Coronavirus Insurance

Health Insurance options available

• All ‘Indemnity based health insurance products” that cover the treatment costs of hospitalization offered by all general and health insurance companies cover the costs of hospitalization treatment on account of COVID-19.
• Recently the insurance regulator of India, IRDAI mandated insurance companies to offer two different ‘need-based’ short term policies to cover hospitalization expenses with respect to the treatment of COVID-19.
  • Corona Kavach - Indemnity based
  • Corona Rakshak - Benefits based
  Both the covers are short term policies with a tenure of 9.5 months, 6.5 months or 3.5 months. From the beginning of August 2020, some of the insurance companies have started offering the group variant of the Corona Kavach policy as well. For example, Corona Kavach Group Policy by Raheja QBE General Insurance.
• Apart from these, some of the insurance companies are coming up with more innovative covers suitable for groups. For example, Covid – 19 Group Policy by Chola MS General Insurance (Benefit based), Covid – 19 Group Policy by Reliance General Insurance (Indemnity based) and Digit Illness Group Insurance by Digit Insurance.

These policies have been designed largely to widen the coverage of health insurance in India. There is an increased awareness amongst the common man. There are some attractive features of these policies worth considering like,

• the short tenure options,
• reduction in waiting period,
• inclusion of certain co-morbidities along with pre-existing diseases,
• home health care benefit (Corona Kavach),
• no room rent sub-limit

Corona Rakshak

It is a benefit based Health Insurance Policy where Lump sum benefit equal to 100% of the Sum Insured would be payable on positive diagnosis of COVID. This is offered as an Individual policy only.

Range of Sum Insured: Rs 50000 to Rs 250000 (In multiples of Rs 50000)

Corona Rakshak policy can be taken for self, spouse, dependent children, parents and parent-in-laws.

The minimum requirement is a hospitalization for a continuous period of 72 hours.

The positive diagnosis of COVID should be from a government authorized diagnostic centre.

The cover eligibility starts from 18 years to 65 years of age.

There is 15 days waiting period from the start of the policy, to avail the benefits.

The policy will terminate when 100% of the Sum Insured is paid.

Who should buy a Corona Rakshak Policy?

People who already have a Health Insurance Policy. But a hospitalization may impact the financial position of the person. In such a case, Corona Rakshak Policy acts as a replacement of his/her income.

Plan Comparison: Corona Kavach Vs Corona Rakshak

Some of the Covid-19 Group Policies available in the market

1) Covid – 19 Group Policy by Chola MS General Insurance (Benefit based)

• Chola MS Covid -19 policy is an insurance cover intended to provide a lump sum benefit if the insured is diagnosed with the Covid infection during the policy period.
• This insurance is available to persons aged between 3 months and 65 years (completed age) at the time of commencement date of this policy.
• The proposer should be 18 years on the commencement date of this policy.
• Insured can avail the cover for self, spouse, parents and dependent children upto 2
• Sum Insured applicable : Rs 10000, Rs 20000, Rs 30000, Rs 40000, Rs 50000
• Minimum lives required to be covered is 500
• Policy period is 1 Year
• Waiting Period - Initial 16 days of the commencement of the policy
• Claims Process: Within 30 days of the discharge from hospital/treatment/occurrence of the event the Policyholder or the Primary Insured shall provide the with details of the claim to be paid as per the claim
• Payment will be made to the insured person
• Claim documents required:
  • Duly filled & signed claim form along with Govt. issued ID proof.
  • Detailed discharge/Death summary specifying the disease & treatment details.
  • COVID - 19 confirmatory lab report (Real time PCR assay for RNA virus) from Govt. or authorized centre as declared by Govt. of India.
  • Policy Number and Certificate number mentioned in the excel shared

2) Covid – 19 Group Policy by Reliance General Insurance (Indemnity based)

• This is a Non-floater policy – Only for self (Individual), maximum age is 60 years.
• Hospitalisation Cover Medical Expenses incurred on Hospitalisation due to Diagnosis of presence of COVID-19.
• Waiting Period: 15 days from the policy start date
• Pre-Hospitalisation Covers the Medical Expenses incurred upto 30 days prior to date of Hospitalisation.
• Post -Hospitalisation Covers the Medical Expenses incurred upto 60 days post discharge from the Hospital
• The Sum Insured options are Rs 50000, Rs 100000, Rs 150000, Rs 200000, Rs 250000, Rs 300000, Rs 350000, Rs 400000, Rs 450000, Rs 500000.
• Covers the Medical Expenses during Quarantine, starting from the 4th day of Quarantine for a maximum of 15 days during the Policy Period Up to 50% of Sum Insured
• Any one of Hospitalisation Cover or Quarantine Cover will be payable at a time.
• Road ambulance cover is covered up to Rs 3000.
• Specific Exclusion:
  • Co-habitation: No claim is payable where the Insured Person was living with and sharing the same address as that of person(s) who were Diagnosed with COVID-19 or Quarantined at the time of Proposal.
  • Unauthorized Testing canter: Testing done at a Diagnostic center other than the ones authorized by the Union Health Ministry of India will not be recognised under this Policy
  • Out of India: Diagnosis and/or Treatment taken outside India is not covered
  • Self-Quarantine: Self-Quarantine is not covered
  • The Insured Person should not have travelled against the travel advisory, whether in-force or freshly issued by Government of India at any time during the Policy Period.
  • Any expenses incurred on Domiciliary Hospitalisation and OPD treatment.

3) Digit Illness Group Insurance by Digit Insurance

• This is an indemnity cover with the Sum Insured chosen for each individual to be covered, maximum age 60 years.
• Room Rent / ICU Restriction: No
• Pre-Hospitalisation Covers the Medical Expenses incurred upto 30 days prior to date of Hospitalisation.
• Post -Hospitalisation Covers the Medical Expenses incurred upto 60 days post discharge from the Hospital
• Road ambulance cover has a limit of 1% of the Sum Insured (up to Rs 5000)
• A second medical opinion is covered.
• The Sum Insured options are Rs 50000, Rs 100000, Rs 150000, Rs 200000, Rs 250000, Rs 300000
• This can be availed for self, spouse and 2 dependent children
• Waiting period: 15 days from the policy start date. It can be waived off for a group size of more than 50 members.
• Pre Existing Disease Waiting Period – 4 years. (specifically related to Covid-19)
• Coverage is applicable only if the insured member(s) is/are diagnosed with and hospitalised solely for COVID-19.
• Specific Exclusion:
  • Insured members already treated for or quarantined for Coronavirus disease (COVID-19) before the policy issuance will not be covered.
  • Treatment taken outside India will not be covered
  • Home hospitalisation (Domiciliary hospitalisation) expenses will not be covered
  • In case of a claim for COVID-19 infection with any co-morbid condition, claim will become eligible however the expenses related to co-morbid condition will be deducted. (eg., if the person is Diabetic, all blood sugar testing, Insulin or anti diabetic medications will be disallowed). However the overall other expenses incurred for the treatment of COVID is payable
• Claim documents required:
  • COVID-19 Positive test report from ICMR authorized labs.
  • Consultation Papers
  • Hospital Details
  • Discharge summary
  • All other test reports
  • Valid ID proof (PAN, Voter ID, DL, Passport)
  • All Original bills (Final bill, break up, Pharmacy and test bills, etc.)
  • Employee ID number (If applicable)