Health insurance cover is becoming increasingly popular for health related expenses. The biggest advantage of this is that the worry about the expenses associated with hospitalization in case of illness is reduced. In this era of corona epidemic, there were so many cases of corona infection that the need for insurance cover was felt. In such a situation, insurance companies have brought policies like Corona Kavach and Corona Rakshak for the people. In this era of epidemic, while the threat of corona is not gone yet, it has become very important to take this policy. Although the purpose of both these policies is almost the same, but there is some difference between the two regarding the benefits, due to which one must study once before buying the policy.
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Why should you take Corona Kavach and Corona Protector Policy
- Both the health insurance policies are designed to provide standard coverage benefits at a nominal premium.
- According to the guidelines of insurance regulator IRDAI, under the Corona Kavach policy, a sum assured of Rs 50,000 to Rs 5 lakh will be available.
- People of 18-65 years can buy this policy. Parents can buy this policy for children from 1 day to 25 years.
- Under both the policies, co-morbidities arising during corona treatment are covered.
- The threat of corona epidemic is not completely over yet and there are apprehensions about the third wave. In such a situation, the cover related to it should be obtained so that any kind of financial burden can be avoided.
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Which policy is better to buy in both?
Both Corona Kavach and Corona Rakshak policy provide cover against corona infection but the coverage benefits of both are different. In such a situation, before buying a policy, the benefits of both should be compared.
- Sum Assured: Under the Corona Kavach policy, one can choose a sum assured of up to Rs 50 thousand – 5 lakhs, while under the corona protector policy, you can choose a sum assured of up to Rs 50 thousand-2.5 lakhs. Both the policies cover co-morbidities arising during the treatment of corona, so it would be better to go for a policy with higher sum assured and longer policy term. Both the policies are available for tenures of 3.5 months, 6.5 months and 9.5 months.
- Hospital related expenses: Under the Corona Kavach policy, if you are hospitalized for a minimum of 24 hours, you will get the benefits, while under the Corona Rakshak policy, you get the policy benefits only if you are admitted for a minimum of 72 hours.
- Nature of Policy: The Corona Kavach policy is an indemnity based plan i.e. the claim will be paid on the basis of the hospital bill. On the contrary, Corona Rakshak Policy is a benefit plan i.e. gives a fixed lump sum amount on the treatment of Corona positive. Under the Corona Kavach policy, there is an additional daily hospital cash cover of the day which is 0.5 percent of the sum assured and is valid for a maximum period of 15 days during the policy while there is no such benefit in the Corona Rakshak policy.