NEW DELHI: Ever since the COVID-19 pandemic started many insurance companies in India have come with a new policy "Corona Kavach"
IRDAI has put forward the provisions to protect us from the expenses incurred during COVID-19 treatment.
According to the new norms, health insurance companies are mandated to launch a 'Corona Kavach' policy to cover the treatment cost. This is an indemnity policy that provides COVID-19 treatment coverage for up to 9.5 months against a one-time payment.
Check out the features and benefits of Corona Kavach Policy and know for yourself if this is the perfect fit for you!
Features
Hospitalization and all treatments related to COVID-19 will be covered under this policy.
The indemnity cover ranges from the sum assured of Rs.50,000 to Rs. 5 Lakhs
It is a one-time payment premium
There is a 15-day waiting period for the processing of this policy.
This policy is available on an individual basis as well as a family-floater plan.
Benefits
Corona Kavach health insurance is specially devised to cater to the financial needs of the unfortunate patients of COVID-19. Let's discuss some amazing benefits that you get with this policy!
Treatment Expenses
This policy covers all the expenses incurred during organizational treatment or hospitalization. All the bill settlements have been made 100% cashless enabling complete attention on the patient instead of endless rounds to the insurance company.
In the case of home treatment, the policy will cover all the treatment charges for 14 days.
Pre and Post Treatment
To ensure a complete recovery from this virus, patients need to take extra medication before and after the hospitalization. This policy covers 15 days of pre-hospitalization expenses and 30 days post-hospitalization.
Ambulance Expenses
In severe conditions, you might need to
go for organizational treatment at a hospital or nearest make-shift treatment arena. With this policy, you will receive an Rs.2000 reimbursement as ambulance charges cover per hospital visit.
Co-Morbidities
If the patient needs any extra treatment for health issues aggregating the effect of COVID-19 in the body, this policy will cover the expenses of those treatments as well.
Family-Floater
This virus is extremely communicable, meaning, if one member of the family gets infected, other family members are most likely to come under its effect as well. The family floater plan under this policy provides a 10% discount for 1st family member, 20% for the second, 30% for the third, and 40% for every member thereafter.
The coronavirus infection is extremely unpredictable. It is best to stay safe and take all possible precautions, both health-wise and finance-wise. While the Indian healthcare system is striving to protect lives, financial aid has also come to the rescue. Go through the health insurance policy details carefully and make your decision of investment wisely.
However, if a patient is being treated at home, generally, regular health insurance policies do not cover treatment at home. They pay only for 24-hour hospitalization and day-care procedures – unless they come with an OPD (out-patient department) component. Corona Kavach policies, however, cover the cost of treatment at home.
HOME CARE TREATMENT- WHAT'S COVERED, WHAT'S ISN'T
Corona Kavach
Will Pay for:
> Doctors consultation, diagnostic and pharmacy bills for up to 14 days.
> Cost of pulse oximeters and oxygen cylinders
Not Pay for:
> Self-treatment without doctor's prescription
> Home quarantine without an active line of treatment
Domiciliary Hospitalisation
Will Pay for:
> Doctors visit, nursing support, and medicines
> Cost of diagnostic tests
Not pay for:
> Treatment at home despite the availability of hospital beds
> Expenses not backed by invoices