Know more about Corona specific Insurance policy


With the spike in new Covid-19 positive cases at an alarming rate, the state government roped in private hospitals with better health care facilities as COVID designated hospitals to treat the patients. To ease the burden on the common man, the Andhra Pradesh government ensured the cashless treatment of suspect / positive coronavirus patients at private and government hospitals under its flagship Aarogyasri healthcare scheme.

In addition to the government healthcare insurance, private insurance companies also rolled out Corona specific Insurance policy as per the circular dated 16th of July 2020 of the Insurance Regulatory Development Authority (IRDA). It also said, to ease policyholders’ woes, it is important to recognize makeshift hospitals permitted by the government for settlement of health insurance claims.

Accordingly, almost all Private and Public sector Insurance companies have introduced Corona Rakshak and Corona Kavach Insurance Policies. Speaking to Hello Vizag, Mr. Ramprasad, Regional Director of Bharat Re Insurance Brokers Pvt. Ltd and an Insurance expert and Risk Management Consultant said the Corona Rakshak policy is a benefit policy that offers a lump sum payment if a person is found Corona Positive. But the tests have to be carried out at an ICMR approved / Govt. approved lab only. The Corona Rakshak gives a maximum benefit amount of between 50000 to 2.50 lakhs while the Corona Kavach policy provides limit from 50000 to Rs. 5 lakhs as a maximum sum insured limit. Corona Kavach Insurance coverage will only apply to those when there is a hospitalization of a minimum period of 24 hours while Corona Rakshak policy, required a minimum continuous period of 72 hours. Though hospitalization is compulsory, if beds are not available in hospitals, the treating doctors have to recommend home treatment.

Explaining the insurance policy in detail Mr. Ramprasad said, the policy tenure is for 3.5 months/ 6.5 months / 9.5 months as may be opted. The premium is reasonable and is decided based on the sum insured and age, and period of insurance. Treatment of COVID is to be done only in government-approved hospitals only with no capping on room rent includes PPE kits, ventilators, etc. within the sum insured limits. Cashless and Reimbursement facility is allowed and AYUSH treatment also permitted. However, there is a waiting period of 15 days. The policy will provide for treatment if Corona is detected after 15 days of the policy issuance, said Mr. Ramprasad. The Cover is restricted upto a maximum age of 65 years only.

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