How much Premium will you pay for indemnity type Covid kavach Health Insurance ?

As mandated by insurance regulator, Irdai, several general and health insurers have now come up with the standard Covid-specific indemnity plan, Corona Kavach, while not everyone has come out with the optional benefit-based plan, Corona Rakshak.

The Covid Kavach is an indemnity type insurance plan that is available for individuals and families. It will offer sum insured of up to Rs 5 lakh for hospitalisation expenses related to Covid-19. The policy will cover consumables such as PPE kit, gloves, mask and other similar expenses incurred during treatment of coronavirus. The plan also covers ventilator and ICU charges, as well as the cost of oximeter and oxygen cylinder. The cover can be taken for oneself, spouse, parents, parents-in-laws  ..

Here are some insurers’ premium rates for a 35-year-old man for a Rs 5 lakh plan.

                                   

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Differences between Corona Kavach Policy and Corona Rakshak Policy :

The biggest difference is that in Corona Kavach Policy only the hospital bill gets reimbursed as it is an indemnity-based plan but in Corona Rakshak Policy, the 100 per cent of the sum insured is paid to the policyholder as it a benefit-based plan.

Corona Kavach Policy: IRDAI had recently mandated insurance companies to offer short-term health plans that will cover hospitalisation expenses related to the treatment of COVID-19. This will help individuals buy specific health cover for meeting hospital costs due to coronavirus. Both Corona Kavach Policy and Corona Rakshak Policy are health insurance plans meant for Covid-19 related hospital expenses.

There are at least two benefits of such exclusive COVID-19 health plans:

i) The no-claim bonus on existing health insurance plans is not immediately impacted and

ii) One need not continue to pay premium till lifetime as they are short-term plans.

But, before you buy them, know 7 differences between the two plans.

Who offers them :-

Corona Kavach Policy, the COVID Standard Health Policy need to be compulsorily offered by all general and health insurance companies and life insurance companies cannot offer them. To buy Corona Rakshak Policy, one may approach any insurer including the life insurance company.

Availability :-

Corona Kavach Policy is to being offered by 29 insurers from July 10. As far as Corona Rakshak Policy, the standard benefit-based health policy is concerned, the IRDAI had asked insurers to launch them preferably before July 10, however, it remains to be seen when they start launching them.

Minimum and maximum :-

The minimum sum insured for Corona Kavach Policy is Rs 50,000 and the maximum is Rs 5 lakh while for the Corona Rakshak Policy, the minimum sum insured is Rs. 50,000 and the maximum limit shall be Rs.2.5 lakh.

Hospitalisation :-

In the Corona Kavach Policy, the base coverage or the sum insured will apply only when there is a hospitalization of a minimum period of 24 hours. The hospital expense up to the sum insured will be paid as claim by the insurer irrespective of the days of stay in the hospital. But, in the case of Corona Rakshak Policy, it requires hospitalization for a minimum continuous period of 72 hours.

Nature of policy :-

The Corona Kavach Policy shall have One Basic mandatory cover and One Optional Cover. The premium payable towards this Optional Cover will have to be paid separately so as to enable policyholders to choose and pay based on the need. The Base Cover of Corona Kavach Policy will be offered on Indemnity basis whereas Optional Cover shall be made available on Benefit Basis.

In an indemnity cover, the claim is paid as per the hospital bills while in a Benefit cover, the entire sum insured is paid to the policyholder.

“While Corona Kavach is an indemnity based plan that reimburses policyholders based on medical expenses incurred for treatment of COVID, Corona Rakshak is a benefit plan that offers fixed compensation upon the patient being diagnosed with COVID and being hospitalized for 72 hours, irrespective of the medical expenses incurred"

Type of policy :-

One can buy Corona Kavach both on an individual basis and on Family Floater basis but Corona Rakshak is offered on an individual basis only and hence no Family Floater option is available in it.

Optional benefit :-

The Corona Kavach Policy gives one the option to add ‘Hospital Daily Cash’ cover. Under it, the insurer will pay 0.5 per cent of the sum insured per day for every 24 hours of continuous hospitalization for treatment of COVID following an admissible hospitalization claim under this policy. The benefit shall be payable maximum up to 15 days during a policy period. However, there is no such feature in Corona Rakshak policy as it is entirely a benefit-based plan.

What to do :-

In both policies, co-morbidity arising out of treatment in Covid-19 is also covered, so it is better to keep a high cover. Being a short plan and the ongoing incident of the virus, it's better to choose a longer term and high sum assured. But do not ever consider it as a substitute for a regular health insurance plan. “The policy should not be considered as a substitute for a comprehensive health cover. In case you do not have basic health cover, this policy can help provide specific cover with regards to any medical expenses towards the treatment of COVID-19, at an affordable price. In case you already have a health insurance policy, you can purchase this policy as a supplementary cover".

                              For more details and information ,Please contact

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WILL STANDARD BENEFIT BASED CORONAVIRUS HEALTH INSURANCE POLICY HELP YOU ?

  The Insurance Regulatory and Development Authority of India(IRDA) had directed all general and Health insurance companies to offer a Standard Benefit Based Covid-19 Health Insurance Product.

  The Product has not been made mandatory by the regulator. This means that insurers can decide whether they want to offer the policy.

  This will be a Standard Benefit Insurance Policy for Individual which will provide coverage of up to 2.5 lakh for Hospitalization expenses related to covid-19.

  The policy will be named as CORONA RAKSHAK Policy succeeded by the name of Insurance company.

  These are the important Key features of the Standard coronavirus Policy : 

1. The Health Insurance policy will take care of basic covid -19 related Health needs of the insuring public,
2. It will be a standard product with common policy wording across the Industry .
3. Senior citizen up to 65 years can avil his policy.
4. The policy will be issued for 3 1/2 months , 6 1/2 months , 9 1/2 months .i.e 105 days ,195 days, 285 days.
5. The policy will be offer on Individual Basis only ,
6. The insured will be allowed free look period of at least 15 days from the date of receipt of the policy to review the terms and conditions of the policy and to cancel the policy if not acceptable.
7. The guidelines will remain valid till March 31 ,2021.

How the benefit based Covid-19 policy will work - 

  As per the IRDAI guidelines , lump sum benefit equal to 100 percent of the sum insured shall be payable on positive diagnosis of Covid-19 , requiring Hospitalization for a minimum period of three continuous days i.e 72 hrs.The positive diagnosis of Covid-19 shall be from a government authorized diagnostic centre.

  The diagnosis has to be confirmed by authorized centres as declared by the Ministry of Health Welfare ,Government of India.

  For instances , you buy this covid-19 Health policy with a maximum sum insured of Rs 2.5 lakh, then on Hospitalization, you will get a lump sum payout of Rs 2.5 lakh. However  , in case your hospital bill goes higher than  the sum insured , then in that case , you will have to bear the additional cot from your pocket .

 The Premium difference 

  Being a standard product , insurers will be allowed to price the product following their underwriting understanding. what this means is that the policy premium will vary across all insurers. 

Will the benefit based Covid-19 policy help you ?

  This benefit based Covid-19 cover can be useful for someone who does not have a Health insurance policy and is looking for one to protect himself/herself  aimed the coronavirus pandemic . However , If you already have a sufficient regular or comprehensive health insurance policy then  you may not need this standard benefit policy as you are likely to be already covered for Covid-19 treatment under your existing regular or comprehensive health insurance policies .

                     So, would you like to but a covid-19 standard Benefit Based Health Policy. 

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Health Insurance claims can not contestable after 8 years of Premium payment : IRDAI

     Health Insurers will not be allowed to contest claims once the premium has been paid for a continuous period of eight years, regulator IRDAI said in a fresh set of guidelines.IRDAI said the objective of the guidelines is to standardise the general terms and clauses incorporated in indemnity based Health Insurance(Excluding Personal Accident and Domestic / overseas travel) produced by simplifying the wordings of general terms and claused of the policy contracts and ensure uniformity across the industry.

    All policy contracts of the existing Health Insurance products That are not in compliance with these guidelines shall be modified as when they are due for renewal from April 1 ,2021 onwards.

    After completion of eight continuous years under the policy no look back to be applied ..after expiry of MORATORIUM PERIOD no health insurance claim shall be contestable except for PROVEN FRAUD and PERMANENT EXCLUSION specified in the policy contract .The policies will ,however be subject to limits, sublimits, co-payments , deductibles as per the policy contract.

             " THIS PERIOD OF EIGHT YEARS IS KNOWN AS MORATORIUM PERIOD  "

    The Moratorium would be applicable for the sums insured of the policy and subsequent completion of eight continuous years would be applicable from the policy enhancement of sums insured only on the enhanced limits The regulator said in the guidelines on STANDARDIZATION OF GENERAL TERMS AND CLAUSES IN HEALTH INSURANCE POLICY CONTRACTS.    

    On Claim settlement,IRDAI said the insurance company should settle or reject a claim, as the case may be,within 30 days from the date of receipt of last necessary document.

     In the case of delay in the settlement of claim , the company will liable to pay interest to the policy holder from the date of receipt of last necessary document to the date of payment of claim at the rate of 2 per cent above the bank rate.

    It also said the policy will become void and all premium paid will be forfeited to the company in the event of misrepresentation, misdescription and non disclosure of any material facts by the policyholder.

    On Portability ,the guidelines said the insured person will have the option to port the policy to other insurers by applying to such insurer to port the entire policy along with all the family members of the policy , if any at least 45 days before ,but not earlier than 60 days from the policy renewal date.

    If Such person is presently covered and has been continuously covered without any lapses under any health insurance policy within an indian General /Health insurer ,the proposed insured person will get the accrued continuity benefits in waiting periods.         

                                                                                                      

  

All you need to know about Corona virus Health Insurance Covers

   COVID-19 or more commonly known as the Novel Coronavirus has brought the entire world to a standstill. With the cases of Coronavirus infections increasing at an alarming rate, several nations continue to be in a state of lockdown even more days. As of now reaching 13 million confirmed cases and 5, 78,000 deaths have been recorded due to this unprecedented pandemic across the world. We as a nation have also been severely impacted due to the Corona virus outbreak,with

3,04,576 active cases and 23,440 deaths as of June 13, 2020. In these trying times, the Indian Government has taken and is actively taking necessary measures to ensure that continuous medical care is available to the Indian citizens and the spread of COVID-19 is contained.

Considering the gravity of the situation, the Insurance Regulatory and Development Authority of India (IRDAI) had also issued an advisory to insurance companies to expedite the processing of claims made in relation to COVID-19 pandemic. In light of this directive, all existing health insurance policies would extend their coverage to include Coronavirus without having any specific exclusion. That means if you already have a health insurance policy in place, you will be covered for claims related to Coronavirus disease.

All claims related to Corona virus will be managed as per the below-mentioned norms:

·       The policy will cover you for the hospitalization costs related to Coronavirus disease;

·         The policy will also cover the medical expenses incurred during the treatment of the disease; 

·   Additionally, all medical expenses occurred during the quarantine period will be reimbursed by the insurance provider.

All guidelines relating to Coronavirus are effective April 30, 2020 and have been released through a circular “Guidelines on handling of claims reported under Corona Virus, Ref. No: IRDAI/HLT/REG/CIR/054/03/2020”. The guidelines are dictated by Section 14(2)(e) of the IRDAI Act, 1999.

What should you do?

With the Corona virus pandemic creating an alarming situation, a Coronavirus health insurance policy can keep you financially secured. While the Coronavirus health insurance policy may be a good option for the time being, it might leave you vulnerable after a year. Moreover, you would remain without a cover for all other ailments and treatments.

Hence, an ideal solution would be to consider having a regular health insurance plan. This will ensure that you are adequately covered for various forms of diseases and the required treatments, including COVID-19. 

Whether you choose a COVID-19 specific policy, or a broader health insurance plan, or even if you already have a health insurance policy, make sure to inform your insurance provider at the earliest in case you happen to be diagnosed with Corona virus disease or related symptoms. All the cases related to Corona virus will be expedited and addressed with care by the insurance providers.

In effect, this is a good time to take stock of your healthcare needs and make sure that you are adequately prepared. A comprehensive health insurance policy is your best shield against healthcare uncertainties and the rising medical inflation.

For more information and advice 

Please contact

8978944541 

insuresafetech@gmail.com