The Corona Kavach and Corona Rakshak are two basic standard health insurance policies which are available at an affordable price. These policies were first launched in June 2020 with a deadline of March 31, 2021. With the second wave of pandemic hitting the country, the regulator in March this year had extended this policy to September 30, 2021. However, with covid still prevalent in many parts of the country, IRDAI has decided to extend it further till March next year.
What is Corona Kavach and Corona Rakshak?
To protect the large section of uncovered and undercovered population against the coronavirus, the insurance regulator had mandated all general insurance and stand-alone health insurance companies to offer two covid-specific standard health insurance policies called Corona Kavach and Corona Rakshak.
Corona Kavach policy is a standard indemnity-based health insurance policy against Covid-19. This policy offers to reimburse the actual expenses in case of Covid 19 disease up to the sum insured. The minimum sum insured is Rs 50,000 while the maximum sum insured offered under this policy is Rs 5 lakh. You can buy this policy as an individual or family floater plan. To be eligible for this insurance, the patient has to be hospitalised due to covid for a minimum of 24 hours.
Corona Rakshak, on the other hand, is a standard benefit-based health insurance policy. This policy offers to payout the insured sum in the wake of the covered person being diagnosed with covid 19 disease with specific severity. The minimum sum insured is Rs 50,000 while the maximum sum insured under this policy is Rs 2.5 lakh. This policy is not available as a family floater plan but only as an individual policy. A minimum hospitalisation for 72 hours is required for the covered person to be eligible for the benefit payment.