CORONA RAKSHAK POLICY
STANDARD INSURANCE POLICY COVERING CORONA
ISSUED BY ALL INSURANCE COMPANIES
CORONA RAKSHAK POLICY
A standard Benefit based Short term Insurance exclusively for Covid -19
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 ?
IRDAI ASKS INSURERS TO OFFER RENEWAL OF COVID POLICIES UP TO 30.09.2022 :
Dated 29.03.2022 : IRDAI had introduced two short term covid specific policies called Covid Kavach and Covid Rakshak .
. Now IRDAI has advised the insurance companies to offer and permit renewal of both the policies till 30th , September 2022 .
For Press Release dated 28.03.2022 in this regard , CLICK HERE
Dated 29.03.2022 : IRDAI had introduced two short term covid specific policies called Covid Kavach and Covid Rakshak .
. Now IRDAI has advised the insurance companies to offer and permit renewal of both the policies till 30th , September 2022 .
For Press Release dated 28.03.2022 in this regard , CLICK HERE
A STANDARD BENEFIT BASED INSURANCE POLICY EXCLUSIVELY COVERING COVID -19
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 .
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 .
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 .
The policy will be issued by 10th, July , 2020 by all the general / health insurers .
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 .
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 .
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 .
The policy will be issued by 10th, July , 2020 by all the general / health insurers .
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 HERE
INDIVIDUAL POLICIES ONLY
The corona Rakshak policy will be issued only on individual basis and no family - floater option is available
The corona Rakshak policy will be issued only on individual basis and no family - floater option is available
FEATURES OF CORONA RAKSHAK POLICIES
BASIC FEATURES :
1. Policies issued by all insurance companies will comply with IRDAI guidelines on Corona Kavach Policy
2. The Cover of this Covid Standard Health Policy shall be offered on benefit basis only
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 lakhs
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 .
8. The policy will carry same premium pan India .
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 .
1. Policies issued by all insurance companies will comply with IRDAI guidelines on Corona Kavach Policy
2. The Cover of this Covid Standard Health Policy shall be offered on benefit basis only
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 lakhs
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 .
8. The policy will carry same premium pan India .
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 .
WHAT THE POLICY WILL COVER ?
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.
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.
SECURING HEALTH FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
TO READ THE ARTICLE CLICK HERE
TO GET ANSWERS FOR FAQs on MANAGEMENT OF POLICIES , CLICK HERE
DO YOU KNOW ?
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 .
KNOW ABOUT TAX ON RETIREMENT BENEFITS , CLICK HERE
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
WHAT IS NEW ON PLAN N PROGRESS ?
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
WHAT IS NEW ON PLAN N PROGRESS ?
TAX BENEFIT UNDER SECTION 80D OF INCOME TAX ACT
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 .
TAX BENEFIT UNDER SECTION 80D OF INCOME TAX ACT
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 .
ISSUERS OF HEALTH COVERS
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
ARTICLES ON
INSURANCE LIFE INSURANCE HEALTH INSURANCE VEHICLE INSURANCE HOUSEHOLD INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
INSURANCE LIFE INSURANCE HEALTH INSURANCE VEHICLE INSURANCE HOUSEHOLD INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
