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What is Coronavirus (COVID-19)?
 
Novel coronavirus (COVID-19) is a group of viruses that attack the immune system of a person that results in diseases as mild as the common cold to as severe as Severe Acute Respiratory Syndrome (SARS). It is an infectious disease that originated in China’s Wuhan in late December 2019. COVID-19 is a highly contagious virus that shows symptoms similar to those of regular flu. These include fever, dry cough, tiredness, and sore throat.
However, the disease affects different people in different ways. It has been fatal for people aged above 60 years and those with pre-medical conditions. As stated above, it is a new strain of the virus that does not have any cure as of now.
What is Coronavirus Insurance Policy?
Covid-19 health insurance policy is a customised insurance policy aimed at covering hospitalisation, pre-hospitalisation and post-hospitalisation expenses, and other medical expenses arising due to the treatment of COVID-19. Almost all health insurance policies now offer cover for the treatment of coronavirus in India. The cover is available from day 1 after the insured is tested coronavirus positive. Since COVID-19 is a new disease, it does not fall under the category of pre-existing diseases.
How Does The Coronavirus Spread?
Coronavirus is a respiratory virus that primarily spreads through saliva droplets when the infected person sneezes or coughs. It can even spread through discharge from the nose. To avoid the spread of the virus, you must clean your hands frequently with soap and water or an alcohol-based hand sanitizer. Also, you must use a disinfectant to clean commonly used surfaces like tables, door knobs, handles, drawers, etc., to avoid the spread of germs.
Role of Coronavirus (COVID-19) Health Insurance Policy
In this ongoing pandemic situation, where coronavirus (COVID-19) is not looking to go away soon, having coronavirus (COVID-19) insurance can be highly beneficial. This is because a specially designed coronavirus health insurance plan covers you against the hefty expenses associated with the treatment of this highly infectious disease. A COVID-19 health insurance policy covers you for various in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, thereby letting you focus entirely on your quick recovery. So, if you do not want to use your entire savings on paying for hospital bills, then you must avoid procrastinating and buy adequate health insurance cover for yourself and your family at the earliest.
However, it is important to note that COVID-19 health insurance policy do not cover during the isolation period when the treatment is not required.
Coronavirus (COVID-19) Health Insurance Plans in India
If you are looking for health insurance with comprehensive coverage, then you can purchase a standard health insurance policy that covers all medical expenses including those related to the treatment of novel coronavirus. One can also choose from two short-term health insurance policies recently launched by the IRDA that are designed to cover coronavirus treatment expenses only.
Types of Coronavirus Health Insurance Policy in India
Below are two types of corona health insurance plans in India.
1. Corona Kavach Policy for COVID 19
Corona Kavach Policy is a single premium standard health insurance policy that covers treatment expenses related to COVID-19. It is an indemnity-based health insurance policy that covers both individuals as well as families at an affordable premium. You can cover self, dependent children, parents, and parents in law under this policy for a period of 3.5 months (105 days), 6.5 months (195 days), and 9.5 months (285 days). Offered by both private and general insurers, the policy offers cover against AYUSH treatment expenses, homecare treatment expenses, pre-hospitalisation expenses, post-hospitalisation expenses, and road ambulance expenses. The best thing about the policy is that it comes with a short waiting period of 15 days, which means that you can start availing of policy benefits soon. Also, you can opt for a daily cash benefit by paying an extra premium.
2. Corona Rakshak Policy for COVID 19
Corona Rakshak Policy is a standard health insurance policy especially designed to cover treatment expenses related to COVID-19 is Corona Rakshak Policy. Unlike Corona Kavach Policy, it is a benefit based health insurance policy that pays the insured a lump sum benefit equal to 100% of the sum insured if he/she is tested positive for COVID-19. The policy offers coverage on an individual basis for sum insured options ranging between Rs. 50,000 and Rs. 2.5 lakh in the multiples of Rs. 50,000.
The policy can be purchased by people aged between 18 years and 65 years. Available for short policy terms of 3.5 months, 6.5 months, and 9.5 months, the policy gets terminated upon the payment of benefit. But the insured can avail of policy benefits only he/she is tested COVID-19 positive at a government recognised center and gets hospitalised for at least 72 hours continuously. The policy comes with a short waiting period of 15 days but does not offer lifetime renewability benefit, it being a benefits based policy.
Corona Kavach Policy Vs Corona Rakshak Policy
As discussed, Corona Kavach Policy protects the insured from healthcare expenses related to hospitalisation and treatment in case the policyholder catches COVID-19 infection. The policy covers most of the hospitalisation expenses including treatment cost, medication, room rent, nursing, etc. But this COVID-19 insurance policy only takes care of the treatment cost and nothing else will be covered.