Everything you need to know about Corona Rakshak policy.

Staying indoors indefinitely is no longer an option! We need to get out lives back on track, the world needs to open up again. In doing so, we have to learn how to live with the virus. This means arming ourselves with some essentials like masks, gloved, face shields, sanitizers, etc. In this regard, another important safety precaution is health insurance! It is the ultimate back-up plan against the novel coronavirus and ensures your life is not detailed in case you test positive. 

Keeping this in mind, the Insurance Regulatory & Development Authority of India introduced the Corona Rakshak policy. Not sure what this plan is all about? Well, read on! The following article will tell you everything you need to know about the novel Corona Rakshak health insurance policy.

So what is the Corona Rakshak Policy?

It is a specialized health insurance policy that covers COVID-19. It is a fixed benefit plan meaning that it provides a lump sum payment of your sum insured in case you a hospitalized for more than 72 hours due to COVID-19.

What is the sum insured of the Corona Rakshak policy?

One of the biggest benefits of the Corona Rakshak policy is that it provides 100% of the sum insured as a payout if you are hospitalized as per the conditions of the plan. In this regard, you can choose a sum insured ranging from Rs. 50,000 to Rs. 2,50,000.

What does this plan cover?

The Corona Rakshak policy is a fixed benefit plan. It will provide a fixed payout in case you are hospitalized for more 72 hours due to COVID-19. This payout can be used as per your needs and requirements. There are no restrictions on how you use the sum insured.

Is there a waiting period?

Yes, just like any other health insurance policy, the Corona Rakshak policy also has a waiting period. However, the waiting period is much, much shorter than usual medical insurance plans – it is just 15 days from the day the coverage begins.

What is the tenure of the Corona Rakshak policy?

The Corona Rakshak policy, just like its counterpart – the Corona Kavach policy, is a short-term insurance plan. This means that, instead of offering annual coverage, it offers tenures of 3.5, 6.5 and 9 months only. The plan needs to be renewed after this tenure if you want to enjoy continued protection.

Who can buy the Corona Rakshak policy?

Anyone who is aged between 18 and 65 years can purchase the Corona Rakshak policy. However, since this is an individual policy, it can only be purchased for self and not for the entire family like the Corona Kavach policy.

Having corona insurance is the new essential for this ‘new normal’. It is just as important as all the other precautions you take. Therefore, you must get a plan as soon as possible and protect yourself in case the worst were to happen. Hope this has been helpful, good luck and stay safe!