Differences between Corona Kavach and Corona Rakshak Policy

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In our previous post, बीमा कंपनियाँ 10 जुलाई तक कोरोना स्टैंडर्ड पॉलिसी पेश करें-IRDAI, we already informed you that IRDAI had instructed the insurance companies to launch Corona Specific policies for the public. Following the guidelines of the regulator, companies have come with new Corona specific policies from 10th July onward. These corona specific policies are Corona Kavach and Corona Rakshak. Both the policies are now in the market. So, What’s the difference between Corona Kavach and Corona Rakshak Policy?. Both the policies are issued to mitigate the risk due to Corona Pandemic. But both have lots of variations. So, let us see the difference between Corona Kavach and Corona Rakshak Policy.

Differences between Corona Kavach and Corona Rakshak Policy

First and the significant difference between Corona Kavach and Corona Rakshak Policy is, Corona Kavach is an indemnity policy; on the other hand, Corona Rakshak is a fixed benefit policy. Indemnity policy means it will reimburse the expenses made by you up to the Sum assured in the policy. Example: If you have Corona Kavach policy of Rs. 200000 Sum Assured and your costs for Covid-19 treatment are Rs. 100000. Then, you will get reimbursement up to Rs. 100000 only. While in Corona Rakshak Policy, if Sum assured is Rs. 200000 and treatment expenses are Rs. 100000, then you will be given a lumpsum amount of Rs. 200000.

1. Product Type

Corona Kavach policy is available for individuals as well as for the family as a floater. This means, in Corona Kavach policy, you can include your whole family in a single plan. On the other hand, the Corona Rakshak policy is available for individual s only. Therefore, if you want Corona Rakshak for other members of the family, you have to take different policies for different individuals.

2. Type of Cover

Corona Kavach is an indemnity policy where base Cover on Indemnity Basis- COVID Hospitalization cover. Corona Kavach can have optional Cover on Benefit Basis- Hospital Daily Cash. On the other hand, However, Corona Rakshak policy is a fixed benefit type, i.e. 100% of Sum insured as lump sum benefit.​​

3. Sum insured

Corona Kavach policy has Rs. 50000 minimum sum insured and Rs. 500000 maximum sum insured. The proposer can choose the sum insured in between this range in multiples of 50000. On the other hand, Corona Rakshak policy has Rs.Rs. 50000 minimum sum insured and Rs. 250000 maximum sum insured (in multiples of 50000).

4. Eligibility

Persons between the age of 18 to 65 years can take Corona Kavach policy. A person can take a policy on his name, spouse, Parents, Parents-in-law and Dependent Children up to 25 years of age. While in Corona Rakshak policy, an individual with age between 18 to 65 can take a policy on his name only. It means, no family floater is allowed in Corona Rakshak.

5. Hospitalization Expenses

In Corona Kavach policy, medical Expenses of Hospitalization on diagnosis of COVID will admissible. However in Corona Rakshak policy, a fixed benefit is payable i.e. 100% of Sum Insured if diagnosis confirms presence of COVID-19 & requiring hospitalization for continuous 72 hours. ​

6. Pre and Post Hospitalization expenses.

Corona Kavach policy offers the cover for 15-day pre-hospitalization expenses and 30-day post-hospitalization expenses. On the contrary, Corona Rakshak policy does not offer any such benefit.

7. Home Care Treatment Expenses

In Corona Kavach policy, the cost of treatment incurred by the Insured person on availing treatment at home for COVID, per incident cover up to 14 days only. However, a qualified doctor must advise the home treatment in writing. In contrast, Corona Rakshak policy does not have any such feature.

8. Premium payment

Both Corona Kavach and Corona Rakshak policies are single premium plans.

9. Policy Term

Both Corona Kavach and Corona Rakshak policy have 3 policy terms and those are 3.5 months, 6.5 months and 9.5 months.

10.Waiting Period

Similarly, Corona Kavach and Corona Rakshak policy have 15 days waiting period.

11. Who can issue Corona Kavach and Corona Rakshak policy

Corona Kavach policy is issued by 30 general and health insurance companies (Find the list here). On the other hand, all insurance companies can issue Corona Rakshak Policy.

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Tabular comparison

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Corona Kavach Premium Comparison

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Here we have shown you the basic difference between Corona Kavach and corona Rakshak Policy. This my personal recommendation that, you should buy any of these policy from which ever insurannce company you like. It will help you to cover maximum expenses in case of any unforeseen situation.

Please share if your liked the post. Please comment to know more about Corana Kavach and Corona Rakshak Policies.

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