The Corona Kavach and Corona Rakshak are two fundamental normal well being insurance policies which can be found at an inexpensive value. These policies have been first launched in June 2020 with a deadline of March 31, 2021. With the second wave of pandemic hitting the nation, the regulator in March this yr had prolonged this coverage to September 30, 2021. However, with covid nonetheless prevalent in lots of elements of the nation, IRDAI has determined to increase it additional till March subsequent yr.
What is Corona Kavach and Corona Rakshak?
To defend the massive part of uncovered and undercovered inhabitants towards the coronavirus, the insurance regulator had mandated all normal insurance and stand-alone well being insurance firms to supply two covid-particular normal well being insurance policies referred to as Corona Kavach and Corona Rakshak.
Corona Kavach coverage is a normal indemnity-primarily based well being insurance coverage towards Covid-19. This coverage provides to reimburse the precise bills in case of Covid 19 illness as much as the sum insured. The minimal sum insured is Rs 50,000 whereas the utmost sum insured provided below this coverage is Rs 5 lakh. You can buy this coverage as a person or household floater plan. To be eligible for this insurance, the affected person needs to be hospitalised because of covid for no less than 24 hours.
Corona Rakshak, then again, is a normal profit-primarily based well being insurance coverage. This coverage provides to payout the insured sum within the wake of the lined individual being identified with covid 19 illness with particular severity. The minimal sum insured is Rs 50,000 whereas the utmost sum insured below this coverage is Rs 2.5 lakh. This coverage will not be out there as a household floater plan however solely as a person coverage. A minimal hospitalisation for 72 hours is required for the lined individual to be eligible for the profit fee.
#Note-Author Name –