Corona Rakshak Policy

The Corona Rakshak Policy is a health insurance policy that provides a lump sum benefit in case you are diagnosed with COVID-19. Under the policy, the waiting period is 15 days. You can avail the policy on an individual basis.  

Features of the Corona Rakshak Policy 

The main features of the Corona Rakshak Policy are mentioned in the table below: 

 
Category Features 
Age Limit 
  • Minimum: 18 years 
  • Maximum: 65 years 
Cover Type  Benefit Basis 
Tenure  3.5 months/ 6.5 months/ 9.5 months 
Plan  Individual 
Waiting Period  15 days 
Sum Insured  Rs.50,000/ Rs.1 lakh/ Rs.1.5 lakh/ Rs.2 lakh/ Rs.2.5 lakh 
Compensation  One-time settlement 
Renewals  Not Applicable 
Portability and Migration  Not Applicable 
Free Look Period  Not Applicable 
Tax Benefits  Under Section 80D of the Income Tax Act, 1961 

Inclusions and Exclusions of the Corona Rakshak Policy 

The main inclusions and exclusions of the Corona Rakshak Policy are mentioned in the table below: 

Inclusions 
  • The insurer will provide 100% of the sum insured as a lump-sum if you test positive for COVID-19. 
  • The sum insured amount is paid in full and does not depend on the hospitalisation expenses. 
  • The sum insured is paid only if you are hospitalised for at least 72 hours. 
  • No medical check-up is required before you purchase the policy. 
Exclusions 
  • In case claims are requested during the 15-day waiting period. 
  • If the testing has been completed at a diagnostic centre that has not been authorised by the Indian Government. 
  • If you travel to any restricted nation. 
  • For any expenses that are not related to the treatment of COVID-19. 
  • Treatment that has been taken abroad. 
  • Any expenses that have been incurred due to evaluation and diagnostics purposes. 

Premium Charged 

The premium that must be paid will depend on your age, the sum insured, and the tenure of the policy. The premium (exclusive of GST) that is levied by a few insurance companies are mentioned in the tables below: 

Future Generali India Insurance Company Limited 

Tenure: 3.5 months   
Sum Insured/Age  18 years – 39 years  40 years – 59 years  60 years – 65 years 
Rs.50,000  Rs.244  Rs.282  Rs.356 
Rs.1 lakh  Rs.263  Rs.339  Rs.487 
Rs.1.5 lakh  Rs.282  Rs.396  Rs.618 
Rs.2 lakh  Rs.302  Rs.453  Rs.749 
Rs.2.5 lakh  Rs.321  Rs.510  Rs.880 
Tenure: 6.5 months   
Sum Insured/Age  18 years – 39 years  40 years – 59 years  60 years – 65 years 
Rs.50,000  Rs.263  Rs.339  Rs.487 
Rs.1 lakh  Rs.302  Rs.453  Rs.749 
Rs.1.5 lakh  Rs.340  Rs.567  Rs.1,010 
Rs.2 lakh  Rs.378  Rs.681  Rs.1,272 
Rs.2.5 lakh  Rs.416  Rs.795  Rs.1,534 

  

Tenure: 9.5 months   
Sum Insured/Age  18 years – 39 years  40 years – 59 years  60 years – 65 years 
Rs.50,000  Rs.282  Rs.396  Rs.618 
Rs.1 lakh  Rs.340  Rs.567  Rs.1,010 
Rs.1.5 lakh  Rs.397  Rs.738  Rs.1,403 
Rs.2 lakh  Rs.455  Rs.909  Rs.1,796 
Rs.2.5 lakh  Rs.512  Rs.1,079  Rs.2,189 

IFFCO-TOKIO General Insurance Company Limited 

Tenure: 3.5 months   
Sum Insured/Age  18 years – 25 years  26 years – 50 years  51 years – 65 years 
Rs.50,000  Rs.157  Rs.206  Rs.365 
Rs.1 lakh  Rs.315  Rs.411  Rs.730 
Rs.1.5 lakh  Rs.472  Rs.617  Rs.1,096 
Rs.2 lakh  Rs.630  Rs.823  Rs.1,461 
Rs.2.5 lakh  Rs.787  Rs.1,028  Rs.1,826 
Tenure: 6.5 months   
Sum Insured/Age  18 years – 25 years  26 years – 50 years  51 years – 65 years 
Rs.50,000  Rs.275  Rs.359  Rs.638 
Rs.1 lakh  Rs.550  Rs.718  Rs.1,275 
Rs.1.5 lakh  Rs.825  Rs.1,077  Rs.1,913 
Rs.2 lakh  Rs.1,099  Rs.1,436  Rs.2,550 
Rs.2.5 lakh  Rs.1,374  Rs.1,795  Rs.3,188 
Tenure: 9.5 months  
Sum Insured/Age  18 years – 25 years  26 years – 50 years  51 years – 65 years 
Rs.50,000  Rs.368  Rs.481  Rs.855 
Rs.1 lakh  Rs.737  Rs.962  Rs.1,709 
Rs.1.5 lakh  Rs.1,105  Rs.1,444  Rs.2,564 
Rs.2 lakh  Rs.1,474  Rs.1,925  Rs.3,418 
Rs.2.5 lakh  Rs.1,842  Rs.2,406  Rs.4,273 

Star Health and Allied Insurance Co. Ltd. 

Tenure: 3.5 months   
Sum Insured  Premium 
Rs.50,000  Rs.769 
Rs.1 lakh  Rs.1,538 
Rs.1.5 lakh  Rs.2,308 
Rs.2 lakh  Rs.3,077 
Rs.2.5 lakh  Rs.3,846 
Tenure: 6.5 months   
Sum Insured  Premium 
Rs.50,000  Rs.923 
Rs.1 lakh  Rs.1,846 
Rs.1.5 lakh  Rs.2,769 
Rs.2 lakh  Rs.3,692 
Rs.2.5 lakh  Rs.4,615 
Tenure: 9.5 months   
Sum Insured  Premium 
Rs.50,000  Rs.1,038 
Rs.1 lakh  Rs.2,077 
Rs.1.5 lakh  Rs.3,115 
Rs.2 lakh  Rs.4,154 
Rs.2.5 lakh  Rs.5,192 

Cancellation of Corona Rakshak Policy 

The insurance company can cancel the policy at any given time due to fraud, non-disclosure of material facts, and misrepresentation by the insured person. No refund will also be provided if the insurance policy is cancelled by the insurance company due to the above-mentioned grounds. 

Comparison between Corona Rakshak and Corona Kavach Policies 

 
Category  Corona Kavach  Corona Rakshak 
Compensation  Depends on hospitalisation One-time settlement 
Plans  Individual and Family Floater  Individual 
Sum Insured  Rs.50,000 to Rs.5 lakh  Rs.50,000 to Rs.2.5 lakh 
Tenure  3.5 months/ 6.5 months/ 9.5 months  3.5 months/ 6.5 months/ 9.5 months 
Age Limit 
  • Minimum: 18 years 
  • Maximum: 65 years 
  • Minimum: 18 years 
  • Maximum: 65 years 
Waiting Period  15 days  15 days 
Renewability  N/A  N/A 
Pre-Policy Medicals  N/A  N/A 
Compensations  Depends on hospitalisation  Single settlement 

FAQs of Corona Rakshak  

  1. Will I be eligible for any tax benefits under the policy? 

    You can avail tax benefits under Section 80D of the Income Tax Act, 1961 for premiums paid towards the policy. 

  2. Will my travel history affect the status of the claim? 

    In case you travel to any country that has been placed under travel restriction by the Indian government, the policy will cease. 

  3. How many times can a claim be made under the policy in one year? 

    Since it’s a one-time benefit policy, the policy will be terminated once the payment has been made. 

  4. Should I undergo a pre-insurance medical check-up before purchasing a policy? 

    No, you need not undergo a pre-insurance medical check-up before purchasing the policy. 

  5. Is it possible to make a claim for treatment that has been availed during quarantine? 

    No, you cannot make a claim in the case of any treatment that has been availed at a quarantine centre. 

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