As cities are opening up again across the nation, people are slowly stepping out for work or to meet extended family members and friends. At the same time, every step is taken is with great caution for many still wonder how safe they are in the outdoors. This caution is indeed well-founded; until a vaccine is approved for the public, it is better to take all necessary precaution to stay safe from infection.
The current health crisis due to the COVID 19 pandemic has also made people rethink their health insurance coverage. Many have begun re-evaluating their medical insurance needs to see whether they are properly protected when they fall ill. To help people stay adequately covered during the pandemic, the IRDAI has launched two short-term COVID 19 health insurance plans – Corona Rakshak Policy and Corona Kavach Policy. The Corona Kavach Policy is indemnity-based health insurance and the Corona Rakshak is a benefit-based plan. These plans have standard terms of coverage across health insurance providers in the nation.
Now, many people do wonder whether they need a benefit-based plan, such as the Corona Rakshak Policy, if they already havehealth insurance that covers them for medical expenses. The answer to that is YES…let’s take a look why.
What are the advantages of having the Corona Rakshak Policy?
The primary function of the Corona Rakshak Policy is to serve as income replacement for a policyholder who might have lost out on their source of income due to COVID 19 health complications and the resulting hospitalisation. The lump sum payout that you receive can be used for any expenses that you suddenly face due to your COVID 19 infection. For instance, it may be used to pay for gaps in your health insurance cover, home rent, EMIs, child’s school fees, groceries, and domestic help wages, among other things. The Corona Rakshak Policy offers you a payout that can go as high as Rs 2.5 lakhs. This can truly be a life-saver in case you lose your income for a few weeks while you receive treatment for COVID 19 and recover.
Thus, this benefit-based plan truly gives you the peace of mind that you need to focus on getting better and standing on your feet again. It serves to supplement the coverage that your medical insurance gives you. While your health insurance takes care of the hospital bills, your benefit-based Corona Rakshak Policy takes care of all the other expenses. So, you should definitely consider getting this policy even if you already have medical insurance.
Who should get theCorona Rakshak Policy?
As we have seen, the lump sum payout that you get from the Corona Rakshak Policy can literally keep your household running in the absence of an income. The policy can be individually purchased by anyone between the ages of 18 years to 65 years. The Corona Rakshak Policy is especially recommended for single-income households to help keep the home running if the breadwinner falls ill. It is also recommended for anyone who is independently employed, such as freelancers. If hospitalisation due to COVID 19 renders you unable to complete projects and receive due payment, your coverage can back you up and ensure that you are able to pay your bills. The benefits of the Corona Rakshak Policy can honestly extend to anyone as we all could make use of the extra funding during an illness.
Do note that the Corona Rakshak Policy payout is made only if the policyholder is hospitalised for 72 continuous hours or more. The policy comes in a choice of 3 short tenures of 3 ½, 6 ½, and 9 ½ months. You can choose the tenure that suits your requirements though, it is recommended to opt in for the longest tenure as we do not yet know for sure when a vaccine will be made available.
We hope this article helped improve your understanding of the Corona Rakshak Policy. Always remember to review your medical insurance coverage periodically to stay sufficiently protected.
Stay indoors and stay safe!