The Insurance Regulatory and Development Authority of India (IRDAI) has allowed general and health insurance companies to continue selling and renewing COVID-19 specific health insurance policies, including Corona Kavach and Corona Rakshak. Read more here
Reports of a massive surge in COVID-19 infections in China, led by an Omicron sub-lineage BF.7, has given rise to apprehensions over the possibility of a spill-over effect in India. While the fear of catching the disease has led to a doubling of daily vaccination rates, it’s important to see if we have adequate health insurance or not to meet the expenses related to the treatment. The lives of many people have been affected earlier by the disease.
As per Insurance Regulatory and Development Authority in India’s (IRDAI’s) mandate, existing health insurance policies now include coverage for COVID-19-related hospitalisation. Apart from this, there are several customized health insurance policies for COVID-19 too available in the market which can be considered.
About Corona Kavach
These policies have common coverage across the industry. However, there is some difference in the way insurers have priced the product.
About Corona Rakshak
It is a regular fixed benefit plan in which policyholders will receive 100 percent of the insured amount.
Here’s a difference between ‘Corona Kavach’ and ‘Corona Rakshak’:
| Features | Corona Kavach Policy | Corona Rakshak Policy |
| Sum Insured | Rs 50,000-Rs 2.5 Lakh | Rs 50,000-Rs 5 Lakh |
| Coverage | Floater | Individual |
| Hospitalisation hours | 24 hours | 72 hours |
| Type of Cover | Indemnity Based | Benefit Based |
| Payment | As per hospitalization expenses | Paid in lumpsum upon diagnosis |
Now, let’s take a look at the difference in the premium between Corona Kavach and Corona Rakshak policies:
| Corona Kavach Health Premiums for 30-year-old with SI of Rs 2.5 Lakh | |||
| Insurer | 3.5 months | 6.5 months | 9.5 months |
| Bajaj Allianz Corona Kavach Plan | 615 | 820 | 1025 |
| Iffco Tokio Corona Kavach Plan | 766 | 870 | 1166 |
| Future Generali Corona Kavach Policy | 410 | 517 | 624 |
| New India Assurance Corona Kavach Policy | 863 | 911 | 959 |
| Max Bupa Corona Kavach Policy | 523 | 697 | 871 |
| Corona Rakshak Health Premiums for 30-year-olds with SI of Rs 2.5 lakh | |||
| Insurer | 3.5 months | 6.5 months | 9.5 months |
| Star Corona Rakshak Policy | 3846 | 4615 | 5192 |
| Future Generali Corona Rakshak Policy | 321 | 416 | 512 |
| Iffco Tokio Corona Rakshak Policy | 1028 | 1795 | 2406 |
(Note: This is from Policybazaar. However, the insurance aggregator mentioned that this is only for reference purposes. One should refer to policy wording before purchase)
How comprehensive health insurance policy is different from these plans?
On the other hand, COVID-19 policies are specific to the disease.
https://www.cnbctv18.com/personal-finance/covid-19-health-insurance-list-of-policies-available-check-premiums-corona-kavach-corona-rakshak-plans-15524111.htm