CORONA RAKSHAK POLICY PREMIUMS COMPARED
 Plan is same , but Premiums are differentÂ
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
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 . Â
 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 .Â
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  . ​
 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 .Â
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 PREMIUMSÂ BEFORE BUYINGÂ Â CORONAÂ RAKSHAKÂ POLICYÂ
​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 .   Â
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 .Â
​ 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 .Â
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  .Â
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 .Â
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 .Â
We shall be happy to receive feedback  on this issue from our readers .Â
To have the detailed information including inclusions , exclusions , eligibility criteria  on Corona Rakshak Policy , CLICK HERE Â
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 .Â
​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 .   Â
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 .Â
​ 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 .Â
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  .Â
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 .Â
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 .Â
We shall be happy to receive feedback  on this issue from our readers .Â
To have the detailed information including inclusions , exclusions , eligibility criteria  on Corona Rakshak Policy , CLICK HERE Â
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 .Â
ALL PREMIUMS QUOTED ARE WITHOUT GSTÂ Â WHICH IS TO BE ADDED
 THE PREMIUM FOR 22 YEARS OLD  FOR A PERIOD OF 3 MONTHS 15 DAYSÂ
INSURANCE COMPANYÂ |
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 TOKIOÂ |
157 |
315 |
472 |
630 |
787 |
GO DIGITÂ |
​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 DAYSÂ
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 DAYSÂ
INSURANCE COMPANYÂ |
​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 FORÂ 42 YEARSÂ OLDÂ Â FOR A PERIOD OF 3 MONTHS 15 DAYSÂ
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 FORÂ 42 YEARSÂ OLDÂ Â FOR A PERIOD OF 6 MONTHS 15 DAYSÂ
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 FORÂ 42 YEARSÂ OLDÂ Â FOR A PERIOD OF 9 MONTHS 15 DAYSÂ
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 FORÂ 62 YEARSÂ OLDÂ Â FOR A PERIOD OF 3 MONTHS 15 DAYSÂ
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 FORÂ 62 YEARSÂ OLDÂ Â FOR A PERIOD OF 6 MONTHS 15 DAYSÂ
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 FORÂ 62 YEARSÂ OLDÂ Â FOR A PERIOD OF 9 MONTHS 15 DAYSÂ
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 |
 Â
 To go to the websites / brochures of the above insurance companies ,  Click on their names.
1.   Future Generali Insurance CoÂ
2.  IFFCO TOKIO INSURANCE COÂ
3.   GO DIGIT GENERAL INSURANCE LTDÂ
​
4.  EDELWEISS GENERAL INSURANCE LTD
5   Star Health  & Allied Insurance co Ltd
6.   Universal Sompo General Insurance co ltd
 To go to the websites / brochures of the above insurance companies ,  Click on their names.
1.   Future Generali Insurance CoÂ
2.  IFFCO TOKIO INSURANCE COÂ
3.   GO DIGIT GENERAL INSURANCE LTDÂ
​
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 companiesÂ
 ​
 ​
NEW ARTICLEÂ Â Â Â Â
                             SECURING  HEALTH   FOR SENIOR CITIZENSÂ
Â
                                        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
​​
                             SECURING  HEALTH   FOR SENIOR CITIZENSÂ
Â
                                        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
​FOR DETAILS ON AAYKAR SETHU ,
      NEW MOBILE APPLICATION FROM INCOME TAX DEPT , CLICK HERE                                           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 ?    ​
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
​FOR DETAILS ON AAYKAR SETHU ,
      NEW MOBILE APPLICATION FROM INCOME TAX DEPT , CLICK HERE                                           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
  ARTICLES ON  Â
​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
​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