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Two standard COVID insurance plans are out. Read below to know if you are eligible for them and if they are really beneficial.

COVID-19 is not just deadly but also costly. Yes, you heard it right! Severity in COVID-19 can lead to hospitalization and the expenses for COVID treatment are skyrocketing. Not everyone can bear the expenses for which the government of India has introduced two health insurance plans, COVID Kavach and COVID Rakshak.

The two insurance policies were launched by the Insurance Regulatory and Development Authority of India (IRDAI) in July.

The insurance regular of India has allowed about 29 health insurance companies to market the policies. But, what are these policies? Should you even buy them? What will be the benefits?

What are the Corona Kavach and Corona Rakshak policies?

Both of them are coronavirus related health policies that are meant to cover the hospital expenses of the COVID-19 treatment.

These will be valid for the short term as they are specifically designed for the COVID-19 pandemic. Whoever chooses these schemes do not have to continue paying the premium life long.

How much amount will be insured under these schemes?

The minimum sum which will be covered by the Corona Kavach policy is Rs. 50,000 and the maximum will go up to Rs. 5,00,000. You must choose this health insurance plan in the multiples of Rs. 50,000.

For the Corona Rakshak policy, the minimum amount that will be covered will be Rs. 50,000 and the maximum can go up to Rs. 2.5 lakh.

What is the difference between the two insurance plans?

In the Corona Kavach insurance policy, the cost of the treatment at the hospital will be reimbursed to the policyholder. When it comes to Corona Rakshak, 100 percent of the amount will be reimbursed.

Under the Corona Rakshak plan, the benefit is that once the person tests positive for COVID-19 and if he has to be hospitalized for a minimum time of 72 hours, the entire amount will be paid in lump-sum.

This lump-sum money can be used to cover the cost of the treatment or can even be used for the monetary loss of the infected person during this period.

However, under the Corona Kavach scheme, no such lump-sum amount will be paid but the amount will only be reimbursed.

Who are eligible for these health insurance schemes?

• Any person above 18 years and below 65 years are eligible to buy both the policies.
• Corona Rakshak is an individual policy which means only one person can buy the scheme.
• Corona Kavach policy is a dependent one which means Parents can buy this policy for their dependent children between 3 months to 25 years of age.
• Corona Kavach can be used for self, by parents, parents-in-law and any dependent family members.

Anyone can purchase these policies and there will be a waiting period of 15 days to claim the schemes. Moreover, you cannot purchase these policies after testing positive for COVID-19.

Corona Kavach will cover:

• Hospital expenses upon diagnosis.
• Treatment of any comorbid condition triggered by the coronavirus.
• Pre-hospitalization costs for up to 15 days and post-hospitalization costs for up tp 30 days.
• The cost of ambulance, oxygen cylinder, PPE Kits, gloves and ICU will be covered if the person is hospitalized for a minimum of 24 hours

If a person tests positive and is recommended home quarantine, the policies cover the treatment expenses for up to 14 days.

The best part is, you can buy these policies even if you have another health insurance policy with you. However, since most of the health insurances now cover COVID-19 expenses, it depends on the hospital authorities to tell you how much amount will be covered on individual policies.

By Gayatri Yellayi