Corona Rakshak health insurance plan: All you need to know

Adhering to the guidelines issued by the IRDAI, several insurers have launched the Corona Kavach and Corona Rakshak health policies. Both are standard health insurance policies aimed at covering the treatment expenses exclusively for the coronavirus pandemic. These policies are issued for very short-term and can be offered, renewed until September 30, 2021. Currently, the policies are issued for three and half months, six and half months, and nine and half months, including the waiting period. Policyholders must know these points before buying the plan.

The Corona Rakshak policy is a benefit-based plan where a lumpsum amount is paid to the insured if he/she gets hospitalised as per the policy terms and conditions.

Corona Rakshak policy will become active only when the policyholder is hospitalised for a minimum continuous period of 72 hours.

The Corona Rakshak is offered as an optional policy by the insurer on a benefit basis. Under a benefit-based policy, the entire sum insured is paid to the policyholder based on the policy terms and conditions. It offers a sum insured between Rs 50,000 to Rs 2,50,000 in multiples of Rs 50,000. The maximum and minimum sum insured in the case of Rakshak policies is fixed.

The Corona Rakshak policy will only cover individuals. It can be availed by any person in the age group of 18 to 65 years.

No add-on benefits are available in case of Covid Rakshak, unlike the Covid Kavach health plan. The policy has a standard waiting period of 15 days.

Although Covid Rakshak is a standard product, the policy premium will vary across insurers because insurance companies are allowed to price the product following their underwriting understanding.