Corona Kavach and Corona Rakshak are two basic standard health insurance policies that are available at an affordable price. These policies were first launched in June 2020 with a deadline of March 31, 2021. With the second wave of the pandemic in the country, the regulator in March this year extended the policy till September 30, 2021. However, with COVID still prevalent in many parts of the country, IRDAI has decided to extend it further till March next year.
What is Corona Kavach and Corona Protector?
In order to protect a large section of the untouched and undercover population from corona virus, the insurance regulator has mandated all general insurance and stand-alone health insurance companies to offer two COVID-specific standard health insurance policies namely Corona Kavach and Corona Rakshak Was.
Corona Kavach Policy is a standard indemnity-based health insurance policy against COVID-19. This policy offers to reimburse the actual expenses up to the Sum Assured in case of COVID-19 illness. The minimum sum assured is Rs 50,000 while the maximum sum assured offered under this policy is Rs 5 lakh. You can buy this policy as an individual or as a family floater plan. To be eligible for this insurance, the patient has to be hospitalized due to COVID for at least 24 hours.
On the other hand, Corona Rakshak is a standard benefit-based health insurance policy. This policy offers to pay the Sum Assured to the covered person in view of suffering from COVID 19 disease with specific severity. The minimum sum assured under this policy is Rs 50,000 while the maximum sum assured is Rs 2.5 lakh. This policy is not available as a family floater plan but only as an individual policy. The covered person is required to have a minimum hospitalization of 72 hours to be eligible for benefit payment.