Skip to main content

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.  

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

GK Questions and Answers: Geographical Indications (GI) Tags in India

A geographical indication (GI) is a name or sign used on certain products like agriculture, machinery products, and sweets, etc. which relates to a specific geographical location or origin (e.g., region, or country or a town). We have published a set of 10 important GK questions and answers on the Geographical Indications (GI) Tags in India. This set of 10 important GK questions and answers on the Geographical Indications (GI) Tags in India is very important for exams like UPSC/PSC/SSC/CDS etc. 1. Which was the first Indian product to get the geographical indication tag? (a).Aranmula Kannadi (b).Darjeeling Tea (c).Katarni Rice (d).Madhubani Paintings Answer:- b Explanation:-  Darjeeling Tea was the first Indian product to get the geographical indication tag in 2004.  2. How many products got GI tags till now? (a) 361 (b) 729 (c) 624 (d) None of the above Answer:- a Explanation:-  Till date 361 products have been issued GI tag. The latest recipient of the GI ta...
Post a Comment
Read more

List of Products India imports from China

China is the source of around 14% of total Indian imports. Indian import from China includes; electrical machinery, cell phones, heavy machinery, telecom, power, plastic toys and critical pharma ingredients, furniture, pharma, fertiliser, food, and textiles, etc. India has imported goods worth $62.4 billion from China during April 2019-February 2020 period. As we know that the USA is the largest trading partner of India and China is in the second position. The basic difference between the India-USA and India-China trade is that India has a trade surplus of US& 16 billion with the USA while trade deficit of US& 53 billion with China in 2018-19. China is the source of nearly 13.7% of India’s imports  across sectors such as chemicals, automotive components, consumer electronics, and pharmaceuticals. Indian medical industry is heavily dependent on Chinese ingredients to manufacture medical instruments and medicine in India. Sudarshan Jain, President of the Indian Phar...
Post a Comment
Read more

What is Necklace of Diamonds Strategy?

Necklace of Diamonds Strategy: China is increasing its presence in the Indian Ocean over the past few years through its Debt Trap Diplomacy and Strings of Pearls strategy to contain Indian hold in the Indian Ocean. Over the past few years, China is expanding its footprint in the Indian Ocean through its 'Debt Trap Diplomacy' and 'String of Pearls Strategy'. Recent satellite images have suggested that China has been modernising its Djibouti military base. Through its debt trap policy, China lures the strategically located nations around India to borrow infrastructural loans. Once the nations are indebted, China pressurizes them to support its geostrategic interests.  Through its String of Pearls strategy, China is expanding its footprints to contain Indian hold in the Indian ocean. It is creating a ring around India through strategically placed nations such as at Chittagong (Bangladesh), at Karachi, Gwadar port (Pakistan) and at Colombo, Hambantota (both in Sri Lan...
Post a Comment
Read more