The Corona Rakshak Policy offered by the Star Health Insurance Co. Ltd. provides a 100% payout of the insured sum if the policyholder is diagnosed Covid-19 positive at a government authorised centre and is hospitalised for a minimum of 72 hours. It is an individual-benefit policy which can help you access quality healthcare in times of need.
Features and benefits of the Corona Rakshak Policy:
- Pay a single premium: This is a short-term policy and you only need to pay a single premium.
- Choose the insurance amount: This policy gives the option of choosing the insured amount. You can choose a sum ranging between Rs. 50,000 to Rs. 2.5 lakh.
- No annual policy term: This policy also gives you the flexibility of choosing the policy duration. You can choose policy tenure of 3.5 months, 6.5 months and 9.5 months.
- Reduced waiting period: This policy has a waiting period of only 15 days.
- Wider age limit: Anyone aged between 18 years to 65 years can avail the benefit of this policy.
- Lump-sum payout: If the policyholder has a positive diagnosis for Covid-19 from a government-authorised centre and is hospitalised for a minimum of 72 hours, they get a 100% payout of the insured sum.
- No pre-medical screening: This policy does not require any pre-medical screening.
- Tax-benefits: The policyholder can avail tax-benefits on the paid policy premium as per Section 80C of the Income Tax Act.
- Vast hospital network: Around 11,000+ hospitals are associated with Star Health Insurance. This gives you the convenience of choosing a Star network hospital nearby in times of need.
Expenses not covered under the Corona Rakshak Policy:
- The claims made on COVID-19 diagnosed before the policy commenced or before the waiting period of 15 days.
- The claims made for less than 72 hours of hospitalisation are not considered.
- The claims made for COVID-19 detected at testing centre not authorised by the government.
- The policyholder is not entitled to coverage if he/she travels to a foreign country restricted by the Indian government or treatment or diagnostics outside India.
The Corona Rakshak Policy tries to cover most of the expenses related to positive Covid-19 diagnosis. However, like every medical insurance, this too has some exclusions. Read on to know more:
Points to consider before buying the Corona Rakshak Policy:
- Choose the right insured amount: The main objective of buying a policy is to cover all the medical expenses without putting a strain on your pocket. That is why, you should choose an insurance amount based on your healthcare requirements, age, medical history, etc.
- Easy access to cashless treatment: Choose an insurance provider which has a spread-out network of hospitals avoid hassle at times of need. The Star group has collaborated with 11,000+ hospitals which makes it easy for policyholders to easily access quality treatment.
- Insure the young: Everyone is susceptible to COVID-19. Thinking that the younger generation has better immunity and does not require insurance, may be incorrect.
It is important to consider multiple factors before buying an insurance policy. The policy should align with your family's needs as well as financial goals. To ease the process, we have listed out a few points to consider:
- Can the Corona Rakshak Policy premium be paid in installments?
No, since the Corona Rakshak Policy is a short-term coverage plan and has an only one premium, you need to pay it all at once.
- Are my medical check-up expenses covered in the Corona Rakshak Policy?
If the policyholder is diagnosed COVID-19 positive from a government-authorised testing centre and is hospitalised for 72 hours or more, then all the expenses including medical check-up bills are covered under this policy.
Can I insure my whole family with the Corona Rakshak Policy?
The Corona Rakshak Policy is an individual benefit policy, i.e., one policy will cover a single individual. To cover your whole family, you may consider buying individual Corona Rakshak policies for them.