7 frequently asked questions about the Corona Rakshak policy. Having a good health insurance plan by your side ensures that a positive COVID-19 diagnosis does not affect your income & finances. It will handle the medical bills and ensure you have one less thing to worry about on your road to recovery. Keeping this in mind, the IRDAI has introduced an affordable COVID-19 health insurance plan known as the Corona Rakshak policy. It is a fixed benefit policy that can help fight the financial strain of COVID-19 and ensure the virus does not put a dent in your savings. It’s an amazing back-up option to have during these trying times and ensures you have added peace of mind against COVID-19. However, since the Corona Rakshak policy is still relatively new to Indian citizens, a number of doubts and queries have popped-up around its coverage, its cost and numerous other factors.
That’s where the following article can help you! It will answer some of the most frequently asked questions about the Corona Rakshak health insurance policy. This will ensure that you can make better informed decisions when it comes to your coronavirus health insurance coverage! 1. What is the Corona Rakshak policy?
Corona Rakshak is a standardized coronavirus health insurance plan introduced by the IRDAI in July of 2020. It is a short-term fixed-benefit policy that offers a lump sum payout in case the policyholder is hospitalized for more than 72 hours due to COVID-19. 2. What sum insured does Corona Rakshak policy offer? With the Corona Rakshak policy, policyholders can opt for a sum insured ranging from Rs. 50,000 to Rs. 2,50,000 in multiples of 50K. 3. What is the tenure of the Corona Rakshak policy? Since the Corona Rakshak policy is a short-term plan, it only offers coverage for tenures of 3.5, 6.5 and 9.5 months. 4. Is there a waiting period? Yes, just like most health insurance plans, the Corona Rakshak policy also has a waiting period of 15 days. The plan will not cover any medical expenses that arise during this period. 5. Does the plan have any add-ons? No, the Corona Rakshak policy does not have any add-ons. It can only be purchased as a standalone cover with the option to purchase any additional covers.
6. Can this plan cover the whole family? No, the Corona Rakshak policy only offers individual cover. To cover your family members under this plan, you would have to purchase individual plans for each of your family members. 7. Can the Corona Rakshak policy be renewed? Yes, the IRAI has announced that policyholders can renew the coverage of their plan for maximum of 3.5 months, 6.5 months and 9.5 months until a maximum of March 31, 2021.
So there you have it, 7 of the most commonly asked questions about the Corona Rakshak health insurance policy. We hope this article has been helpful for you and aids your purchase process. Remember to always read the policy document before buying your plan. Stay home, stay safe and take care!