous hours or more for COVID 19. You can use this amount for any expenses you face during your COVID 19 treatment. For instance, you can use it to pay for the cost of consumables if they are not covered in your standard health insurance plan.

Just like with your regular health insurance premium, the premium that you pay for the Corona Rakshak Policy is also eligible for tax deductions.

The Corona Rakshak Policy has an initial waiting period of 15 days.

Terms of coverage

• Duration of the policy –

The Corona Rakshak Policy is available for purchase in three short-term tenures of 3 ½ months, 6 ½ months, and 9 ½ months.

• Sum insured –

The sum insured of the Corona Rakshak Policy starts at Rs 50,000 and goes up to Rs 2.5 lakhs.

• Eligibility criteria –

The Corona Rakshak Policy can be bought by anyone aged between 18 years to 65 years. This benefit-based plan is only available for individual coverage and cannot be bought as a family floater plan.

How to buy the Corona Rakshak Policy?

You can easily buy the Corona Rakshak Policy online from an insurance company’s website. The coverage that is given in this plan has been standardized across all insurance companies in the country. Buying your coverage online is highly recommended as it helps you adhere to the current need for social distancing. Moreover, buying your policy online is extremely convenient and easy.

If you want added protection against COVID 19, you can also consider getting the Corona Kavach Policy which is an indemnity-based health insurance plan for COVID 19. The Corona Kavach Policy covers you against hospitalisation costs and pre- and post-hospitalisation costs for COVID 19.  However, do bear in mind that the Corona Rakshak Policy and the Corona Kavach Policy both cover only COVID 19. If you want coverage for other diseases, you need to opt for a regular health insurance plan.

Do take all the required precautions to stay safe until the situation improves. Wear a mask, wash your hands, and stay indoors as much as possible to keep yourself and your loved ones safe.

Take care.