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What is the difference between Corona Kavach Policy and Corona Rakshak Policy?

Insurance Regulatory and Development Authority of India (IRDAI) issued mandatory guidelines for the COVID-19 specific products-- Corona Kavach and Corona Rakshak Policy. Check out the differences between the two below.

Coronavirus or COVID-19 pandemic has brought a pause to the world, infecting millions of people and claiming hundreds of thousands of lives. Amid this, Insurance Regulatory and Development Authority of India (IRDAI) issued mandatory guidelines for the COVID-19 specific products-- Corona Kavach and Corona Rakshak-- to provide financial assistance against the medical expenses. But there's a difference between Corona Kavach Policy and Corona Rakshak Policy which we will unveil in the article below.

Corona Kavach Policy

The Corona Kavach Policy is an indemnity based health plan and will cover the expenses of PPEs, gloves, masks and other coronavirus related consumables. Also, there are no sub-limits on room rent. The policy comes at an affordable rate and is priced at Rs. 208 for 3.5 months with Rs. 50,000 sum insured. Bajaj Allianz is providing the lowest premium at Rs. 447 for 3.5 months with Rs. 50,000 sum insured until the age of 35 years. However, as the time period and age of the customer increases, the cost of the premium rises. 

For the individuals between the age group 36-40, Oriental Insurance has priced the base product at Rs 1,286 plus taxes for 9.5 months with Rs. 5 lakh sum insured. It is important to note that different health insurers are providing different rates for the COVID-19 specific product. 

Corona Rakshak Policy

The Corona Rakshak Policy is a fixed benefit health insurance plan and the entire sum insured is given to the customer at the time of hospitalization due to COVID-19 infection for a minimum of 72 hours. The minimum sum insured by the customer is Rs. 50,000 and the maximum sum is Rs. 2.5 lakh. 

Star Health and Allied Insurance is providing a cover of 2.5 lakh at Rs. 3,846 for 3.5 months. On the other hand, Future Generali Insurance is providing the same cover at Rs. 510 for 3.5 months.  

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