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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. 

Get Insurance Benefits for COVID-19 19 Disease the Max Life Way

We all plan to protect our financial future in one way or the other, not knowing that uncertainties like COVID-19would significantly affect our lives. Max Life Insurance understands the possible impact of such uncertainties on your finances. To help you overcome the COVID-19related challenges, we offer Max Life COVID-1919 One Year Term Rider (UIN: 104B048V01).

Unlike other types of COVID-19 insurance, Max Life COVID-19Rider offers financial protection in case of both diagnosis and death arising from COVID-19disease.

We all plan to protect our financial future in one way or the other, not knowing that uncertainties like COVID-19would significantly affect our lives. Max Life Insurance understands the possible impact of such uncertainties on your finances. To help you overcome the COVID-19related challenges, we offer Max Life COVID-1919 One Year Term Rider (UIN: 104B048V01).

Unlike other types of COVID-19 insurance, Max Life COVID-19Rider offers financial protection in case of both diagnosis and death arising from COVID-19disease.

Let us dig deeper into the features of Max Life COVID-19 19 One Year Term Rider.

Key Features

With Max Life COVID-19 19 One Year Term RiderCOVID-19, you can get up to Rs.2 lakh payout upfront on COVID-19 diagnosis, unlike various types of COVID-19insurance. Not only this, you will get the payout even if you are in home quarantine and not admitted to any hospital for treatment under this rider.

  • Diagnosis Benefit

On being diagnosed positive with COVID-19-19, the life insured receives 20% of the Rider Sum Assured as a lump sum to meet the medical expenses for protection against the disease.

  • Death Benefit

In case of the unfortunate demise of the life insured after COVID-19diagnosis, the rider pays 100% of the Rider Sum Assured to the dependents provided the date of death is within the rider coverage tenure.

Other Important Facts Related to Max Life COVID-1919 One Year Term Rider

  • It is a single premium rider that has a tenure of one year. The minimum and maximum entry age acceptable for this rider is 18 and 65 years, respectively.
  • The minimum single premium you have to pay to buy Max Life COVID-19 rider is Rs. 271 (excluding applicable taxes, cesses or levies as imposed by the Government from time to time) for a sum assured of Rs. 1,00,000. The premium rate does not vary as per gender or age of the life insured.
  • The policy revival does not apply to this rider, it being a single premium option. However, the rider coverage will lapse if the base plan bought under this rider lapses during the rider tenure.
  • In general, the waiting period is of 15 days from the date of issuing the policy. No benefit is payable in case the insured event occurs during this period.
  • For diagnosis benefit, a test report confirming COVID-19positive state from an authorised test center is needed.
     

Base insurance products with which you can buy Max Life COVID-19Rider are:

S. No.

Product Name

1

Max Life Assured Wealth Plan (UIN: 104N096V04; Non Linked Non Participating Individual Life Insurance Savings Plan)

2

Max Life Life Perfect Partner Super (UIN: 104N077V03; Non Linked Participating Individual Life Insurance Savings Plan)

3

Max Life Monthly Income Advantage Plan (UIN: 104N091V05; Non-Linked Participating Individual Life Insurance Savings Plan)

4

Max Life Whole Life Super Plan (UIN: 104N080V04; Non-Linked Participating Individual Life Insurance Savings Plan)

5

Max Life Super Term Plan (UIN: 104N086V04; Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan)

6

Max Life Future Genius Education Plan (UIN: 104N094V03; Non-Linked Participating Individual Life Insurance Savings Plan)

7

Max Life Guaranteed Income Plan (UIN: 104N085V04; Non-Linked Non-Participating Individual Life Insurance Savings Plan)

8

Max Life Online Term Plan Plus (UIN: 104N092V04; Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan)

9

Max Life Savings Advantage Plan (UIN: 104N111V02; Non-Linked Participating Individual Life Insurance Savings Plan)

10

Max Life Smart Term Plan (UIN: 104N113V04; Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan)

11

Max Life Cancer Insurance Plan (UIN: 104N093V03; Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Plan)

12

Max Life Smart Wealth Plan (UIN: 104N116V04; Non-Linked Non-Participating Individual Life Insurance Savings Plan)

 

Max Life Insurance COVID-19 Rider Vs. Corona Kavach

Parameters

Max Life COVID-1919 One Year Term Rider

Corona Kavach

Need for Medical Bills

No

Yes

Home Quarantine Coverage

Yes; Lesser benefit available

Yes; Higher lump sum benefit

Age Impact on Premium

No

May occur

COVID-19 19 Diagnosis benefit

Yes

Limited

Death Benefit

100% of Rider Sum Assured

NA

 

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: Jan21/Bg/21

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