Features and Benefits of Corona Rakshak Policy

The Covid-19 pandemic that started in 2020 has claimed millions of lives worldwide and is still raging on. The only known option of combating it till date has been phenomenal ‘lockdowns’ and physical distancing, that has led to an economic recession and job losses. To add to this financial difficulty, people have been stripped of their long term investments and savings to meet the sky high treatment costs associated with Covid-19. In such a situation, it becomes imperative to have a health insurance policy against Covid-19 and state organisations and governments have come up with various options to help their citizens for the same.;

In India, the Corona Rakshak Policy has been launched as a standard benefit health insurance policy. It follows the basic guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI) and can be offered by both general insurance and standalone insurance companies. This insurance policy has been designed to safeguard the high medical costs of treating Covid-19 and in this article we are going to look at some of the key features and benefits of the Corona Rakshak Policy. Let’s find out from the list below -

Features of Corona Rakshak Policy

The following are some of the key features of the Corona Rakshak Policy -

1. Single Premium Paying Term -
The Corona Rakshak Policy has a single premium paying term where you can pay all your premiums in a one time installment and can be relieved of making any further periodic payments for the policy.

2. Lump Sum Payment -
The Corona Rakshak Policy comes with an individual cover with a coverage amount of INR 50,000 TO INR 2.5 Lakh. 100% of this sum assured amount is paid as lump sum to the policyholder if they test positive for Covid-19 from a government authorized centre.

3.No Medical Screening -
In order to be eligible for this policy, a policyholder does not need to undergo prior medical screening and it is not mandatory for purchasing or investing in the Corona Rakshak Policy.

4.No Deductibles -
One of the most impressive features of the Corona Rakshak policy is that it does not come with any deductibles, ensuring that there is no compromise on your medical treatment or supervision.

Benefits of the Corona Rakshak Policy

The following are the different benefits that can be availed by anyone under the Corona Rakshak Policy -

1.Hospitalization Benefit -
As the name suggests, this policy is specifically designed to offer you financial support against Covid-19. Under this benefit, hospital bills are completely covered for the policyholder in case they have tested positive for Covid-19 and need to be hospitalised. All costs related to the diagnosis, treatment and hospitalization for Covid-19 is completely covered by this policy and the policyholder is relieved of spending excess funds on his own accord. This benefit is payable only when an individual needs to be or has been hospitalized for more than 72 hours.

2.Treatment Benefit -
The treatment benefit under the Corona Rakshak Policy is available for the policyholder when they have been diagnosed of Covid-19 but do not require hospitalization and have been prescribed treatment at home. Under such circumstances, this feature covers all medical costs for a period of 14 days and also allows the policyholder to use the lump sum amount for any treatment related expenses. It is an effective benefit that ensures that you receive the best medical attention, irrespective of your stay at the hospital.

3.Payout Benefit -
The Corona Rakshak policy enables its policyholders to receive their sum assured in a lump sum format. This aspect is beneficial for policyholders under this benefit, where they can choose to use that same amount for making payments towards consumables such as PPE kits. These costs are generally not covered by most general health insurance policies and this feature is truly an added benefit. Furthermore, the lump sum payout also seeks to supplement and strengthen your existing health insurance coverage, ensuring that you are protected from all sides, at all costs.

4.Compensation Benefit -
Unique to this policy alone the compensation benefit is a very convenient benefit that is available to all policyholders under this health insurance plan. By this feature, policyholders can claim a benefit payout option in the unfortunate occasion of loss of income due to the diagnosis of Covid-19. Hence, the policy aims to secure your financial needs and requirements even in the face of a job loss.

These are the key features and benefits of the Corona Rakshak Policy. The pandemic is yet to be over and you are advised to take utmost precaution to save yourself and your loved ones from contracting it. The Corona Rakshak Policy aims to comprehensively secure your financial needs, but you should take your personal needs and other policies into consideration before rushing to purchase or invest in this plan.

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.