What Is Corona Rakshak Policy?

Corona Rakshak Policy is a standard benefit based health insurance designed to cater to the needs of people subject to the treatment of COVID-19. It provides a lump sum benefit to insured individuals if they are tested positive for COVID-19 and require hospitalisation. The plan offers coverage on an individual basis with sum insured options ranging from Rs. 50,000 to Rs. 2.5 lakh, in the multiples of 50,000. However, a proposer can also buy this policy to cover his or her family member without covering himself or herself.

This Corona Rakshak Policy offered coverage to people between the age of 18 years and 65 years. It promises to give a lump sum benefit equal to 100% of the sum insured, but only if the insured person is diagnosed with COVID-19 from a government recognised centre and gets hospitalised for a minimum continuous period of 72 hours. It is available with different policy terms of 3.5 months, 6.5 months and 9.5 months, but comes with a one-time benefit policy and terminates upon the payment of benefit.

Corona Rakshak Health Insurance

Corona Rakshak Health Insurance Policy Benefits

  • Complete Sum Insured Benefit – The Corona Rakshak Health Insurance policy offers you the complete sum insured option chosen by you without any deduction. It just requires hospitalisation of at least 72 hours continuously after testing positive for Covid-19 from a government recognised diagnostic centre.
  • Economical Premium - As this Corona Rakshak Health Insurance Policy is launched by the Insurance Regulatory and Development Authority of India (IRDAI) to provide a financial cushion against the medical expenses incurred due to Covid-19, hence, it is available at an affordable amount of premium to make it easily used by people of every stratum.
  • Lump-Sum Amount – This Corona Rakshak Health Insurance Policy gives you the complete amount of sum insured in a lump sum after you get diagnosed with Covid-19 from a government authorised diagnostic centre and advised to be admitted in the hospital for minimum 72 continuous hours.
  • Short Waiting Period - Corona Rakshak Health Insurance Policy holds a waiting period of just 15 days with which the insured person can start to avail the policy benefits just after 15 days of its purchase.
  • Tax Benefits - The policyholders can save more money with the tax benefits available on the amount of premium paid for Corona Rakshak Insurance policy under Section 80D of the Income Tax Act, 1961 if the payment of policy premium is made by any method other than cash.

Top 10 Corona Rakshak Policies Based on Claim Settlement Ratio

Corona Rakshak is a lump-sum benefit policy that provides financial protection against hospitalization due to Covid-19 infection. Corona Rakshak Policy is one of the prime policies that many health insurance companies provide to safeguard the policyholder and their loved ones from hefty medical expenses incurred. If you are looking forward to securing yourself against Covid-19, take a quick look at the list of Top 10 Corona Rakshak Policies given below to make an ideal choice.

Before you go ahead with your decision, please note that health insurance companies have been ranked based on claim settlement ratio as CSR is one of the key elements considered during a policy purchase.

The Claim Settlement Ratio for the year ended March 31, 2019 has been considered for the ranking.

Top 10 Corona Rakshak Policies on the Basis of CSR for Year 2018-2019

Health Insurance Company

Claim Settlement Ratio

IFFCO Tokio 

96.57%

Oriental Insurance 

94.28%

ManipalCigna

89.50%

Future Generali 

87.68%

Navi (DHFL) Health Insurance

84.31%

Digit 

83.08%

Edelweiss 

79.82%

Star Health Insurance

78.52%

ICICI Lombard 

78.32%

Universal Sompo

75.92%

(CSR As Per IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition)

Corona Rakshak Health Insurance Policy Coverage

COVID Rakshak Policy provides a lump sum benefit equal to 100% of the sum insured on a positive diagnosis of Covid-19, requiring hospitalisation for a minimum continuous period of 72 hours. The positive diagnosis of Covid shall be from a government authorised diagnostic centre.

What Is Not Covered Under Corona Rakshak Health Insurance Policy?

  • Non-COVID Diagnostic Expenses – Any diagnostic expenses which are not related to Covid-19 or not identical to its diagnosis or treatment will not be covered under this policy. 
  • Testing in Unauthorised Centers – No coverage will be provided if the testing for the diagnosis of Covid-19 is done in a diagnostic centre which is not recognised by the government.
  • Claim During Waiting Period – The policy will not entertain any claim request even with respect to Covid-19 if made during the waiting period or before the commencement date of the plan. 
  • Investigation And Evaluation – The policy does not cover the insured for any treatment that is undergone primarily for the purpose of diagnostics and evaluation. 
  • OPD and Daycare Procedures – The policy does not offer compensation against any medical expenses incurred due to OPD and daycare procedures, even if arising out of the treatment of Covid-19. 

Health Insurance Corona Rakshak FAQs

  • Is this Corona Rakshak Health Insurance Policy available on an individual or family floater basis?

    This standard benefit based Corona Rakshak Health Insurance Policy is available on an individual basis only. 

  • What kind of coverage will I get under this Corona Rakshak Health Insurance Policy?

    The Corona Rakshak Health Insurance plan offers multiple sum insured options ranging from Rs. 50,000 to Rs. 2.5 lakh, in the multiples of fifty thousand. 

  • What are the policy terms for which I can buy this health insurance plan?

    You can buy this Corona Rakshak Health Insurance Policy for different policy terms such as 3.5 months (i.e. 105 days), 6.5 months (i.e. 195 days) and 9.5 months (i.e. 285 days).

  • What is the waiting period under the Corona Rakshak Health Insurance Policy?

    Corona Rakshak Policy comes with an initial waiting period of 15 days. Note that the waiting period is calculated from the date of commencement of the policy.  

  • What is the age limit to buy this health insurance policy?

    This health insurance plan can be purchased by people between the age of 18 years and 65 years, inclusive of both ages. However, proposers with a higher age can buy this cover for adult members of the family, without covering themselves. 

  • For how many times can I make claims under this plan in a policy year?

    This is a one-time benefit offering the policy. Its benefit is applicable for the entire policy term of the cover and shall be terminated upon the payment for one time only.

  • Can my insurance company refuse to give me this plan or cancel my policy?

    Yes, The company may cancel the policy at any time on grounds of misrepresentation, non-disclosure of material facts, fraud by an insured person, by giving 7 days written notice. 

  • Do I need to go through any pre-medical test to get this Corona Rakshak Health Insurance Policy?

    No, you do not have to go through any test as no pre-acceptance medical screening is required to get this health insurance plan. 

  • Can I renew this Corona Rakshak Health Insurance Plan?

    No, this standard health insurance plan is a short term policy available for different policy terms and hence it can not be renewed. 

  • Can I earn any tax benefit under this Rakshak Health Insurance Policy?

    Yes, the amount of premium paid to avail this health insurance plan is eligible for tax deduction under the section 80D of the Income Tax Act, 1961.

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