How does Corona Kavach Policy Work?

The COVID-19 pandemic has brought many uncertainties, and the healthcare system has been pushed to its limits. With the increase in the number of cases and hospitalisations, the cost of COVID-19 treatment has become a significant concern for people. To ease the burden on the people, the Indian government has introduced several measures, like the facility of free covid test or swab covid-19 test, financial assistance programs, free meals, etc.

To support the government's efforts, Insurance Regulatory and Development Authority of India (IRDAI) has introduced the Corona Kavach Policy. This standard health insurance policy provides coverage against COVID-19-related medical expenses like the covid-19 test. This article will give an overview of this policy.

Mechanism of Corona Kavach Policy

The government has mandated all insurers- general as well as health- to provide their customers with the option to buy this policy. Mentioned below are important facts about the policy that you must be aware of:

Coverage

The policy covers the cost of hospitalisation, including room charges, doctor's fees, nursing charges, and expenses related to COVID-19 treatment, such as PPE kits, oxygen, free covid test, and ventilator charges. The policy does not have sub-limits for any of the covered expenses. The policy also covers costs for pre-hospitalisation (15 days before admission) and post-hospitalisation (30 days after discharge), including diagnostic tests, medicines, and doctor consultations.

Type of Plan

Giving policy buyers increased flexibility, this policy is available in the individual version as well as the family floater version. Under the family plans, spouse, dependent children, parents and parents-in-law can be included- a maximum of two adults and three independent children. Buyers between the ages of 18 and 65 years can purchase the policy. Dependent children between the ages of 1 day and 25 years can be covered under the family floater plan.

Home Care Treatment

The policy covers the expenses incurred for home care treatment, including the cost of pulse oximeters, oxygen masks, and other related expenses for a maximum period of 14 days. This benefits individuals who are either asymptomatic or have mild symptoms and do not require hospitalisation. By providing coverage for home care treatment, the policy ensures that individuals have access to quality medical care without having to leave their homes.

Policy Term

Three variants exist for the policy term: three and half months (3 ½ months), six and half months (6 ½ months) and nine and half months (9 ½ months), including a waiting period of 15 days from the date of purchase. Any claim made within the first 15 days of purchasing the policy will not be covered.

AYUSH Treatment

The policy also covers AYUSH treatment for COVID-19 patients. AYUSH stands for Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy. AYUSH treatments have gained popularity during the COVID-19 pandemic, with many individuals turning to alternative forms of medicine for prevention and treatment. By covering AYUSH treatment, the policy provides individuals with a wider range of treatment options, giving them more control over their health.

Optional Benefit

It also offers the buyer a daily allowance equal to 0.5% of the sum insured for every 24 hours of continuous hospitalisation for up to 15 days in a policy period.

Premium

The premium depends on the sum insured, which can range from ₹50,000 to ₹5 Lakhs. The sum insured amount can also be enhanced as per needs. The premium also depends on the policyholder's age, the number of family members covered, and the duration of the policy. The government has stipulated that insurers must refrain from location-based pricing, and a pan-India model must be used.

Claims

To make a claim, the policyholder must inform the insurance company about the hospitalisation or home care treatment. In addition, the policyholder needs to submit the required documents, including the free covid test reports, hospital bills, doctor's prescriptions, and discharge summary. The insurer will then process the claim and reimburse the amount to the policyholder.

The financial support offered by this policy will help buyers avail themselves of the swab covid test and take remedial actions. It provides comprehensive coverage against COVID-19-related expenses and is an affordable option for people looking for health insurance coverage. It's essential to read the policy document carefully to understand the policy's terms and conditions. This will allow you to avoid any misunderstandings or conflicts at the time of claim settlement.