Discover Reasons to Buy Corona Rakshak Policy
Updated On Apr 19, 2021
The year 2020 is about to end in about a month's time. So far, this year has been all about dealing with coronavirus and the changes it has brought about in everyone's lives. We may be still far from welcoming a vaccine, but the Indian government is leaving no stone unturned in ensuring proper financial protection against coronavirus. Corona Rakshak Policy is proof of the same.
What Is Corona Rakshak Policy?
Suggested by the Insurance Regulatory and Development Authority of India (IRDAI) to the insurance companies, Corona Rakshak is a COVID-19 exclusive health insurance plan. Not a mandatory cover like Covid Kavach, Corona Rakshak helps policyholders take care of all the medical bills related to coronavirus treatment without worrying about their finances.
Features of Corona Rakshak Policy
Prime features of the Corona Rakshak Policy include:
- Short term insurance
- Fixed benefit policy
- Available on individual sum insured basis
- Provides 100% lump sum amount on hospitalization
- Policy tenure options include 105 days, 195 days, and 285 days
- Eligibility age range starts from 18 years and goes up to 65 years
- Sum insured range lies between Rs. 50,000 and goes up to Rs. 2.5 Lakh
- The policy becomes active only after 72 hours of continuous hospitalization
- Policy gets terminated once payment of 100% sum insured is done
- The waiting period associated with Corona Rakshak is 15 days
- The policy does not allow renewal, portability, or migration
Benefits of Corona Rakshak Policy
Needless to say, Corona Rakshak Policy has a wide range of benefits to offer. If you are still hesitant to buy this coronavirus cover, go ahead as you will gain the advantage of:
- Compensation for Loss of Income - This benefit-based plan will come across as a helping hand to support you in adverse times. To cope with the loss of income due to Covid-19, you will get a 100% sum insured amount that would make up for numerous expenses of your daily life.
- The utility of Pay - You would be free to use the lump sum amount received under the Corona Rakshak policy to pay for consumables like PPE kits, which are usually not covered by standard health insurance plans.
- Tax Benefits - The premium you pay for Corona Rakshak policy will be considered eligible for tax benefits according to section 80D of the Indian Income Tax Act.
Who Should Buy Corona Rakshak Policy?
Corona Rakshak Policy is a must for those who lack any form of health insurance. So, if you are not covered under any health insurance policy, know that it would be best to choose this benefit based plan so that you are at least covered for coronavirus treatment. Having this policy by your side, you won't have to stress about managing finances at the last moment.
Corona Rakshak is also a great choice for those who lack proper coverage under any plan. If you are somewhat unsatisfied with your existing coverage, the features of Corona Rakshak will serve as additional benefits to you.
You May Also Like To Read: Covid-19 Health Insurance Policies
Specifically designed to cater to the medical needs of people related to Covid-19, Corona Rakshak Policy is an ideal choice to make. Affordable and reliable, the benefit based plan successfully helps in combating high medical expenses incurred during coronavirus treatment.
Do remember to go through policy wordings carefully before buying this exceptional Covid-19 policy.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.