COVID Health Insurance Options available in India for Individuals/Families

But even the well-laid plans can go awry. India is seeing a huge spike in infection numbers and death rates. Embracing reality, we must be prepared to meet the virus head-on if it comes down to it. But it must also never leave you depleted financially.

Read more : India reports biggest daily spike in Covid-19 cases, adds over 95,000 infections in 24 hours

A health insurance policy is the best backup option, right after preventive measures like masks, washing hands and social distancing. Here are the policies that include COVID-19 hospitalization coverage.

1. Corona Kavach - Corona Kavach health insurance policy is a tailor-made health insurance policy to cover you and your family against any medical costs that arise from hospitalisation related to COVID-19. This policy was launched on 10th July 2020 as per the IRDAI guidelines to help families better cope with the pandemic.

The policy covers pre and post hospitalisation charges of coronavirus treatment. It is an indemnity type insurance policy. Indemnity-type are the traditional insurance policies wherein the insurer agrees to pay the policyholder a pre-decided fix amount as compensation against the payment of premiums. In this type of plan, the insurer will only pay you the expenses incurred for the treatment. It can only go up to a maximum of the sum insured and not beyond that. If your expenses are below the sum insured, then you will only get that amount. For example, if you have bought Corona Kavach for Rs. 5 lakhs and your hospital expenses only amounted to Rs. 2 lakhs, then the insurer will reimburse you Rs.2 lakhs (subjected to terms and conditions). The rest Rs.3 lakh can be used later for other hospitalisation charges during the policy period.

COVID Kavach usually has a sum insured of up to Rs.5 lakhs. It also includes consumable items such as PPE kit, gloves, mask and other similar expenses that come as a part of the treatment. The premium amount could vary from insurer to insurer. You can buy the policy for 3.5, 6.5 or 9.5 months.

Policy cover inclusions:

• Pre and post hospitalisation cover
• Home care
• AYUSH treatment
• Ambulance cover
• Bed and nursing charges
• Blood tests
• PPE kits
• Oxygen cylinders
• Doctor consultations
• ICU charges
• Take further add-ons

Exclusions :

• Unrelated diagnostics expenses
• Dietary supplements
• Unproven treatments
• Vaccination charges
• Outside India hospitalisation

Waiting period: 15 days
Only applicable when you are hospitalised for a minimum of 24 hours.

Read more: How much premium will you pay for indemnity-type COVID Kavach health insurance?

2. Corona Rakshak - Unline Corona Kavach policy, Corona Rakshak policy is benefit-plan. In this type of plan, the policyholder will get the complete sum-insured amount. For example, if you have insured yourself for Rs.10 lakhs, the insurer will pay you the complete amount regardless of how much expenses were incurred during the treatment. After the amount is paid, the policy will cease to exist.

Corona Rakshak will only cover individuals, unlike Corona Kavach, which covers the entire family.
The maximum sum insured in this category is Rs.2.5 lakh. You cannot customise this policy with add-ons.

Policy cover inclusions:

• Pre and post hospitalisation cover
• Home care
• AYUSH treatment
• Ambulance cover
• Bed and nursing charges
• Blood tests
• PPE kits
• Oxygen cylinders
• Doctor consultations
• ICU charges

Exclusions :

• Unrelated diagnostics expenses
• Dietary supplements
• Unproven treatments
• Vaccination charges
• Outside India hospitalisation

Waiting period: 15 days
Only applicable when you are hospitalised for a minimum of  72hours.

3. Arogya Sanjeevani - Arogya Sanjeevani was another insurance policy stipulated by the IRDAI to ease the pressure of COVID-19 medical bills on normal people. It started on 1st April, and almost all insurance companies provide this policy. It is a standard health insurance policy for both individuals and families.

The sum insured ranges from Rs.3 lakhs to Rs.5 lakhs. Unlike Corona Kavach and Corona Rakshak, Arogya Sanjeevani policy is a long term plan that covers your other medical bills along with COVID-19 coverage.

Policy inclusions-

• Pre and Post Hospitalization Expenses
• AYUSH Treatments
• Cumulative Bonus
• Room rent
• ICU/CCU charges
• Ambulance services
• Plastic and Dental surgery
• Cataract Surgery
• Other new-age treatments

Waiting period: Depends on pre-existing conditions and could vary from 24 months to 48 months.

4.  Standard health insurance - Now, most insurance companies offer pandemic coverage along with their existing standard insurance policies. If you already own a health insurance policy, get in touch with your insurance company and understand their terms and conditions related to COVID-19 related coverage. It can vary from insurer to insurer. You will not have to buy a separate standalone COVID-19 coverage if you already have this policy.

Read more : Is Your Life Insurance Cover Adequate without Critical Illnesses Protection?

5. Group health insurance - Similar to a standard health insurance policy, if you have enrolled in the corporate health insurance policy offered by your company, then you will also be covered for COVID-19 expenses.

You can either opt for a group health insurance with only just the COVID-19 coverage or opt for the fully-fledged comprehensive package that covers other illnesses too.
Get in touch with your HR or Manager and get to know more about the terms related to COVID-19 expenses and its waiting period.

6. Super-top up health insurance - Just like a mobile top-up recharge that you do to supplement your exhausted balance, Super top-up recharge also acts as a supplement when you have already used up the sum-insured amount.

The Super-top up health insurance also comes with pandemic coverage. You can choose from Rs.10 lakhs to Rs. 20 lakhs as the top-up sum insured.
However, bear in mind that you will have to mandatorily opt for deductibles. But this will only be a fraction of the sum insured amount. Super top-up can come in handy if you have ailing parents or hospital frequents at home.