Covid-19 Insurance policies
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Vanshika Gupta.
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Vanshika Gupta
what are the Covid-19 Insurance policies?
To address the need for basic health insurance which deals with coronavirus, insurance companies are offering two standard COVID-19 Health Insurance: Corona Kavach and Rakshak.
Corona Kavach: COVID-19 Insurance Policy
This is a standard coronavirus health insurance policy which covers the cost of treatment for any comorbid conditions, pre-existing conditions, and treatment for COVID-19. The minimum sum insured amount is Rs.50,000, while the maximum is Rs.5 lakhs for the COVID-19 health insurance under the Corona Kavach policy. This policy can be bought with tenures of 3.5 months, 6.5 months and 9.5 months, payable with a single premium. The Corona Kavach Policy is a limited policy without any renewability benefits and reimbursement-based standard COVID-19 health cover.
Corona Rakshak: COVID-19 Insurance Plan
To provide COVID-19 health insurance to cover specific requirements, insurance companies are offering Corona Rakshak, a benefit-based policy. Under this policy, the insurance company will pay a lump sum amount, which is the sum insured, if the policyholder is hospitalized for a minimum of 72 hours after testing COVID-19 positive.
The basic sum insured is Rs. 50,000 and the maximum is Rs. 2.5 lakhs. Once the entire amount is paid out, the policy will cease to exist. The available policy tenures are 3.5, 6.5 and 9.5 months payable with a single premium.
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