If you decide to take out a health insurance policy in order to give you and your loved ones the peace of mind that comes with knowing that your hospital bill should be covered when you need treatment it often pays to understand the fundamental differences between the main options available.
For instance, a fundamental difference between a Corona Kavach policy and a Corona Rakshak policy is that the former option only covers the hospital bill whereas the sum insured is paid to you as the policyholder in the latter. Here is a look at those key differences so that you can make an informed decision as to what policy to buy.
Wider availability
A rudimentary contrast between the two options is the fact that the COVID-19 standard health policy, the Corona Kavach policy, is subject to compulsory availability through health providers and health insurance companies.
However, if you want to buy a Corona Rakshak policy you can do this through a life insurance company as well as other insurance providers.
Greater choice
As you would expect with a changing health insurance environment, policy availability is constantly evolving. You will discover that a Corona Kavach policy is more widely available, but insurers are responding to demand and launching their Corona Rakshak offering, so you will get more options as the market develops.
Different sum insured
There is a minimum sum insured for both policy options of 50,000 Rs but the maximum sum insured for a Corona Kavach policy is Rs 5 lakh, compared to Rs 2.5 lakh for the Corona Rakshak.
An indemnity or benefit-based plan
Another key difference between the two options is that Corona Kavach is an indemnity style policy that reimburses your medical expenses but the Corona Rakshak delivers a fixed compensation solution.
Different hospitalization period
The Corona Kavach policy is only triggered when you are hospitalized for a minimum of 0f 24 hours and the sum insured will be paid however long you stay there, up to the agreed limit. You would need to be hospitalized for a minimum of 72 hours before the Corona Rakshak would come into force.
Family or individual
If you are interested in buying a Corona Kavachpolicy, you have the option of doing so on an individual basis or opting for the so-called Family Floater basis. This is in contrast to the Corona Rakshak policy which is only offered on an individual basis and no Family Floater option is available.
Added options
It is also worth remembering that a Corona Rakshak policy is benefit-based only and that means you won’t be able to consider features. However, the Corona Kavach does offer an additional feature of “Hospital Daily Cash” cover, which means you will be entitled to 0.5% of the sum insured for every day you are hospitalized, up to a maximum of 15 days.
As you can see, both policies offer health cover that could prove invaluable, but it makes sense to understand the key differences between a Corona Rakshak and Corona Kavach policy so that you can make an informed decision.
