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Types of COVID-19 Insurance

Know more about the types of COVID-19 insurance plans in detail

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Coronavirus pandemic has now impacted people in around 200 countries, including India. To address the need for protection against COVID-19 19, IRDAI directed all the health and general insurance companies to offer two standard types of COVID-19 insurance plans – Corona Kavach and Corona Rakshak. These types of COVID-19 insurance plans have been designed to provide unique insurance benefits.

Other than these types of COVID-19 insurance plans, you can also opt for COVID-19 riders available with life insurance plans. 

Types of COVID-19 Insurance

The Indian government aims to address the need for an insurance cover for COVID-19through two different types of COVID-19 insurance. The name of these types of Coronavirus insurance plans is to be kept uniform across the industry, followed by the insurance company's name. While one of these types of Coronavirus insurance plans is an indemnity plan, the other is a fixed benefit plan.

Given below are two types of COVID-19 insurance in India:

  • Corona Kavach
  • Corona Rakshak

Let’s understand the types of COVID-19 insurance in detail below:

Corona Kavach

Being one of the two standard types of COVID-19 insurance, Corona Kavach covers the cost of treatment required for COVID-19disease. The sum insured ranges from Rs. 5,000 to Rs.5 Lakhs for COVID-19 health insurance. Unlike other types of COVID-19 insurance, it can be bought by paying a single premium for the following tenures:

  • 3.5 months
  • 6.5 months
  • 9.5 months

What makes Corona Kavach popular amongst different types of COVID-19 insurance plans is that it is standardised. 

Being one of the two types of COVID-19 insurance, it covers the treatment of comorbidities, PPE, and homecare. These aspects are not generally covered under basic health insurance plans. 

Corona Rakshak

It is one of the two types of COVID-19 insurance plan which offers a fixed lump sum, unlike Corona Kavach. You can think of it as one of the benefit-based types of COVID-19 insurance plan that pays a lump sum amount – the sum insured to the policyholder.

The only condition to get the benefits of Corona Rakshak is that the policyholder must be hospitalised for seventy hours minimum after being diagnosed positive for COVID-19disease.

Some other important details about Corona Rakshak are:

  • Unlike the other types of COVID-19 insurance plans, the sum insured of this policy ranges from a minimum of Rs. 50,000 to Rs. 5 Lakhs
  • The policy ceases to exist once the related insurance benefit is paid out
  • An individual can buy it for a policy tenure of 3.5 months, 9.5 months, and 6.5 months with a one-time premium payment

COVID-19 Insurance Riders – A Unique Type of Coronavirus Insurance

Unlike standalone types of COVID-19 insurance plans, you can benefit from life insurance riders while buying life insurance plans to deal with the expenses related to COVID-19 19 treatment.

Think of these riders as one of the significant types of COVID-19 insurance with which you can get insurance coverage against COVID-19 19 disease diagnosis. They are different from Corona Kavach in many ways. 

How to Buy Different Types of COVID-19 Insurance?

Irrespective of the types of COVID-19 insurance you want to buy, the Internet has made things easier. Here are the steps to be followed:

1. Visit our online portal and look for the base insurance products to buy Max Life COVID-1919 One Year Term RiderCOVID-19.

2. Proceed with the policy buying process by entering your personal details, like name and age, along with choosing the right sum insured.

3. Pay premium online. 

Irrespective of the types of COVID-19 insurance you want to buy, the Internet has made things easier. Here are the steps to be followed:

1. Visit our online portal and look for the base insurance products to buy Max Life COVID-1919 One Year Term RiderCOVID-19.

2. Proceed with the policy buying process by entering your personal details, like name and age, along with choosing the right sum insured.

3. Pay premium online. 


Important Facts Related to Types of COVID-19 Insurance

Before you plan to buy any of the two types of COVID-19insurance policies – Corona Kavach or Corona Rakshak, you must know the following crucial facts:

1. You cannot choose a sum insured higher than the given limit of these two types of COVID-19 insurance plans.

2. It is crucial to check the details of the chosen policy to understand its coverage, and then buy the one that best fits your needs.

Before you plan to buy any of the two types of COVID-19insurance policies – Corona Kavach or Corona Rakshak, you must know the following crucial facts:

1. You cannot choose a sum insured higher than the given limit of these two types of COVID-19 insurance plans.

2. It is crucial to check the details of the chosen policy to understand its coverage, and then buy the one that best fits your needs.
 

3. The waiting period of both these types of COVID-19 insurance plans is 15 days only, unlike other plans for whom it goes up to 48 months.

Frequently Asked Questions (FAQs)

Q. How to File a Claim Against Different Types of COVID-19 Insurance?

A. If you are tested positive for Coronavirus infection, inform the insurer from whom you have bought any of these two types of COVID-19 insurance. Their team will help you proceed with the claim settlement process.

Q. Can I Buy Different Types of COVID-19Insurance Riders Online?

A. Yes, it is possible to buy COVID-19 insurance online. Check the process to be followed to buy Max Life COVID-19 19 One Year Term Rider.

Q. Can I Get Home Care Treatment Under Different Types of COVID-19 Insurance?

A. Yes, home care treatment is covered under both the types of COVID-19 insurance - Corona Kavach and Corona Rakshak and is valid for 14 days.

Q. Do Various Types of COVID-19 Insurance Cover Comorbid Diseases?

A. Corona Kavach and Corona Rakshak – the exclusive types of COVID-19 insurance plans, cover comorbidities and pre-existing comorbidities.

Q. Can I Buy Max Life COVID-19 Rider on My Existing Policy?

A. The existing life insurance plans from Max Life Insurance cover deaths arising due to COVID-19 19 disease. However, to get the additional benefits under Max Life COVID-19 rider, you need to buy a new life insurance plan and add this as a rider. You can calculate how the premium varies with this rider using our online calculator.

Source:

https://www.maxlifeinsurance.com/content/dam/corporate/Riders/Max-Life-COVID-1919/COVID-19-19-One-Rider-Prospectus.pdf

https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4185&flag=1

https://www.lifeinscouncil.org/component/Corona%20Rakshak%20Policy26062020.pdf

ARN: Jul23/Bg/05M

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