CORONA RAKSHAK POLICY
 A standard Benefit based Short term Insurance exclusively for ​Covid -19 Â
No one should have to choose between medicine and other necessities. No one should have to use the emergency room every time a child gets sick. And no one should have to live in constant fear that a medical problem will become a financial crisis.
                                         -  Brad Henry
                                         -  Brad Henry
WHAT IS CORONA RAKSHAK POLICY ?
IRDAIÂ ASKS INSURERS TO OFFERÂ RENEWAL OF COVID POLICIESÂ Â UP TO 30.09.2022Â :Â
Dated 29.03.2022 : IRDAI had introduced two short term covid specific policies called Covid Kavach and Covid Rakshak  . Â
 .  Now IRDAI has advised the insurance companies  to offer and permit renewal of both the policies till  30th , September 2022 .Â
​ For Press Release dated 28.03.2022 in this regard , CLICK HEREÂ
Dated 29.03.2022 : IRDAI had introduced two short term covid specific policies called Covid Kavach and Covid Rakshak  . Â
 .  Now IRDAI has advised the insurance companies  to offer and permit renewal of both the policies till  30th , September 2022 .Â
​ For Press Release dated 28.03.2022 in this regard , CLICK HEREÂ
​A STANDARD BENEFIT BASED  INSURANCE  POLICY EXCLUSIVELY COVERING COVID -19Â
28.06.2020 :  Presently  Insurance Regulatory & Development Authority of India ( IRDAI ) has permitted insurance companies to issue  COVID – 19 specific short term health insurance policies subject to certain guidelines. . It had also asked insurance companies to consider claims for Corona Hospitalization expeditiously under the existing indemnity based Health insurance policies  .Â
In view of Corona pandemic spreading speedily in various parts of the country and in order to bring a  standard insurance covering Covid -19 , Insurance Regulatory & Development Authority of India ( IRDAI ) has come out now  with proposed  common health insurance policies  to be mandatorily  issued by all insurance companies licensed to issue health policies . The policy with basic cover of indemnity is called CORONA KAVACH POLICY .  The other is CORONA RAKSHAK POLICY  where 100 % of the insured amount  is payable in case the insured has to undergo more than 72 hours of hospitalization on account of Covid -19 . Though Plan will have common features , premiums can be decided by individual insurance companies .  Â
​The prime objective of the policies is to provide basic health insurance for general public with transparent common  features in case one faces Covid -19  .Â
The policy will be issued by 10th, July , 2020 by all the general / health insurers .  Â
For the latest guidelines on Corona Insurance and various policies available , CLICK HERE ​
28.06.2020 :  Presently  Insurance Regulatory & Development Authority of India ( IRDAI ) has permitted insurance companies to issue  COVID – 19 specific short term health insurance policies subject to certain guidelines. . It had also asked insurance companies to consider claims for Corona Hospitalization expeditiously under the existing indemnity based Health insurance policies  .Â
In view of Corona pandemic spreading speedily in various parts of the country and in order to bring a  standard insurance covering Covid -19 , Insurance Regulatory & Development Authority of India ( IRDAI ) has come out now  with proposed  common health insurance policies  to be mandatorily  issued by all insurance companies licensed to issue health policies . The policy with basic cover of indemnity is called CORONA KAVACH POLICY .  The other is CORONA RAKSHAK POLICY  where 100 % of the insured amount  is payable in case the insured has to undergo more than 72 hours of hospitalization on account of Covid -19 . Though Plan will have common features , premiums can be decided by individual insurance companies .  Â
​The prime objective of the policies is to provide basic health insurance for general public with transparent common  features in case one faces Covid -19  .Â
The policy will be issued by 10th, July , 2020 by all the general / health insurers .  Â
For the latest guidelines on Corona Insurance and various policies available , CLICK HERE ​
PREMIUM OF CORONA RAKSHAK POLICY
 To know about the premiums quoted  on Corona Rakshak policy by various insurance companies , CLICK HEREÂ
INDIVIDUAL POLICIES ONLYÂ
 The corona Rakshak policy will be issued only on individual basis  and no family - floater option is availableÂ
 The corona Rakshak policy will be issued only on individual basis  and no family - floater option is availableÂ
FEATURES OF CORONA RAKSHAK POLICIES
BASICÂ FEATURES :Â
1. Policies issued by all insurance companies will comply with IRDAI guidelines on Corona Kavach PolicyÂ
2. The Cover of this Covid Standard Health Policy shall be offered on benefit basis onlyÂ
3. The Covid Standard Health Policy shall offer a policy tenure of three and half months (3 ½ months), six and half months (6 ½ months), and nine and half months (9 ½ months) including waiting period.
4.  All insurers will make the policy available to general public by 10.07.2020
5. Minimum insured amount is Rs 50,000  with a maximum of Rs 2.5 lakhsÂ
6. Minimum entry age of 18 years with a maximum of 65 years .
 7.  . Premium  to be paid in full at the time of issue .Â
8. The policy will carry same premium pan India .Â
9.  Renewal : May be renewed , till 31st March,2021,  for further terms of three and half months (3 ½ months), six and half months (6 ½ months) or nine and half months (9 ½ months) as per the option exercised by the policyholder. Renewals, if any, may be done before the expiry of the existing policy contract.  Where policy is renewed, additional waiting period of 15 days shall not be imposed and the coverage shall be continued seamlessly. During renewal, sum insured may be allowed to be changed by the policyholder. For any increase in the sum insured, the waiting period shall start afresh only for the enhanced portion of the sum insured.
10. Migration and portability norms are not applicable for the policy .Â
​
1. Policies issued by all insurance companies will comply with IRDAI guidelines on Corona Kavach PolicyÂ
2. The Cover of this Covid Standard Health Policy shall be offered on benefit basis onlyÂ
3. The Covid Standard Health Policy shall offer a policy tenure of three and half months (3 ½ months), six and half months (6 ½ months), and nine and half months (9 ½ months) including waiting period.
4.  All insurers will make the policy available to general public by 10.07.2020
5. Minimum insured amount is Rs 50,000  with a maximum of Rs 2.5 lakhsÂ
6. Minimum entry age of 18 years with a maximum of 65 years .
 7.  . Premium  to be paid in full at the time of issue .Â
8. The policy will carry same premium pan India .Â
9.  Renewal : May be renewed , till 31st March,2021,  for further terms of three and half months (3 ½ months), six and half months (6 ½ months) or nine and half months (9 ½ months) as per the option exercised by the policyholder. Renewals, if any, may be done before the expiry of the existing policy contract.  Where policy is renewed, additional waiting period of 15 days shall not be imposed and the coverage shall be continued seamlessly. During renewal, sum insured may be allowed to be changed by the policyholder. For any increase in the sum insured, the waiting period shall start afresh only for the enhanced portion of the sum insured.
10. Migration and portability norms are not applicable for the policy .Â
​
 WHAT THE POLICY WILL COVER ?Â
Lump sum benefit equal to 100% of the Sum Insured shall be payable on positive diagnosis of COVID, requiring hospitalization for a minimum continuous period of 72 hours. The positive diagnosis of COVID shall be from a government authorized diagnostic centre.
Â
Lump sum benefit equal to 100% of the Sum Insured shall be payable on positive diagnosis of COVID, requiring hospitalization for a minimum continuous period of 72 hours. The positive diagnosis of COVID shall be from a government authorized diagnostic centre.
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                             SECURING  HEALTH   FOR SENIOR CITIZENSÂ
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                                        WITH OR WITHOUT ENTRY AGE RESTRICTION Â
TOÂ READ THE ARTICLEÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CLICK HEREÂ
TO GET ANSWERS FOR FAQs on MANAGEMENT OF POLICIES ,  CLICK HEREÂ
​​
DO YOU KNOW ?Â
From  a report  of  Sample Survey Office ,  it is revealed that  80 percent of Indians , who mainly rely up on  private  health care ,  do not  have any medical insurance .  The government has brought  only about 12 %  of population under  health protection schemes like  Rashtriya Swasthya  Bima Yojana . In  the absence of health insurance  , 75 % of Indians  use their hard earned savings  while  18% have to borrow . In order to escape from financial gloom  in the events of  medical emergencies , one has to   definitely require some form of Health insurance .    Â
 KNOW  ABOUT  TAX ON RETIREMENT BENEFITS  , CLICK HEREÂ
FOR INCOME TAX NEWS   , CLICK HERE    NEWS ON INTEREST RATES  CLICK HERE Â
​ARTICLE ON INVESTMENT OPTIONS  FOR RETIREES  ,   CLICK HERE    WHAT IS SYSTEMATIC INVESTMENT PLAN  ?   CLICK HERE Â
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WHAT IS NEW ON PLAN N PROGRESS ?    ​
FOR INCOME TAX NEWS   , CLICK HERE    NEWS ON INTEREST RATES  CLICK HERE Â
​ARTICLE ON INVESTMENT OPTIONS  FOR RETIREES  ,   CLICK HERE    WHAT IS SYSTEMATIC INVESTMENT PLAN  ?   CLICK HERE Â
​                                Â
                                    NEW  ARTICLES ON  Â
                                   Â
 SMALL FINANCE BANKS                                     PAYMENT  BANKS   Â
                                    Â
UNIFIED Â PAYMENT INTERFACEÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â BHARAT BILL PAYMENT SYSTEMÂ Â Â
     BHIM APP                                                AADHAR  Â
                            e-INSURANCE  Account (  eIA  )  Â
WHAT IS NEW ON PLAN N PROGRESS ?    ​
​
TAX BENEFIT UNDERÂ SECTION 80D OF INCOME TAX ACTÂ
Deduction allowed  on Medicliam  Policies under 80 D is Rs. 50,000/- for senior citizens and up to Rs. 25,000/- for   others from the financial year 2018-19 . For senior citizens , if no insurance amount is paid , hospital expenditure up to Rs 50,000 is allowed . An assessee can claim additional Rs 50,000 for his / her parents  if they are senior citizens and  Rs 25,000 in other cases . Overall claim cannot exceed Rs 1,00,000 . All payments should have been made in any mode other than cash . Cost of preventive health check up up to Rs 5,000 can be claimed within the overall limit and it could have been made in cash also .Â
TAX BENEFIT UNDERÂ SECTION 80D OF INCOME TAX ACTÂ
Deduction allowed  on Medicliam  Policies under 80 D is Rs. 50,000/- for senior citizens and up to Rs. 25,000/- for   others from the financial year 2018-19 . For senior citizens , if no insurance amount is paid , hospital expenditure up to Rs 50,000 is allowed . An assessee can claim additional Rs 50,000 for his / her parents  if they are senior citizens and  Rs 25,000 in other cases . Overall claim cannot exceed Rs 1,00,000 . All payments should have been made in any mode other than cash . Cost of preventive health check up up to Rs 5,000 can be claimed within the overall limit and it could have been made in cash also .Â
​ISSUERS OF HEALTH COVERSÂ
 Mediclaim policies are issued by specialized Health / Medical Insurance companies ,  Life Insurers as well as General Insurers .   To get the list and visit their websites , Click Here
 Mediclaim policies are issued by specialized Health / Medical Insurance companies ,  Life Insurers as well as General Insurers .   To get the list and visit their websites , Click Here
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​INSURANCE           LIFE INSURANCE          HEALTH INSURANCE          VEHICLE INSURANCE      HOUSEHOLD INSURANCE
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 SMALL FINANCE BANKS      PAYMENT  BANKS      UNIFIED  PAYMENT INTERFACE             BHARAT BILL PAYMENT SYSTEM  Â
                         BHIM APP                                                AADHARÂ
​INSURANCE           LIFE INSURANCE          HEALTH INSURANCE          VEHICLE INSURANCE      HOUSEHOLD INSURANCE
                                   Â
 SMALL FINANCE BANKS      PAYMENT  BANKS      UNIFIED  PAYMENT INTERFACE             BHARAT BILL PAYMENT SYSTEM  Â
                         BHIM APP                                                AADHARÂ