Corona Kavach health insurance for Covid19, Corona health insurance

Corona Kavach COVID Insurance Policy

As on 10th July 2020, there were 850,000 Corona patients in India and although around 50% of them recovered, there is still a lot of interest in having an insurance coverage that covers Covid-19-specific treatments. While the Insurance Regulatory and Development Authority of India (IRDAI) has standardized corona-specific covers in terms of policy features and wordings, the interpretation on the coverage may be different across insurers.Exclusive health insurance plans for Covid-19 hospitalization treatment have been introduced in the market from July 10, 2020 called Corona Kavach Policy. According to the IRDAI, this Corona Standard Health Policy need to be compulsorily offered by all general and health insurance companies from July 10, 2020. What makes Corona Kavach Policy a simple product to buy is that every insurer needs to carry common set of benefits and applicable policy wordings.

The features and the premium will similar across all the insurers. So, now if anyone wants to buy a health cover to guard against Covid-19 related hospital expenses, one can buy it from any insurer given the commonality in terms of benefits. The product has been introduced to ensure :

• Coronavirus specific product introduced that covers health insurance expensed related to COVID treatment
• Indemnity Plans available in both Individual and Family Floater options
• Standard product with similar benefits and policy wordings which is mandatory across all health and general insurance companies

Due to the quick spread of highly-infectious Novel Coronavirus Covid-19, panic-stricken individuals are feeling anxious and scouting around to take an appropriate health insurance cover. However, taking a full-fledged health insurance policy will not only be expensive, but wouldn’t even solve the immediate purpose of Covid coverage due to a long waiting period.

Also, most insurers, will only pay for treatments that the government has authorized for covid-19. This means that it’s difficult to ascertain if an insurer will pay for a treatment (like plasma therapy) that may be based on newer research internationally, unless the Indian government approves it.

Many insurers do not cover personal protective equipment (PPE) in their regular policies. Corona Kavach covers this. Since it is a disease-specific plan, it will pay for things that a regular insurance plan would not.Considering the complexity of the disease and the treatment, it is advisable that you choose an adequate Sum insured, bearing the following factors in mind:

• Age of the Proposer / Policy Holder (especially in case of Family Floater)
• Current Health Condition of the Proposer
• Locality (Metro/Non-Metro /Town)
• Age of Dependents and their Current Health Condition (Co-Morbidity)

Benefit Coverage Description

1. Hospitalization Expenses (minimum 24 hours of admission) Corona Kavachpolicy will pay for the hospitalization expenses incurred by the policyholder for treatment related to Covid 19 in a government authorized diagnostic medical facility. It includes the following medical expenses:
   • Room Rent, Boarding, Nursing Expenses as provided by the Hospital/ Nursing Home
   • Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialist Fees whether paid directly to the treating doctor or to the hospital
   • Intensive Care Unit (ICU) and/or Intensive Cardiac Care Unit (lCCU) expenses
   • Anaesthesia, blood, oxygen, operation theatre charges, surgical appliances, ventilator charges, medicines anddrugs
   • Costs towards diagnostics, diagnostic imaging modalities, PPE Kit, gloves, mask and such similar otherexpenses
   • Road Ambulance subject to a maximum of Rs.2000/- per hospitalization for the Ambulance services offeredby a Hospital or by an Ambulance service provider, provided that the Ambulance is availed only in relation toCovid Hospitalization
2. Home Care Treatment Expenses The insurance provider shall cover the cost of treatment at home up to 14 days on positive diagnosis of Covid in a Government authorized diagnostic Centreprovided:
3. The Medical practitioner advices the Insured person to undergo treatment at home.
• Daily monitoring chart including records of treatment administered duly signed by the treating doctor is maintained.
• There is a continuous active line of treatment with monitoring of the health status by a medical practitioner foreach day through the duration of the home care treatment.
• ln this benefit, the following shall be covered if prescribed by the treating medical practitioner and is related totreatment of Covid:
  • Diagnostic tests undergone at home or at diagnostics centre
  • Medicines prescribed in writing
  • Nursing &Consultation charges of the medical practitioner
  • Cost of Pulse oximeter, Oxygen cylinder and Nebulizer
The Cashless and Reimbursement facility as per the claim settlement policy of the insurer. Reimbursement claim requests to be approved within 2-hours by the insurer.
4. AYUSH Treatment AYUSH hospitalization expenses, as per the IRDAI Health Insurance Regulations, 2016 for the treatment of COVID on a Positive diagnosis in a government authorized diagnostic centre shall be covered up to the Sum Insured without any sub-limits.
5. Pre and Post Hospitalization The policy shall allow for coverage of pre-hospitalization expenses incurred upto15days before the date of hospitalization/home treatment including the cost of diagnosis as per the admissible claim. It shall also cover 30 days of post-hospitalization expenses, post discharge from a medical facility or home treatment.
6. Optional Coverage The insurer shall pay 0.5% of the sum insured amount on daily basis for hospitalization required for 24 hours for treatment of COVID up to a maximum of 15 days during the policy term.
   There are however some Limitations in this plan as well:
   • Age: Many seniors may not be eligible to buy this policy since the maximum age of entry for Corona Kavach is 65 years. As per the data provided by the ICMR in India, more than 70% of the affected belong to an age category above 65 years
   • Pre-existing Disease Coverage : For PED there is no standard approach across all insurance companies and the proposal will be evaluated on the basis of the medical history of the individual and the medical records.
   • Co Morbidity Coverage : It needs to be ascertained if all insurance companies will cover complications due to co-morbidity under this plan.