Corona Kavach Policy

The COVID-19 pandemic has brought the world to a standstill and changed our lives significantly. India is currently the third worst-hit country and the cases are only rising every day.

To ease the financial pressure brought by this pandemic, the IRDAI (Insurance Regulatory & Development Authority of India) recently launched the Corona Kavach (which refers to, armor in English) Policy, an affordable, one-time payment cover that can help those who may be infected with the virus to cope with the financial repercussions of its medical care and costs.

Confused about what it entails and whether you should get it or not? Read on as we simplify it for you! 

For more information on the exact coverages and the premium details, click here.

Anyone can buy the Corona Kavach policy but does it make sense for everyone to buy it?

We’ve listed down four different people who may find the Corona Kavach policy useful, read below to see if you fall in any of the categories.

1. The Uninsured

If you currently don’t have any health insurance, then it is probably wise to either get a health insurance right now or, at least get the Corona Kavach cover.

This will help you stay financially secure amid the uncertain times we’re living in today. While a health insurance is higher in premium, it comes with a lot of more benefits and is a long-term cover versus the Corona Kavach that is a short-term policy and is only designed to cover hospitalization and treatment for the COVID-19. 

2. The Shielded

If you already have a health insurance but, feel that your current plan is too basic and limited then you may choose to get the Corona Kavach specifically for the risks associated with the coronavirus so that you have enough coverage above and beyond your current health insurance plan.

The ideal way to go about this would be to first assess your current health insurance and evaluate if it’s enough for you and your family’s healthcare needs or not. If it’s not, then you can go for an additional cover; either the Corona Kavach or the Corona Rakshak.

3. Corporate Hotshots

If you are currently working in an organization that also provides you with a group medical insurance, but you feel that it isn’t enough or worse, it doesn’t cover treatment related to the coronavirus, then it’s wise to buy the Corona Kavach cover as an additional cover that will help you manage the potential treatment costs for the same. 

4. The Vulnerable Ones

Unfortunately, COVID-19 poses a greater risk to some people. People ages 60 and above, those with other illnesses and diseases such as diabetes, cancer, chronic respiratory diseases and cardiovascular diseases, among others.

If you or your parents fall into this category, then it makes sense to also get an additional cover (apart from your health insurance) to cover for the coronavirus.

Advantages

• One-time payment cover: You only have to pay the premium for corona kavach at the time of purchase, unlike a regular, annual premium.
• Short waiting period: The waiting period for the corona kavach cover is of 15-days only, i.e. you can claim and benefit from the cover after 15 days of its purchase.
• Best suited for those without any health insurance: If you’re someone who doesn’t have any health insurance policy right now, then it could be a reasonable option to get the corona kavach given its affordability and short waiting period.
• Affordable premium: The objective of the IRDAI launching the corona kavach has been to ease the financial pressure for people during these uncertain times, and is hence priced at an affordable rate.

Disadvantages

• It is a short-term cover: The corona kavach cover is specifically designed for a short-term basis and hence they payment too, is one-time. The cover is only valid for up to 9.5 months and expires once you’ve made one claim.
• Treatment limited to COVID-19: The corona kavach cover is only designed to cover for treatment and hospitalization costs of the COVID-19, no other illnesses and diseases are covered.
• Limited Sum Insured: Since the corona kavach cover is made for treatment and hospitalization costs of the COVID-19 only, the sum insured is limited to a maximum of 5 lakhs only.
• Limited healthcare & financial benefits: While the corona kavach is affordable, it only covers for coronavirus related treatments therefore from a healthcare and financial perspective, it comes with very limited benefits as compared to a standard health insurance that comes with a range of benefits, especially long-term benefits.
• Not as beneficial for those with a good health insurance plan: If you are someone who already has a good health insurance plan for you and your family members, then the corona kavach wouldn’t make much sense for you as your current health insurance too will cover for the COVID-19 nonetheless.

• Brand - Many health insurers are offering the corona kavach cover today. While the policy offered may be similar, the brand you choose does make an overall difference. So, while you have many options to choose from, evaluate all health insurers in the market – check for their reputation, social media ratings and common perception so you’re able to make a smart choice for your health and wealth.
• Waiting Periods - The corona kavach cover comes with a standard initial waiting period of 15-days. However, if you plan on going for an extended health insurance policy, do check on the different waiting periods health insurers offer and choose the one that suits you and your family’s situation best. For example, a waiting period for maternity cover may not make sense for someone not planning to have kids but will for someone who does plan on having kids soon.
• Service Benefits - Since all health insurers are offering similar corona kavach policies, what will set them apart from each other are the service benefits they offer. So, always check for any additional benefits that may seem valuable to you.
• Cashless Hospitals - Every health insurer has a network of cashless hospitals where you can opt for cashless treatment and this makes the process slightly better than the reimbursement process. Hence, check for the list of cashless hospitals to see if your potential health insurer offers cashless treatment or not, in the hospital of your choice.
• Process - Insurance processes often hold a bad name cause they’re long and cumbersome. However, today there are many new-age companies that are the exact opposite! So, check if your potential health insurer’s processes; are they digital-friendly, zero-touch or more conventional and choose what works better for you! 
• Claim Settlement Ratio - You want a health insurer that will settle your claims quick in times of need! 
• Customer Reviews - Customers are a product’s most trusted source of feedback! Hence, always look for customer reviews of the insurer you’d like to take your corona kavach or any other health insurance covering coronavirus from so that you’re sure to make a sound decision! 

Apart from the Corona Kavach cover, there are many other health insurance policies offering coverage for the COVID-19, such as:

Health Insurance covering COVID-19

Today, most standard health insurance policies cover for coronavirus, despite it being a pandemic.

If you’ve already got a health insurance, confirm and check with your insurer if the COVID-19 is covered or not.

If you haven’t got any health insurance for coronavirus yet then maybe this is the right time to evaluate your options and decide to get one to cover not only for the COVID-19 but, also for all your other healthcare needs in the long-term.

Corona Rakshak Health Insurance

The Corona Rakshak is a similar, pocket-size health insurance to cover for only the coronavirus. Here too, you have to pay the premium only at the time of purchase.

However, instead of opting for cashless treatments or getting expenses reimbursed, the corona rakshak is a lumpsum cover wherein, if you are infected with the virus, you will get the complete sum insured as a lumpsum amount.

Group Health Insurance – Coronavirus Cover

Given the situation today, it is recommended that all organizations big and small provide a group health insurance for their employees.

However, we understand that some small business may not be able to afford comprehensive health plans, they can instead opt for a group coronavirus cover to cover their employees against the coronavirus.