Corona Insurance policy provides coverage for all medical and hospitalisation expenses incurred due to COVID-19. This health insurance policy helps get the best treatment without having to think of the financial burden it could have caused.
Here’s what Corona insurance policy includes, excludes, the premium amount, benefits and how to claim it. Read on!
Only using a mask or getting double vaccinated may not provide full protection against coronavirus. There are still over 1 lakh active Covid-19 cases around the world, and deaths are still on the rise. In such a scenario, it is absolutely necessary to get a Corona Insurance Policy for yourself and your loved ones.
Having a Corona Insurance Policy will cover the pre and post-hospitalisation expenses, cost of the particulars such as PPE kit, oxygen cylinder, masks and gloves, and cashless treatment facility in the network hospitals.
To avail of the benefits under this insurance policy, a member must pay premium amounts online. Some insurers allow monthly payment of premiums making the entire process affordable and accessible.
Moreover, the coverage will be applicable once a member is diagnosed with this disease. This happens because coronavirus is a new disease and is not under the pre-existing illness category.
Individuals should be aware of the Covid-19 insurance features before proceeding with its application. The features are as follows:
In addition, there are several benefits of a corona insurance policy that makes it an ideal option for members planning to secure their finances in the long run.
Every individual has a different reason for purchasing a health insurance policy. Complying to that, there is more than one type of Coronavirus Insurance in India. Following are the different types of Coronavirus Insurance available in India:
After the start of the COVID-19 pandemic, most health insurances provide an additional coverage option for Covid-19. If you have an existing health insurance policy, check with your insurance provider whether they cover costs incurred for COVID-19 treatment. If you do not have one yet, it is recommended that you get one inclusive of Covid-19 coverage.
Group health insurance policies are for workplace professionals. These are mostly opted by employers for their employees considering the current scenario. However, it is understandable that not every organisation will be able to get one comprehensive cover for their employees; hence, they can opt for illness-specific insurances such as Coronavirus Health insurance.
This is another pocket-sized health insurance policy which is exclusive to covid treatments. It also has the option of a one-time premium payment option at the time of purchase. The policy covers hospitalisation expenses, AYUSH treatments and homecare, as recommended by the doctor. The sum insured under Corona Kavach Health Insurance Policy ranges between Rs.50,000 lakh to Rs.5 lakh
Corona Rakshak Insurance is pocket-sized health insurance exclusively for COVID-19. This plan requires you to pay a one-time premium at the time of purchase. If you get infected with the virus, you will get a lump sum amount as the sum insured ranging between Rs.2.5 lakh to Rs.5 lakh rather than the facility of cashless treatment and reimbursement for the expenses.
In the following table you will find the premiums, coverage amount and tenures of Corona Rakshak Policy offered by NAVI:
|Sum insured||Rs.50,000||Rs.1 lakh||Rs.1.5 lakh||Rs.2 lakh||Rs.2.5 lakh|
|Tenure- 3.5 months||Rs. 627 – Rs. 1627||Rs. 1340- Rs. 3254||Rs. 2011- Rs. 4882||Rs. 2680- Rs. 6509||Rs. 3350-Rs. 8136|
|Tenure- 6.5 months||Rs. 1005-Rs. 2441||Rs. 2010-Rs. 4882||Rs. 3015-Rs. 7322||Rs. 4020-Rs. 9762||Rs. 5026- Rs. 12,204|
|Tenure – 9.5 months||Rs. 1206- Rs. 2929||Rs. 2412-Rs. 5858||Rs. 3618- Rs. 8786||Rs. 4824-Rs. 11,715||Rs. 6030-Rs. 14,644|
Apart from these, policyholders under a group health insurance policy must check with their insurers if their plan covers Covid treatment expenses.
Take a look at the benefits of this insurance policy before opting for it.
Applicants can get comprehensive health benefits coverage with a paperless process on choosing Navi Health Insurance. Download the Navi App and avail cashless claims in under 20 minutes from over 10,000 network hospitals and premiums as low as Rs. 235/- per month.
Refer to the following table to know about the corona insurance inclusions.
|Essential Covers||Standard Covers||Add-on Covers|
|Pré-hospitalisation expenses||ICU room rent||Maternity benefits with a newborn baby|
|Accidental hospitalisation||Daily hospital cash|
|In-patient hospitalisation expenses||Post-hospitalisation expenses|
|Day-care procedures||Road ambulance expenses|
|Critical illness hospitalisation||Home hospitalisation|
|Organ donor expenses|
Although the Covid insurance policy covers the maximum expense, here are some exceptions to it:
During the outbreak of Coronavirus in 2020, medical insurance providers were providing for the expenses only if you were hospitalised for a period minimum of 24 hours. Most of the health insurance providers were hesitant to provide treatment expenses for Covid as they claimed that pandemics and epidemics were excluded from the government norms for insurance policies in India. But, the government took a stand for the people and made sure that Covid-19 insurance claims were not rejected.
So, make sure to check with your provider about Coronavirus coverage if you have an existing health insurance policy. Most of the policies have now been directed to provide coverage for the same.
There are two ways to claim Corona Health Insurance – cashless treatment and reimbursement. The process for both of them has been discussed below.
Cashless treatment claims are only available across the network hospitals of the insurance provider. If it is a planned hospitalisation, you need to inform the insurance provider beforehand. If it was unplanned, you need to inform them within 24 hours of hospitalisation. Following is the process which is followed by most providers; however, it may vary slightly from one provider to another.
In case your cashless request is rejected, you will get reimbursement for the expenses after discharge.
Reimbursement claim settlement is available for the hospitals not included in the insurer’s network. You should inform your insurer within 48 hours of hospitalisation. The claim settlement process is as follows:
If your claim is not approved, you will receive a mail or letter stating why your claim was not approved.
To cancel corona insurance policies, check out the following steps:
The Covid-19 pandemic is not over yet. Hence, the more we stay prepared, the better we will be able to fight the pandemic. Here are a few things you should consider checking prior to purchasing a Corona Insurance policy:
From the aforementioned sections, it is evident that a Covid insurance policy is necessary in recent times. Nevertheless, individuals should go through the details such as its features, benefits, inclusions, exclusions and more before applying for it.
Ans: Yes, a person with a health insurance policy can raise claims for Covid-19 treatment. However, if an individual purchases health insurance after testing positive, the insurer will not cover Covid treatment expenses.
Ans: A member needs to wait for 16 or 30 days since the day of policy commencement to avail of coverage.
Ans: Mostly KYC documents are necessary for Corona insurance. However, insurance providers like Navi come with paperless insurance application procedures.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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