There is a better more updated article you can read here: https://www.beshak.org/blog/product/health-insurance-for-corona-covid-19/

This is a follow-up post to an article I wrote earlier.

There have been multiple requests for a comparison of Corona Kavach Plans. Here’s a dynamic page that we will keep updating with the comparison of these plans.

Quick recap:

Need for special health insurance for COVID 19

Insurance customers hospitalized for COVID 19 have suffered deductions of up to 45% of the bill amount. These deductions have been due to high room rents charged by hospitals, exclusion of PPE, and related expenses in regular health insurance policies. This has been explained well here.

What is Corona Kavach?

The insurance regulator IRDAI released guidelines asking all insurance companies in the country to offer Corona Kavach – a special pre-designed health insurance policy for Covid 19 treatments by 10th July 2020.

Corona Kavach is a short-term health insurance plan specially designed to cover hospitalization expenses incurred for COVID 19.

It provides cover options of Rs. 50000 to Rs. 5 Lakhs for 3.5, 6.5 and 9.5 months. The cover starts after an initial waiting period of 15 days.

What are special covers under Corona Kavach?

Apart from a regular health insurance cover for COVID 19, it provides special benefits that can significantly solve for the high out of pocket expenses (Rs. 50000 to Rs. 2 Lakhs) customers face.

Here is a summary of the special benefits:

• No limit on room rent will help pay for high hospital room charges.
• Covers for the cost of PPE, masks, and other similar charges.
• Cover for home care treatment for 14 days that otherwise required hospitalization, after prior approval from the insurer.
• An important cover for comorbid conditions, including pre-existing diseases, ruling out claims disputes once people suffering from a chronic illness are covered.

Get further details about the plan here and here.

Who needs Corona Kavach?

Corona Kavach is useful for people who

• Have policies with room rent limits.
• Have recently bought their health insurance and hence have not completed waiting periods for the pre-existing disease they suffer from.
• want to cover PPE and similar charges that are covered under this policy.
• are willing to spend Rs. 2K per person for a 9.5-month special cover.

Detailed Comparison of Corona Kavach Plans Online

On the 10th of July, IRDAI announced through a press release that it cleared 30 General and Health Insurance companies to market this Corona Kavach Policy.

Here is an on-ground view with a detailed comparison of Corona Kavach Plans launched.

Corona Kavach plans available online - Premiums (INR) for a Sum Insured of INR 5 Lakhs, with Policy Duration of 9.5 months (Last updated on April 20, 2021)

Disclaimers:

• All premiums were calculated for individual policies, for a male buyer.
• Premiums mentioned are only for the base-plan, and do not include the hospital cash rider
• All premiums for calculated for a Sum Insured of INR 5 Lakhs (maximum available cover) and a policy duration of 9.5 months (maximum available duration)
• All premiums mentioned above are in INR and inclusive of taxes
• Date of calculation: April 20, 2021

Detailed Comparison of Corona Rakshak Plans Online

Corona Rakshak plans available online - Premiums (INR) for a Sum Insured of INR 2.5 Lakhs, and a Policy Duration of 9.5months (Last updated on April 20, 2021)

Disclaimers:

• All premiums were calculated for individual policies, for a male buyer.
• All premiums for calculated for a Sum Insured of INR 2.5 Lakhs (maximum available cover) and a policy duration of 9.5 months (maximum available duration)
• All premiums mentioned above are in INR and inclusive of taxes
• Date of calculation: April 20, 2021

But why so much difference?

These are unprecedented times. Without enough data, every Insurer is judging and acting on the risk and the regulator’s mandate differently. The pricing, proposal form, as well as the assessment of the risk, is likely to be dynamic and evolve out of learnings that pan out in the next 6-9 months. Thankfully, the product benefits being standardized and mandatory, won’t undergo changes.

Difference in premium

The variation in premium between insurers is mind-boggling. The highest premium is 13 times (!) the lowest premium in the above table. Shows how covering COVID 19 is going to be a game of hit and miss for insurers. It also reflects how certain insurers (like Digit and Navi) are using the price barrier to avoid being in this risk space.

You shouldn’t worry about the variation in premiumsIt is unlikely that your claim will suffer if you buy the plan with the cheapest or cheaper premium. Remember that the product benefits, the limits, the conditions and exclusions are common across all products. The difference, of course will be around the experience – at the time of buying as well as claims.

Quick Actionable!

Feedback?Anything else you want to read?

Hope you liked the article. Do let us know your feedback, and if you want any further information with regards to Corona Kavach in the comments section below.In case you experience purchasing a policy or have any additional information, would like to volunteer for the benefit of everyone else, do write to us in the comments below or tweet at @BeshakIN