Difference Between Corona Kavach and Corona Rakshak Health Insurance
COVID-19 Health Insurance Plans: The Insurance Regulatory and Development Authority of India recently made it mandatory for insurance companies to offer COVID-19 specific short-term health insurance plans namely Corona Kavach Plan and Corona Rakshak Plan. These two plans are meant to insure policyholders against the healthcare cost incurred due to the pandemic causing coronavirus disease.
What is the difference between Corona Kavach Policy and Corona Rakshak Policy?
Although both corona kavach and corona rakshak are COVID-19 specific health insurance plans, they are quite different from each other. Let’s read how.
|
Basis |
Corona Kavach Health Plan |
Corona Rakshak Health Plan |
|
Type of Plan |
Indemnity-based |
Fixed Benefit |
|
Offered By |
Health and General Insurance companies |
All insurance companies |
|
Sum Insured Limits |
Rs. 50,000 - Rs. 5,00,000 |
Rs. 50,000 - Rs. 2,50,000 |
|
Minimum Hospitalisation Required |
24 hours |
72 hours |
|
Family Plan Option |
Available |
Not Available |
|
Hospital Daily Cash Cover |
Available |
Not Available |
Type of Health Insurance Plan
First of all, Corona Kavach is an indemnity-based plan whereas Corona Rakshak is a fixed benefit-based plan. Thus, a Corona Kavach plan provides reimbursement for COVID-19 hospitalisation expenses to the extent of sum insured upon hospitalisation for at least 24 hours. Whereas, under a Corona Rakshak plan, an insurance company pays the sum assured to the policyholder after he/she gets diagnosed with coronavirus and hospitalised for at least 72 hours.
Availability
Only health and general insurance companies are allowed to sell Corona Kavach Plans, whereas Corona Rakshak plans can be offered by all insurance companies including life insurance companies.
Maximum Sum Insured
The amount of minimum sum insured under both Corona Kavach and Corona Rakshak is the same - Rs. 50,000. However, the maximum sum insured allowed under Corona Kavach is Rs. 5 lakh and under Corona Rakshak is Rs. 2.5 lakh.
Minimum Hospitalisation Period
Under a Corona Kavach plan, the policyholder is eligible for the insured upon hospitalisation for a minimum of 24 hours and under a Corona Rakshak plan, upon hospitalisation for at least 72 hours.
Availability of Family Plan
A Corona Kavach plan is available on individual as well as on family floater basis, whereas, a Corona Rakshak plan is only available on an individual basis.
Availability of Optional Cover
Under Corona Kavach plans, policyholders can opt for an optional cover called ‘Hospital Daily Cash’ cover, however, this cover is not available under Corona Rakshak plan. Under this optional cover, the insurance company pays 0.5% of the sum insured per day for every 24 hours of continuous hospitalization for a maximum of 15 days.
Note: Both these policies should not be followed as a substitute for a comprehensive health cover.
Read more: Covid-19 Health Insurance
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
