Articles 714 views March 25, 2021

The Insurance Regulatory Development Authority of India (IRDAI) has allowed insurance companies to continue selling COVID-19 related policies till September 30, 2021, keeping in mind the rising cases of the disease across India. As per the IRDAI directive, these companies can also renew standard COVID-19 policies.

The regulator had issued guidelines for insurers to launch standard COVID-19 policies under the names of – Corona Rakshak and Corona Kavach – on July 10, 2020, for people aged between 18 and 65 years. These policies, which were allowed till March 31, 2021, are now available till September 30, 2021.

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Let’s Talk About Corona Kavach and Corona Rakshak

Corona Kavach and Corona Rakshak come under two different product categories. While Corona Rakshak is a benefit-based product that pays a fixed amount upon a claim, Corona Kavach is an indemnity-based product offering you the choice of cashless and reimbursement claims for the expenses incurred on treatment. The difference between the two doesn’t end here! With Corona Rakshak, one gets a lump sum equaling 100% of the sum insured upon being diagnosed positive for COVID and requiring a minimum continuous hospitalization of 72 hours. Whereas Corona Kavach covers expenses on hospitalization provided it happens for a minimum of 24 hours. Besides, you will get the cover for pre and post-hospitalization expenses, home healthcare and Ayush Treatment.

Renewal of Corona Kavach and Corona Rakshak

As stated earlier, both Corona Kavach and Corona Rakshak policies can be renewed till September 30, 2021. But how were they getting renewed? This is something you should know. Customers were allowed to renew these policies for further three-and-half months, six-and-half months or nine-and-half months – as per their preferences. So, this pattern will most likely continue till September 30, 2021. But as the extended date is 6 months away from now, the renewal period can be set accordingly.

Can You Port Corona Policies to Standard Health Insurance Policies?

The IRDAI had in October 2020 allowed customers to port Corona policies to standard health insurance plans, helping them get a wide healthcare cover. As these are standard health plans and cover you and your family members against a wide range of ailments besides COVID-19, the premium amount will go up based on the sum insured you choose. We can show you a list of health insurance companies with their sum insured and premium. Let’s check!

Health Insurance PlansSum Insured (In INR)Annual Premium Amount (In INR)
HDFC my:Health Suraksha Insurance - Silver Smart Plan1 Lakh- 5 Crore4,192-9,985 onwards
ICICI Lombard Complete Health Insurance3-50 Lakh30,150 onwards
Niva Bupa Health Companion3 Lakh-1 Crore5,085 onwards
Care Family Health Insurance5 Lakh-6 CroreAs specified by the insurer
Star Health Comprehensive Insurance Policy5 Lakh-1 Crore7,015 onwards
Aditya Birla Activ Health Platinum Enhanced Plan2 Lakh-2 CroreAs specified by the insurer

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