For those of us who did not take health insurance before, the COVID 19 pandemic truly served as a wake-up call. Now more than ever, people have begun realizing the need for medical coverage. As the current global health crisis has shown us, anyone can fall ill when they least expect to. It is, thus, advisable to always be prepared.
In an effort to bring more people under the fold of health insurance, the IRDAI (Insurance Regulatory and Development Authority of India) launched an indemnity-based COVID 19 health insurance plan called Corona Kavach Policy. This short-term health insurance plan offers coverage for COVID 19 related hospitalisation, pre-and post-hospitalisation care, AYUSH, and telemedicine charges as outlined in the policy terms.
Being a relatively new product specific to the pandemic, the Corona Kavach Policy may not be as widely known as some of the more familiar health insurance products. Yet, it is just as important. In this article, we answer 6 of the most frequently asked questions on the Corona Kavach Policy to help you get a better understanding of this product.
- What gets covered under the Corona Kavach Policy?
The Corona Kavach Policy is specifically designed for COVID 19-related medical treatment. It covers COVID 19 hospitalisation expenses including the cost of consumables, pre-hospitalisation costs for 15 days, post-hospitalisation costs for 30 days from discharge date, telemedicine charges, ambulance costs, and AYUSH within the scope of coverage outlined in the policy terms. Claims will also be accepted if the patient is being treated at a makeshift treatment centre that has government approval. Note that the Corona Kavach Policy cannot be used for any other illnesses apart from COVID 19.
- What is the Corona Kavach Policy tenure?
The Corona Kavach Policy is a short-term health insurance policy. It is available in three tenures of 3 ½, 6 ½, and 9 ½ months.
- What is the sum insured under the Corona Kavach Policy?
The Corona Kavach Policy sum insured starts at Rs 50,000 and goes up to Rs 5 lakhs.
- Can I buy the Corona Kavach Policy as a family floater plan? If yes, who can be covered in my family?
Yes, you can buy the Corona Kavach Policy as a family floater health insurance plan.Under this family floater plan, you may cover your spouse, parents, parents-in-law, and dependent children (biological and legally adopted).
- What is the age limit for buying coverage?
Anyone between the ages of 18 years to 65 years may buy coverage. Under a family health insurance, a child may be covered from day 1.
- Does the premium for the Corona Kavach Policy have tax benefits?
Yes, like with any other health insurance product, the premium you pay for your Corona Kavach Policy enjoys tax deductions under Section 80D of the Indian Income Tax Act.
We hope that these answers helped improve your knowledge of the Corona Kavach Health Insurance Policy.
Take care, practice social distancing, and stay safe.