Home Buisness news Corona Kavach and Corona Rakshak: Financial Protection Against Covid19

Corona Kavach and Corona Rakshak: Financial Protection Against Covid19

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Both Corona Kavach and Corona Rakshak plans have a ready interval of 15 days

Highlights

  • Corona Kavach coverage reimburses the prices incurred in treating Covid-19
  • Corona Rakshak coverage is benefit-based plan that gives a set quantity
  • Both Corona Kavach and Corona Rakshak have a ready interval of 15 days

There isn’t any respite from Covid-19 pandemic throughout the nation, with the whole variety of each, infections and casualties rising with every day. Add to it the prohibitive prices of remedy within the non-public healthcare sector, and the issues solely appear to multiply for the victims and family members alike. Keeping the scenario in thoughts, Insurance Regulatory Development Authority of India (IRDAI) just lately unveiled two Corona-specific insurance coverage insurance policies viz. Corona Kavach and Corona Rakshak, and made it obligatory for common and well being insurers to supply each these merchandise. Corona Kavach is principally an indemnity coverage, which reimburses an individual for the prices incurred in remedy of Covid-19. On the opposite hand, Corona Rakshak is benefit-based; it supplies a set sum of cash regardless of the spending.

Corona Kavach

Corona Kavach is a normal indemnity-based Covid-19 coverage. The policyholder can be reimbursed the precise hospitalisation bills incurred, to the extent of sum insured, supplied the individual has been hospitalized for a minimum of 24 hours. It not solely covers coronavirus remedy, but additionally price of treating co-morbidities.

The Corona Kavach coverage has a sum assured ranging from Rs 50,000 and this may go as much as Rs 5 lakh; there’s, nonetheless, a 5 per cent low cost for the healthcare staff.

In addition to the precise remedy prices, the coverage additionally covers ambulance prices as much as Rs 2,000, price of PPE kits, gloves, masks and different ancillaries.

Corona Rakshak

Corona Rakshak is a profit plan beneath which the insurance coverage firm pays whole sum assured to an individual who has been recognized with coronavirus and hospitalised for a minimal interval of 72 hours. This coverage has a minimal sum insured of Rs 50,000 and this may go as much as Rs 2.5 lakh. Unlike Corona Kavach, Corona Rakshak pays your entire sum assured to the insured individual irrespective of non-public bills. Even an individual who has obtained free remedy in a authorities hospital will get your entire sum assured, supplied the hospital keep has exceeded 72 hours.

Both Corona Kavach and Corona Rakshak have a ready interval of 15 days and provide cowl for various time intervals viz. 3.5 months, 6.5 months and 9.5 months.

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