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Corona Kavach Insurance Policy – A Complete Guide

What is a Corona Kavach Insurance Policy?

A Corona Kavach Health Insurance Policy is a Health Insurance Policy designed to cover hospitalisation expenses on account of Coronavirus-related hospitalisation.
This Policy can be especially useful for people who do not have a regular health insurance policy as Hospital bills for CoVID can run into lakhs of rupees.

What Does a Corona Kavach Insurance Policy Cover?

A Corona Kavach Insurance Policy covers the following:

1. Hospitalisation Expenses: Hospitalisation Expenses where the Insured is hospitalised for a period of more than 24 hours on confirmed positive diagnosis of CoVID in an Govt Authorised Diagnostic Centre.

2. Home Care Treatment Expenses : Treatment availed by the Insured at Home on a medical practitioner’s advice on confirmed positive diagnosis of CoVID in a Govt Authorised Diagnostic Centre.

Home Care treatment is usually covered for a maximum period of 14 days.

There is a continuous active line of treatment with monitoring of the health status by a medical practitioner for each day through the duration of the home care treatment.

3. Pre and Post Hospitalisation Expenses:Pre and Post-Hospitalisation Expenses for a period of 15 days before hospitalisation and 30 days after hospitalisation are covered.

What is NOT covered under a Corona Kavach Policy?

A Corona Kavach Policy does not cover the following:

1. Admission for Investigation & Evaluation where the diagnosis is not confirmed as positive
2. Admission for Rest Cure, Rehabilitation and Respite Care are not covered
3. Claim for CoVID which has been diagnosed prior to Policy Start Date
4. Expenses for Day Care Treatment and OPD Treatment
5. Policy Cover ends if the Insured travels to any country placed under travel restriction by the Government of India

What are the Sum Insured Options in a Corona Kavach Insurance Policy?

Corona Kavach Policy offers Sum Insured Options from Rs 50,000/- to Rs5,00,000/-

What is the waiting period under the Corona Kavach Policy?

Corona Kavach Insurance Policy generally has a Waiting Period of 15 Days.

What is the Policy Duration?

Corona Kavach Policy offers 3 durations – 3.5 months, 6.5 months and 9.5 months inclusive of the waiting period.

What is the Entry Age for a Corona Kavach Policy?

The Entry Age eligibility criteria for Corona Kavach Insurance Policy are as follows:

1. 18 to 65 years for Parents, Spouse and the Proposer
2. 1 Day to 25 years for Dependent Children

What are the Claim Settlement Option under the Policy?

Claims under Corona Kavach Insurance Policy can be settled either by Reimbursement Basis or Cashless Basis.

Are Costs of PPE Kits, Gloves, Masks covered under a Corona Kavach Policy?

Yes, Cost of PPE Kits, Gloves, Masks are covered in case of a Hospitalisation Claim under a Corona Kavach Insurance Policy.

Is it an Individual or a Floater Policy?

Corona Kavach Insurance Policy is available in both Individual and Family Floater Options.

Can you buy a Corona Kavach Policy if your family member has tested positive for CoVID?

No, usually a person cannot purchase a Corona Kavach Policy if he/she has been in close contact with a CoVID positive person in the last 15 days.

Is a Pre-Existing Disease Confirmation required to avail a Corona Kavach Policy?

Yes, it is mandatory to declare all the Pre-Existing Diseases that the person availing the insurance suffers from.

Are there any Pre Policy Medical Tests required to avail a Corona Kavach Policy?

No, Pre-Policy Medical Tests are not required to avail a Corona Kavach Insurance Policy.

Can an employer purchase a Corona Purchase Policy for his employees?

Yes, there are options for employers to purchase group CoVID Policy for their employees.

Now is the Best Time to Have Health Insurance

In a World full of uncertainties one has to plan for the unplanned events like the medical emergencies, hospitalizations. People have become more aware of the health and mediclaim policies which is an encouraging sign. However many people are of the view that health insurance is best to be bought after a certain age and are of the belief that after 40 is a good age to think about taking up a health insurance policy. Many ponder as to what is the best age to buy health insurance or the best time to buy health insurance.

One more term to buy health insurance is ASAP (As Soon As Possible). Many of the people use their current good health as a parameter for their delaying decision to buy a health insurance. Even the ones who have purchased are apprehensive of their renewal of health insurance policy and delay their payment of premium till the last moment and many of the health policy fall in the lapsed state. The percentage of people who treat health insurance as an investment is less but is expected to grow as awareness about the benefits of health insurance is growing.

Delay in Buying Health Insurance Can be Harmful:

Hoards of people realize the importance of health insurance only after they are besieged with a health issue or some kind of illness. This could be a result of ill health or prospective sudden realization about their bad health after they reach around 50 to 55 years of age and seeing the high cost. Insurance is a tool wherein the risk of the individual is transferred from the individual to insurance provider, therefore Insurance Companies weigh in the risk and then decide whether the person should be given insurance or not. In general insurance provider are hesistant to provide insurance to people above age of 55 due to the risks that are associated with old age. Therefore beyond a certain age the options for health insurance for the customer becomes limited and one then would have to buy from the limited prospects that are available to him.

Benefits of Buying Health Insurance Early:

One of the benefits of buying health insurance early is that he/she would have to pay a lower premium as insurance premium is low when the policyholder takes the insurance at a young age. Also by taking health insurance early, the policyholder has equipped himself with financial shield against the prospective health related expenses and in case of any medical emergency.

Do not wait for any accident or condition to happen which forces you to look out desperately for health insurance. It’s better to be safe rather than sorry. Would you like to take a hasty decision or a well informed and thought out decision. People who have employer provided health insurance should definitely opt for an individual health insurance plan and look to directly establish connections with the health insurance company. Premiums offered by the group insurance cannot be changed as per the needs of the individual. Therefore for individual customized policy solution, one definitely needs to go for individual policy.

Key Features of a Good Health Insurance Plan

A good health insurance plan would include the following features, kindly note that the list is not exhaustive.

  1. It is designed as per the needs of people and is uniform in its feature and doesn’t vary according to regions.

  2. It lists best facilities and services.

  3. Has a facility of lifelong renewal.

  4. Has a simple policy issuance procedure.

  5. Has the cashless hospitalization procedure.

  6. Empaneled hospitals and health service providers should have well qualified doctors.

  7. Should have clear terms and conditions which are stated clearly and in a simple manner for the policyholder to understand.

  8. Should be free of sub-limits in case of coverage offered.

  9. Medical expenses for Outpatient and inpatient services.

  10. Could also include treatment under Unani and Ayurveda and Homeopathy.

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