As we all are going through the Covid-19 pandemic situation, coronavirus treatment has become an important part of our life. In this present scenario,very few hospital beds are available in the government hospitals. People are opting for private hospitals or planning for quarantine coronavirus treatment at home. The treatment requires a large amount of money,more than ₹5 lakhs per individual. Since most of the people cannot afford this treatment, the government (IRDA-Insaurance Regulatory and Development Authority of India) launched Corona Kavach and Corona Rakshak policy to provide assistance for the treatment and medical equipments required for coronavirus.
Narrating an incident,which took place in a private hospital in EM Bypass, Kolkata, the hospital refused to admit a Covid-19 patient until his family deposited ₹5 lakhs. Even though the patient was covered under insurance,still faced difficulties. The patient got admitted only after paying the amount.
Another Covid positive patient died without treatment because the private hospital demanded to deposit ₹4 lakhs,before admitting him. The patient’s son was unable to pay,he wanted to shift him to another hospital,but unfortunately the patient died the next morning. All these cases are taken from the following website
IRDA, had directed all general and health insurers, on 26 June 2020, to come up with two standard Covid-specific plans—Covid Kavach and Covid Rakshak—by 10 July. Covid kavach policy is mandatory whereas Covid Rakshak policy is optional. The general and health insurance companies are offering Corona Kavach Policy as a group insurance policy.
What is Corona Kavach Policy and Covid Rakshak policy?
CORONA KAVACH POLICY
Kavach individual and family policy(floating policy) was propelled on July 10, 2020, is being offered by both general and health insurers. The term of the strategy ranges from three-and-a-half months to nine-and-a-half months, with most extreme aggregate insured sum at Rs 5 lakh. Corona kavach policy pays for all types requirements like PPE,gloves,masks, oximeter, hygeine related consumables,which forms the major part of hospital bills. It is a short term policy and is limited to a single alignment, pricing is much lower than the general health covers. The lowest premium is available at ₹208 for 3.5 months with ₹50,000 sum insured. The premium may vary with different insurance policy companies.
In the event that the group policy comprises totally of doctors, nurses or medicinal services workers, a markdown of 5% will likewise be accessible as a sign of acknowledgment of their commitment in taking on the general public’s fight against Covid-19.
COVID RAKSHAK POLICY
Covid Rakshak Policy is optional and an benefit based policy, which implies you get a lump sum amount on treatment from a government approved diagnostic centre and on constant hospitalization of 72 hours. The minimum sum insured shall be Rs 50,000 and the maximum limit is Rs 2.5 Lakh. It provides a lump sum amout at a time. It only offers to individuals. This policy is not compulsory,it’s an optional one.
Why should one opt for Corona Kavach Policy or Covid Rakshak policy? What is the need of another new indemnity plan to cover Covid-19?
This is on the grounds that it likewise covers homecare, PPE and treatment of co-morbidities when hospitalized. Since these are not secured by fundamental health insurance plans, you may wind up paying from your own pocket. The arrangement additionally covers ventilator and ICU charges, just as the expense of oximeter and oxygen chamber.
Furthermore, the normal size of health plans that individuals have is Rs 3-5 lakh, which may not be sufficient for significant expenses of Rs 10-15 lakh engaged with the treatment of Covid. In addition, Covid is infectious and the whole family might be influenced.
Since everybody might not have a high and a complete spread, or will most likely be unable to bear the cost of the high premium, or may have no health insurance by any stretch of the imagination, Kavach might be a decent choice to cover the upgraded chance in the current conditions. For example, in the event that you have a Rs 5 lakh basic plan that covers Covid, you can take a Rs 5 lakh Kavach plan to improve your spread size to Rs 10 lakh.
With respect to Covid Rakshak, which offers a lump sum amount, it tends to be particularly valuable if there should arise an occurrence of home isolation and treatment since you can go through the cash freely on medication, treatment or nursing charges. Keep in mind, in any case, that the greatest cover offered under Covid Rakshak is Rs 2.5 lakh instead of Rs 5 lakh for Kavach. Additionally remember that Kavach is just an auxiliary item for a solitary malady and can’t be a swap for the more complete basic health plan.
For more information, follow our website. Our financial planner in Kolkata will guide you accordingly.