Amidst the spurt in coronavirus cases in the country, Corona Kavach insurance policy has become increasingly popular in the market. The purpose of the policy is that people can take health insurance protection at a reasonable rate to treat this epidemic. In view of the COVID-19 Pandemic, all general and health insurance companies have started offering this product from 10 July.
On this policy, the policy has been sold for about three, a half months to nine and a half months. In this, the maximum amount of medical expenses of the insured has been keeping at five lakh rupees. Recently, the insurance regulator IRDAI has approved companies for this.
How Corona Kavach Policy Works
Know the important things related to it before taking the ‘Corona Kavach insurance policy, you will be benefited
Here this policy, the policy is being sold for about three and a half months to nine and a half months. The maximum amount of medical expenses of the insured has been kept at five lakh rupees. Recently, the insurance regulator IRDAI has approved companies for this.
How Corona Kavach Policy Works
The Corona Kavach Policy will have a Compensation-based Basic Mandatory Cover. At the same time, there will be an alternative cover which will be profit-based.
The insurance cover in basic cover will be from 50 thousand to 5 lakh rupees. This cover will be for three and a half months, six and a half months and nine and a half months. It will also include Waiting Period. Under the scheme, anyone between 18 and 65 years of age can buy these insurance products.
In this, members of your family such as parents, in-laws and deputant children up to the age of 25 years can also be included. The premium of this limited time insurance plan will have to be deposited at one time. The insurance plan will also cover the cost of treatment done during the 14-day home quarantine.
However, it is necessary to involve a medical practitioner in the treatment. It will also cover the expenses of pulse oximeter, oxygen cylinder and nebulizer. On hospitalization, 0.5 percent of the sum assured should be pay every day for 15 days.
Benefits of corona kavach insurance policy
The premium of the Corona Guard policy will have to be pay in a single premium only. In this, 100% payment of insurance amount should be in advance on the hospitalization of the policyholder. it is necessary to be hospitalized for at least three days if covid-19 comes positive.
The duration of this insurance will be 105, 195, and 285 days. At the same time, the insurance amount will be from 50 thousand rupees to 2.5 lakh rupees. Once the claim has made, the policy will automatically close.
This monthly can be taken at a minimum premium of up to Rs 208, which is extremely cheap. People from Maharashtra, Tamil Nadu, Karnataka and Delhi NCR have shown more interest in it.
Expert opinion on policy
According to Amut Chhabra, head of the health insurance business of the policy market, “There is great support for this, because people are willing to buy this plan.” On the policy market website, companies are selling this policy from 300 to 500 every day. Most of the young people are taking this policy.