Rakshak Policy
We all are well aware of the threat that has put the world in danger. . The spread of COVID-19, a respiratory infection caused by the new coronavirus SARS-CoV-2, is declared a global pandemic and has changed everybody’s life in every aspect.
India has reported more than 73 lakh cases.While the government and health workers are doing their best to curb the virus, it is important for us to take safety measures too. ?
Along with social distancing and hygiene, this year has also laid emphasis on the importance of having health insurance.
What is Corona Rakshak Policy?
The Indian Insurance Regulatory Authority (IRDAI) has exclusively made it mandatory for all insurance companies to have a policy to cover for COVID-19.
One such plan is the Corona Rakshak, a short-tenure policy that can cover all your expenses in case you test positive for the coronavirus disease.
According to this policy, a one-time payment of 100% of the insured amount is provided in case of a positive COVID diagnosis. The coverage is provided when the diagnosis is made by a state-accredited diagnostic centre and for hospital stay of at least 72 hours.
After payment of the insured amount, the policy is closed, and there is no possibility of renewal. You also do not have the option to migrate or transfer the policy from one insurance company to another.
Main features of Corona Rakshak Policy:-
● Eligibility
Anyone between the ages of 18 and 65.
● Sum Insured
The minimum sum insured is ₹ 50,000, and the maximum is ₹ 2.5 lakh.
● Lump-sum Payment
100% benefit for a positive COVID diagnosis by an authorised government centre.
● Scope of Coverage
100% of the insured amount if the diagnosis confirms the presence of COVID-19 and requires hospitalisation for 72 hours in a row. (All India coverage)
● Waiting period
Fifteen days.
● Policy tenure
Individual policy for 3 ½ months, 6 ½ months, and 9 ½ months (No Annual policy term).
What is included in the policy?
● Hospitalisation Expenses
Costs for nursing, hospitalisation, room charge, costs for masks, PPE equipment, oxygen, gloves, ventilator costs, and diagnostic tests are covered by this plan.
● ICU Facility
The amount of insurance coverage also includes the cost of ICU.
● Ambulance Service
Ambulance expenses are also compensated up to a limit of ₹2,000.
● Home Treatment
If the patient needs home care for up to 14 days, the insurer will reimburse him/her.
● Pre and Post Hospitalisation
The policy also covers medical costs incurred before 15 days of hospitalisation and after 30 days of discharge, including diagnostic expenses.
● AYUSH
The plan also covers AYUSH treatment guided for COVID-19 patients by the government.
What is not covered?
● Treatment outside India.
● Any diagnosis unrelated to Covid-19.
● Hospitalisation costs for diagnostic and evaluative purposes.
● Cost of testing at an unknown diagnostic centre.
● Treatment for an existing disease.
● Any request for treatment with Covid-19 before or during the waiting period.
Benefits of Corona Rakshak Policy over a Normal Health Insurance
Regular health insurance does not cover expenses towards PPE kits, masks, gloves, etc. while the cost of these products is covered under the Corona Rakshak policy.
Normal health insurance may not cover AYUSH treatment and home care facilities.
Usually, health insurance comes with the plan of monthly, quarterly, and yearly payment methods while it’s a one-time payment (single-premium plan) under Corona Rakshak Policy.
FAQs Related To Corona Rakshak Policy
● Is a pre-medical examination (PPMC) required to purchase this policy?
No, you don’t need any PPMC.
● What are the benefits of this Corona Rakshak Policy?
Corona Rakshak Policy promises to provide a one-time payment equal to 100% of the chosen insured amount if the insured’s test for COVID-19 is positive and requires hospitalisation for at least 72 hours without interruption.
● Can I get this policy for my parents?
The policy can be used by an individual and the following family members:
Wife/husband
Parents and in-laws
Children
● Do I have to wait for the Corona Rakshak Policy to be applicable?
Yes, the initial waiting time is 15 days from the start of the Corona Rakshak Policy.
● Is there a limit to stay in the hospital?
There is no limit to the number of days. The maximum coverage available is up to the sum insured.
● Are there any additional benefits covered under the Corona Rakshak Policy?
No, Corona Rakshak Policy does not offer any additional benefits or coverage.
● Can the Corona Rakshak Policy get cancelled?
The company can cancel the policy at any time due to false statements, non-disclosure of relevant facts, fraud by means of 7 days written notice. In case of cancellation due to a false declaration, the insurance premium is not refundable.
● Is this insurance good for you?
The Novel Coronavirus has infected millions of people worldwide. And the infection shows no signs of declining. Therefore, it is best to have their own Corona Rakshak health insurance to be financially secure in the event of a COVID-19 medical emergency.
For maximum benefits, this comprehensive health insurance that protects against a wide variety of diseases, including the coronavirus, is best suited for an individual.
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