Essential Guide to Understanding the Corona Rakshak Policy

Essential Guide to Understanding the Corona Rakshak Policy

The COVID 19 vaccine is now available and this has given much relief to us all. However, as the pandemic is still on, we need to still take precaution to keep ourselves and our loved ones secured. Having adequate health insurance is an important part of staying secured. However, when COVID 19 unfortunately strikes us, there are many expenses that do not come under the coverage of our health insurance plan. So, how does one cope with those? An answer to this dilemma might be in the form of the Corona Rakshak Policy. In this article, we will take a look at this much-need form of coverage and how it can help you. 

What is the Corona Rakshak Policy?

The Corona Rakshak Policy is a benefit-based plan that pays a lump sum benefit to the insured individual if they are admitted to hospital for COVID 19. The hospitalisation should be for a minimum period of 72 hours for you to qualify for the claim. 

Under the Corona Rakshak Policy, you can opt for a sum insured ranging from Rs 50,000 to Rs 2.5 lakhs. 

Once the lump sum is paid to you, you can use it for any expense as you deem fit. For instance, during hospitalisation, you may face certain expenses that do not get covered in your health insurance plan. The lump sum from the Corona Rakshak Policy can be used for these expenses. You can also use the Corona Rakshak Policy as income replacement. The amount can help you pay bills like your rent, utilities, credit card, and so on. This way, you can try to save yourself from depleting your hard-earned savings when you are ill. 

The coverage of the Corona Rakshak Policy can be bought for a tenure of 3 ½, 6 ½, or 9 ½ months. 

Who can buy the Corona Rakshak Policy?

The Corona Rakshak Policy is available for purchase for anyone between the ages of 18 to 65 years.  

You can easily buy your Corona Rakshak Policy online these days. That way, you get to purchase coverage at your convenience and also maintain social distancing. 

Corona Rakshak Policy vs. Corona Kavach Policy

The Corona Kavach Policy is an indemnity-based policy for COVID 19 hospitalisation and is not to be confused with the Corona Rakshak Policy which is benefit-based. However, that is not the only difference between these two types of health insurance plans for COVID 19. Here are some other differences to note –

Sum insured – The Corona Rakshak Policy offers a sum insured ranging from Rs 50,000 to Rs 2.5 lakhs whereas the Corona Kavach Policy offers a sum insured between Rs 50,000 to Rs 5 lakhs. 

Coverage – The Corona Rakshak Policy can only be bought for individual coverage. On the other hand, the Corona Kavach Policy can be bought as an individual or family floater plan. 

We hope that this has proven to be an informative read on the Corona Rakshak Policy. Do read the entire detail of the policy so that you are aware of the terms of coverage. Take care and stay safe!