No icon


From the desk of CA DILIP JHAJAHARIA

Fight Covid With Insurance Plan ( CORONA KAVACH AND CORONA RAKSHAK ) :

To fight Corona this insurance policy is a must. For the benefit of common men government have come out with a excellent short term insurance which helps people fight with corona financially. Today I am discussing about these policy.

Everyone should do this as the premium is very low and applying is very simple without any hurdle. The main points are as below;

1) There are two type of policy ( A) Corona Kavach (B) Corona Rakshak. 
2) Available from age of 18 years to 65 years. 
3) No medical examination pre Insurance.
4) Under Corona Kawach Expenses is Reimbursed to hospital if hospitalization more than 24 hrs and under corona Rakshak max of 2.50 lacs ( policy cover ) amount will be paid in bank of the person if minimum 72 hrs hospitalization exist. 
5) Premium ranges from Rs 400/- to 1600/- ( Approx ) for 6.5 months policy from 50000/- to 2.50 lacs coverage with age of 18–65 years. For Corona Kawach it ranges from Rs. 550 to 2200/- for coverage of 50000/- to 5.00 lacs . ( all approx figures )

The biggest difference is that These Two Policy -Corona Kavach Policy only the hospital bill gets reimbursed as it is an indemnity-based plan. 
Corona Rakshak Policy, the 100 per cent of the sum insured is paid in bank to the policy holder as it a benefit-based plan.But, before you buy them, know 6 differences between the two plans.

Dilip Jhajaria

FCA, FCS, GC ( B&F- Sydney)

Chartered Accountant 

Entrepreneur and social Leader

President- Lions Club of Calcutta ( 17-18 )

Chairman- Lion Bimal Poddar Eye Hospital

Member- Merchant Chamber Of commerce

1) Who offers them

Corona Kavach Policy, the COVID Standard Health Policy need to be compulsorily offered by all general and health insurance companies. 
To buy Corona Rakshak Policy, one may approach any insurer including the life insurance company.

2) Availability

Corona Kavach Policy is to being offered by 29 insurers from July 10. For Corona Rakhak is to be seen when they start launching them. One I know is future Generally has launched. 

3) Minimum and maximum

The minimum sum insured for Corona Kavach Policy is Rs 50,000 and the maximum is Rs 5 lakh while for the Corona Rakshak Policy, the minimum sum insured is Rs. 50,000 and the maximum limit shall be Rs.2.5 lakh.

4) Hospitalisation

In the Corona Kavach Policy, there is a hospitalization of a minimum period of 24 hours. But, in the case of Corona Rakshak Policy, it requires hospitalization for a minimum continuous period of 72 hours.

5) Nature of policy

“While Corona Kavach is an indemnity based plan that reimburses policyholders based on medical expenses incurred for treatment of COVID, and Corona Rakshak is a benefit plan that offers fixed compensation upon the patient being diagnosed with COVID and being hospitalized for 72 hours, irrespective of the medical expenses incurred.

6) Type of policy

One can buy Corona Kavach both on an individual basis and on Family Floater basis but Corona Rakshak is offered on an individual basis. 

What to do

Being a short plan and the on-going incidence of the virus, its better to choose a long er term and high sum assured. But do not ever consider it as a substitute for a regular health insurance plan. “The policy should not be considered as a substitute for a comprehensive health cover. Each family member, workers, should take this policy atleast the CORONA RAKSHAK as it pay u cash. Before purchasing research yourself about it. All information given are based on reading from various sources and are in general in nature.