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Covid-19 Health Insurance Policies — Check Premiums Of ‘Corona Kavach’ And ‘Corona Rakshak’


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.

In 2020, IRDAI asked all insurance companies to come out with ‘Corona Kavach’ and ‘Corona Rakshak’ policies to help consumers protect themselves from the financial burden of Covid-19 medical bills. Both corona health insurance policies are designed to cover you against the expense of COVID-19 treatment at a low cost.

About Corona Kavach

Corona Kavach is a standard indemnity-based COVID-19 policy for a term of three-and-a-half months, six-and-a-half months and nine-and-a-half months with a sum insured ranging from Rs 50,000 to Rs 5 lakh (in multiples of Rs 50,000).

These policies have common coverage across the industry. However, there is some difference in the way insurers have priced the product.

About Corona Rakshak

This is a standard benefit-based policy. If a policyholder is hospitalised for a minimum of 72 hours (3 days) after testing Covid-19 positive at any government-approved testing centre, the insurance company pays a lump sum payment equal to the sum insured under this insurance policy.

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?

A comprehensive health insurance plan, as the name suggests, covers all major illnesses, including seasonal illnesses and accidents, up to the sum insured for which the customer has opted. These policies also cover all kinds of respiratory diseases, which means they cover coronavirus, provided the affected person does not have COVID-19 when purchasing the policy.

On the other hand, COVID-19 policies are specific to the disease.