Corona Kavach an Online Health Insurance For COVID-19

The COVID-19 pandemic drastically changed lives around the world. It emphasised the value of having good health and financial stability. In response to the life-threatening disease, insurance companies rolled out multiple insurance plans to provide financial assistance to those affected. One such plan is the Corona Kavach Insurance policy. It aimed to address the difficulties brought on by the pandemic by offering protection against COVID-19-related medical costs.

Corona Kavach Insurance is a short-term indemnity Health Insurance plan that ensures financial protection to you or any family member diagnosed with COVID-19. Under this plan, you can claim reimbursement for actual medical expenses incurred on hospitalisation.This cover was initiated by India's insurance regulator, IRDAI, in collaboration with insurance companies, with an aim to offer COVID-19 coverage that is both affordable and convenient.You can either opt for an individual Corona Kavach policy or the Family Floater plan.

Comprehensive coverage:

The Corona Kavach Insurance Plan pays for a variety of costs associated with COVID-19, such as:

• Hospitalisation, including room rent, doctor fees, PPE kit charges, etc.
• Home health care
• Pre- and post-hospitalisation costs
• Ambulance fees
• AYUSH (Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homoeopathy) treatment

Policy duration:

The Corona Kavach policy provides coverage for a minimum of 3.5 months (105 days) and a maximum of 9.5 months (285 days). You can select the length of the policy that best suits your requirements.

Sum insured options:

The plan offers a variety of options for the sum insured, ranging from ₹50,000 to ₹5 lakhs. You can choose a coverage amount based on your needs and budget.

Family floater option:

The Corona Kavach Insurance plan also comes in a Family Floater variant, enabling you to insure every family member under one contract.

No medical check-up:

The Corona Kavach Insurance policy is simple to obtain for everyone. This is because no medical examination is necessary for enrolment.

Tax benefits:

Along with protecting you from financial strain, the policy provides benefits in terms of tax savings under Section 80D of the Income Tax Act, 1961, for premiums paid towards the Corona Kavach Insurance plan.

No co-payment:

There is no co-payment requirement in the policy. This means you do not have to bear any expenses out of your pocket. Therefore, you can take advantage of the coverage without shouldering additional costs.

Hassle-free claim process:

Insurance companies have streamlined the claim settlement procedure. This is to ensure speedy and straightforward settlements.

The following factors make a specialised insurance programme like Corona Kavach a wise plan to have.

Increasing medical costs:

Treatment for COVID-19 can be costly, especially if you require hospitalisation and intensive care. The Corona Kavach Insurance Plan reduces the financial burden on you by paying for various medical costs associated with COVID-19 treatment.

Protection for those without insurance:

You may not currently have a Health Insurance plan or may only have a few options available. If you have inadequate coverage, you can purchase specific protection against COVID-19, should you contract it.

Additional financial assistance:

The economic uncertainty, job loss and pay cuts following the pandemic still affect people worldwide. The Corona Kavach Insurance plan adds a layer of financial support that lets you concentrate on getting better without fretting over the costs.

Peace of mind:

The Corona Kavach Insurance plan offers peace of mind knowing that whether you need hospitalisation for a few days or treatment for a few weeks, the insurer will take care of the expenses. This assurance lets you put your health and well-being first.

Typically, the Corona Kavach Insurance plan includes the following:

Hospitalisation expenses:

Expenses related to hospitalisation for COVID-19 treatment include room rentals, nursing costs, physician fees, ICU costs, and other pertinent medical costs.

Pre-and post-hospitalisation expenses:

The plan covers medical costs before and after hospitalisation. It does so for a set amount of time, typically 15 days before admission and 30 days following discharge.

Home care treatment:

The plan pays for medical costs associated with home care treatment, such as consultation fees, nursing costs, diagnostic tests, prescription medicines, etc., in mild or moderate COVID-19 cases where hospitalisation is unnecessary.

Ambulance charges:

Corona Kavach Insurance covers charges for ambulance services. This is particularly important in case of emergencies when it ensures a safe ride to the hospital or other medical facility.

AYUSH treatment:

The plan covers medical costs for AYUSH (Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homoeopathy) treatment associated with COVID-19.

The Corona Kavach Insurance plan typically excludes the following:

Pre-existing conditions:

The plan typically does not cover any medical costs associated with pre-existing conditions.

Waiting period:

The policy typically has a waiting period of 15 to 30 days, during which you can make no claims. So, you will not benefit if you buy this plan after you or a family member is diagnosed with COVID-19.

Non-allopathic therapy:

The Corona Kavach policy typically does not cover non-allopathic therapy costs, apart from AYUSH therapy.

Diagnostic procedures without a stay in the hospital:

The coverage is not applicable if COVID-19 diagnostic procedures do not involve a stay in the hospital or there is no confirmed diagnosis.Other exclusions include test reports from unauthorised testing centres, diagnoses outside the country, treatments without submitting relevant documentation to the insurer, etc.

You can purchase the Corona Kavach Insurance plan by following these steps:1. Explore and research: Compare the coverage, premium costs, and policy features of the various insurance policies.2. Complete application form: Fill out the application form provided by the insurer with accurate information about your identity and health.3. Choose your insurance coverage and limit: Based on personal needs and spending capacity, select the desired level of coverage.4. Submit documents: Send in the required paperwork, as instructed by the insurer, including identification, proof of address, and medical records (if required).5. Pay the premium: Pay the premium for the policy's chosen coverage and duration.

Following are the steps if you want to make a claim under the Corona Kavach Insurance plan:

• Notify the insurance company: Inform the insurance company of the COVID-19 diagnosis as soon as possible.
• Fill out the claim form: Complete the insurance company's provided claim form. Provide them with all the necessary information and supporting documents.
• Submit the necessary paperwork: As instructed by the insurance provider, submit the necessary paperwork, such as medical records, hospital bills, prescriptions, discharge summaries, etc.
• Claim resolution: The insurance company will settle the claim amount per your policy's terms and conditions. This will happen once the insurer verifies and approves the claim.

Also read: Guide to filing Health Insurance claim for Coronavirus

You can also opt for a Group Insurance policy under the Corona Kavach plan. You can offer your employees this coverage as part of your benefits package.Group Insurance has several benefits, including:

• Comprehensive protection for workers: Group Insurance coverage offers wider coverage to both your employees and their families. It includes COVID-19-related medical costs.
• Cost-effective: Group Insurance plans usually have affordable premiums. This makes it affordable for both you and your employees.
• Simple administration: Group Insurance policies simplify administration as it is easier to manage and update employee information.
• More comprehensive coverage: Choosing Group Insurance ensures that all your employees have access to COVID-19-related medical coverage. It fosters a feeling of security and well-being within the workplace.

Also read: Corona Kavach policy to be sold as group health insurance

While looking up suitable coverage for your medical needs related to COVID-19, you may also come across the Corona Rakshak policy. Here's a quick look at the key differences between Corona Kavach and Corona Rakshak policies so that you can make the right choice based on your need.

Policy payout:

Corona Kavach is an indemnity plan that reimburses the medical expenses you incur, subject to the sum insured limit. In contrast, Corona Rakshak is a fixed-benefit plan that pays a fixed lump sum benefit equal to 100% of the sum insured upon meeting the hospitalisation criteria.

Sum insured:

Corona Kavach offers a higher sum insured range, typically starting from ₹50,000 and going up to ₹5 lakhs or more. In contrast, Corona Rakshak provides a fixed sum insured option, ranging from ₹50,000 to ₹ 2.5 lakhs. You can invest in both types in multiples of ₹50,000.

Hospitalisation benefit:

Corona Kavach covers almost all the costs after 24 hours of hospitalisation, including room rent, ICU charges, doctor's fees, nursing expenses, PPE kits, oxygen, blood tests, etc. Corona Rakshak, on the other hand, provides a lump sum if you, as the policyholder, is hospitalised for at least 72 hours due to COVID-19. Also read: All you need to know about the Corona Rakshak Insurance policy

• Corona Kavach is a short-term health plan that offers financial security in COVID-19 cases.
• It provides adequate protection for various COVID-19-related medical expenses, including hospitalisation, home health care, pre-and post-hospitalisation costs, ambulance fees, AYUSH treatment etc.
• The options for the sum insured range from ₹50,000 to ₹5 lakhs.
• You can choose between three policy durations -- 3.5 months, 6.5 months, and 9.5 months.
• You can claim tax deductions on premium expenses under Section 80D of the Income Tax Act.
• Corona Kavach also has a Family Floater option.
• You do not need to undergo any medical examination to buy the policy.
• For hassle-free settlements, there is no co-payment requirement. The claim process is also simple.