CORONA RAKSHAK POLICY PREMIUMS COMPARED

  Plan is same , but Premiums are different 

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

PREMIUM FOR CORONA RAKSHAK POLICIES

SPECIAL NOTE DATED 27.12.2021 :  As  the pandemic Covid-19 has spread globally  and  insurance companies  received  high claims  . Hence  many of the insurance companies  have recently enhanced   the premiums they collect on their various   health insurance schemes .  

  The  premiums we have used for comparison   are more than  one year   and  they may not be valid now . Hence please  check the current  charges   of the insurance companies   before buying . 

However  on reading the article , you will realize that premiums quoted may widely vary from one insurance company to the other  and hence  comparing the premium before taking a policy is an important exercise for you   . ​

COMPARE THE PREMIUMS  BEFORE BUYING   CORONA  RAKSHAK  POLICY 

​27.07.2020 :  Insurance Regulatory & Development Authority of India ( IRDAI )  came out  one month    with  two   common health insurance policies  to be mandatorily    issued by all  insurance companies licensed  to issue health policies .  The policy  with basic cover of indemnity  was  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  Plans will have common  features , premiums can be decided  by individual  insurance companies .      

While IRDAI announced permitting 30 insurance companies to issue  Corona Kavach policy on 10th July  , it is yet to announce regarding Corona Rakshak policy  .  However some insurance companies have already come out with product  brochures on Corona Rakshak policy and  some have also announced  Premium charts on their websites  . We  have compared   four premium chart announced by four insurance companies below  to know who is offering better premium for  the policy  . While  for Star Health Insurance company policy ,   Premium is  same for all ages .  But others have    premium charts for different age groups . 


​  While comparing , We found  that each company has their own age band to quote premiums  .  Hence  we selected  quotes for 3  specific ages of 22 years , 42 years and 62 years  representing  young , middle aged and senior  citizens .  You can find that  the variations in the premiums   quoted by each company   are    staggeringly  different . 

For example  Edelweis  insurance company  quotes just Rs 102 for 3.5 months policy for  a cover of Rs 50,000 for a 22 year old person  , for the same Star health health insurance co  quotes Rs 769   which is more than 7  times the premium  .  You can go through the tables   drawn by us for persons of different ages  and find how much the premiums vary . If this is the case  with 6 companies , think  about different premiums  quoted by all the insurance companies   . 

Most of the insurance companies are yet to publish   their premiums on their websites  . Some require you to furnish  your personal information like name , e-mail address and mobile numbers to get a quote from them . But press reports suggest   variations  in age slabs  as well as  the premium quoted by insurance companies  .  Hence one has to get quotes for his  particular age by the insurance companies to compare the premium applicable to him / her . 

As  IRDAI  advises  formal  announcement regarding insurance companies permitted to offer the policy , we will bring in the details  . Further as and when more insurance companies  issue premium chart , we will bring them to comparison  chart  . 

We shall be happy to receive feedback   on this issue from our readers . 
To have the detailed information including inclusions , exclusions , eligibility criteria   on Corona Rakshak Policy  , CLICK HERE  

NOTE :   The information on premiums quoted below were taken at the launch of the product . Subsequently insurance companies would have altered  the premium chart  . Hence we advise  you to go to the website of   insurance companies and get the latest of  the quotes  for you   , compare them and decide . 

ALL PREMIUMS QUOTED ARE WITHOUT GST   WHICH IS TO BE ADDED

 THE PREMIUM FOR  22 YEARS  OLD   FOR A PERIOD OF 3 MONTHS 15 DAYS 

INSURANCE COMPANY	Rs 50,000	​Rs 1,00,000	​Rs 1,50,000	​Rs 2,00,000	​Rs 2,50,000
FUTURE GENERALI	​244	​263	282	302	321
IFFCO TOKIO	157	315	472	630	787
GO DIGIT	​520	1,040	1,560	2,080	2,600
​EDELWEISS	102	204	​306	408	510​
Star  Health	769	1,538	2,308	3,077	​3,846
Universal Sompo	115	​231	346	462	577

 THE PREMIUM FOR  22 YEARS  OLD   FOR A PERIOD OF 6 MONTHS 15 DAYS 

INSURANCE COMPANY ​	​Rs 50,000	​Rs 1,00,000	​Rs 1,50,000	​Rs 2,00,000	​Rs 2,50,000
​FUTURE GENERALI​	263	302	340	378	416
IFFCO TOKIO ​​	275	550	825	1,099	1,374
GO DIGIT ​	640​	1,280	1,920	2,560	​3,200
​EDELWEISS	162	324	486	648	810​
​Star  Health	​923	​1,846	2,769	3,692	​4,615
Universal Sompo ​	​231	462	692	923	1,154

 THE PREMIUM FOR  22 YEARS  OLD   FOR A PERIOD OF 9 MONTHS 15 DAYS 

INSURANCE COMPANY	​Rs 50,000	​Rs 1,00,000	​Rs 1,50,000	​Rs 2,00,000	​Rs 2,50,000
​FUTURE GENERALI	​282	340	​397	455	512
IFFCO TOKIO ​​	​368	737	1,105	1,474	1,842
GO DIGIT ​	800	​1,600	2,400	3,200	4,000
​EDELWEISS	​211	422	634​	845	1,056
​Star  Health	​1,038	​2,077	​3,115	4,154	5,192
Universal Sompo ​	​327	654	981	1,308	1,635

THE PREMIUM FOR  42 YEARS  OLD   FOR A PERIOD OF 3 MONTHS 15 DAYS 

INSURANCE COMPANY ​	​​Rs 50,000	​Rs 1,00,000	​​Rs 1,50,000	​Rs 2,00,000	​​Rs 2,50,000
​FUTURE GENERALI	​282	339	396	453	510
IFFCO TOKIO ​	​206	411	617	823	1,028
GO DIGIT ​	1,170	2,340	3,510	4,680	5,850​
​EDELWEISS	​129	259	​388	​518	647
​Star  Health	​769	​1,538	​2,308	​3,077	​3,846
Universal Sompo ​	115	231	346	462	577

THE PREMIUM FOR  42 YEARS  OLD   FOR A PERIOD OF 6 MONTHS 15 DAYS 

INSURANCE COMPANY ​​	​​​Rs 50,000	​​Rs 1,00,000	​​​Rs 1,50,000	​Rs 2,00,000	Rs 2,50,000
​FUTURE GENERALI	​339	453	567	681	795
​IFFCO TOKIO ​	​359	718	1,077	1,436	1,795
GO DIGIT ​	1,440	​2,880	4,320	5,760	​7,200
​EDELWEISS	​205	410	​616	821	1,026
​Star  Health	​923	​1,846	​2,769	3,692	​4,615
Universal Sompo ​	​231	462	692	923	1,154

THE PREMIUM FOR  42 YEARS  OLD   FOR A PERIOD OF 9 MONTHS 15 DAYS 

INSURANCE COMPANY ​​	​​​Rs 50,000	​​Rs 1,00,000	​​​Rs 1,50,000	​Rs 2,00,000	​​​Rs 2,50,000
​FUTURE GENERALI	​396	567	738	909	1,079
IFFCO TOKIO ​	​481	962	1,444​	1,925	2,406
GO DIGIT ​	​1,800	3,600	​5,400	7,200	9,000
​EDELWEISS	​268	535	803	1,071	​1,338
​Star  Health	​1,038	​2,077	​3,115	​4,154	​5,192
Universal Sompo ​	327	654	981	1,308	1,635

THE PREMIUM FOR  62 YEARS  OLD   FOR A PERIOD OF 3 MONTHS 15 DAYS 

INSURANCE COMPANY ​​	​​​Rs 50,000	​​Rs 1,00,000	​​​Rs 1,50,000	​Rs 2,00,000	​​​Rs 2,50,000
​FUTURE GENERALI	356	487	618	749	880
IFFCO TOKIO ​	​365	730	1,096	1,461	1,826
GO DIGIT ​	2,600	5,200	7,800	​10,400	13,000
EDELWEISS	​​129	259	388	518	647
​Star  Health	​769	​1,538	2,308	​3,077	​3,846
Universal Sompo ​	185	369	554	738	923

THE PREMIUM FOR  62 YEARS  OLD   FOR A PERIOD OF 6 MONTHS 15 DAYS 

INSURANCE COMPANY ​​	​​​Rs 50,000	​​Rs 1,00,000	​​​Rs 1,50,000	​Rs 2,00,000	​​​Rs 2,50,000
​​FUTURE GENERALI	​487	749	​1,010	1,272	1,534
​IFFCO TOKIO ​	​638	1,275	​1,913	2,550	​3,188
GO DIGIT ​	​3,200	6,400	​9,600	12,800	​16,000
​EDELWEISS	205	410	616	821	1,026
Star  Health	​923	​1,846	​2,769	3,692	4,615
Universal Sompo ​	​369	738	1,108	1,477	1,846

THE PREMIUM FOR  62 YEARS  OLD   FOR A PERIOD OF 9 MONTHS 15 DAYS 

INSURANCE COMPANY ​​	​​​Rs 50,000	​​Rs 1,00,000	​​​Rs 1,50,000	​Rs 2,00,000	​​​Rs 2,50,000
​FUTURE GENERALI	​618	1,010	1,403	1,796	2,189
IFFCO TOKIO ​	​855	1,709	2,564	3,418	4,273
GO DIGIT ​​	4,000	8,000	12,000	16,000	20,000
​EDELWEISS	​​268	535	803	1,071	1,338
Star  Health	1,038​	​2,077	​3,115	​4,154	​5,192
Universal Sompo ​	​523	1,046	​1,569	2,092	2,615

  
 To go to the websites / brochures of the above  insurance companies ,   Click on their names.

1.    Future Generali Insurance Co 

2.    IFFCO TOKIO INSURANCE CO 

3.    GO DIGIT GENERAL INSURANCE LTD 
​
4.    EDELWEISS GENERAL INSURANCE LTD

5     Star  Health  & Allied Insurance co Ltd

6.    Universal Sompo General Insurance co ltd

INSURANCE COMPANIES ISSUING CORONA KAVACH POLICY

Dated 11.07.2020  : Now the Authority had issued clearance to the following 30 General and Health Insurance companies to market this Corona Kavach Policy. You can click  here to get the  list  of Insurance companies 
 ​

NEW ARTICLE       

                                                       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 .       

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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 . 

​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

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