Get covered with Corona Rakshak Insurance policy: Nation learns

By | July 21, 2020

India is going through a health crisis caused by an infectious disease, popularly known as Corona Virus. It has been affected many people in the country and has caused damage to an Individual’s Health.

This virus generally spread through droplets and saliva discharge from an infected person who coughs or sneezes. And a person can be affected if they are not following safety guidelines of wearing masks, using sanitizer after touching surfaces, and maintaining social distance.

The Medical treatment of the Coronavirus is a bit expensive. So few insurance companies have newly introduced an insurance policy known as Corona Rakshak Insurance policy that can cover your treatment bills if you hospitalize after tested positive for the Coronavirus.

 

Corona Rakshak Insurance Policy

According to the guidelines issued by IRDAI( Insurance Regulatory and Development Authority of India), it is a beneficial Health Policy that covers treatment costs of Coronavirus for you and your family members if you are tested positive for COVID-19.

Health insurance providers are highly encouraged to offer Corona rakshak policy. As the number of cases is increasing rapidly and the hospital bills are skyrocketing, this policy has specially designed to cover the COVID-19 treatment.

Eligibility Criteria to hold Corona Rakshak Policy:

  • Minimum Age: 18-years
  • Maximum Age: 65-years

So anyone aged between 18-65 years is eligible to hold the above insurance policy.

Sum Insured:

You can buy the policy with the Minimum sum insured priced from INR 50,000 and the Maximum Sum Insured priced up to INR 2,50,000.

Sum Insured options available are Rs.50,000, 1 Lac, 1.5 Lacs, 2 Lacs, and 2.5 Lacs.

Policy Period available:

In this insurance policy, Three Policy Periods available, they are:

  1. Three and Half Months (105 days Policy Period)
  2. Six and Half Months (195 days Policy Period)
  3. Nine and Half Months (285 days Policy Period)

Premium Payment Mode:

It’s an individual Policy, so you have to buy this Insurance Policy for each member of your family separately, and the premium is purchased only once. There is no medical check-up required to get this Insurance Policy.

Waiting Period:

There is a waiting period of 15 days in this Corona Rakshak Insurance Policy.

If the claim arises within the waiting period after buying this insurance policy, then it will not get covered.

After 15 days of buying an insurance policy, the claim will get covered.

Tax Benefit:

Under section 80D, you can claim the premium paid, which is also eligible for tax benefit.

Conditions for Claim:

  1. The COVID-19 test must be done only in a Government Authorized Diagnostic center.
  2. The Minimum Hospitalization should be continuous up to 72-hours

Since it’s a beneficiary policy and not a reimbursement policy, the sum insured policy you bought, the lump-sum payment will be fulfilled at once.

Exclusions of Corona Rakshak Policy:

  • Diagnosis at a testing center that is not authorized by the Indian Government.
  • Undertaking a treatment overseas or outside India.
  • If he/she traveled to a restricted country.
  • A diagnosis that is not related to COVID-19.

Every individual needs to buy the Corona Rakshak Policy as the COVID-19 situation in India has already entered at Stage-3 level or Community Transition level.

Get more Free Advises about related Insurance policies from through Nationlearns.

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