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The global outbreak of the Covid 19 pandemic has altered our lifestyle. Although the intensity of the ailment has reduced to a significant extent, it has posed a threat regarding the vulnerability of our health and savings. The treatment of Covid 19 is neither easy nor very budget-friendly, be it a hospital case or a domiciliary treatment case. This led to the emergence of the Corona Rakshak Policy.
A standard Corona Rakshak Policy offers a fixed benefit of up to a maximum sum of INR 2.5 lakhs per individual in case the insured person is detected Covid positive leading to a continuous hospitalisation of at least 72 hours or more. This is a supplementary, short-term plan for taking care of all the extra Covid-related expenses. This plan is now offered by all health insurance companies with the inclusion of all the standard benefits and features. You can even avail of the plan through online mode.
Digit Health Insurance needs no introduction now, and neither does Digit General Insurance. This article will highlight all the relevant features of the Digit Corona Rakshak Policy. All health insurance policies by Digit are quite popular. However, the company does not sell Corona Rakshak policy.
Digit Corona Rakshak Policy is not available as the company does not sell it. However, the standard plan offers a lump sum benefit plan that offers coverage for potential medical expenditure in case the insured individual gets hospitalised for being Covid positive. During claim settlement, this plan offers a lump sum rather than cashless treatment or reimbursement.
Some of the most highlighting features of the Godigit Corona Rakshak Policy include:
This is a single premium payment plan and offers exclusively short-term coverage
You will receive a lump sum benefit of the entire sum insured rather than the reimbursement of the hospital bills
The tenure of this Corona Rakshak Policy ranges between 3.5 months and 9 months
There are no family floater options available; it has been exclusively crafted for individuals
The maximum sum insured limit is INR 2.5 lakhs, while the minimum margin is INR 50000. The amount chosen must be in multiples of INR 50000
This plan is available for people aged between 18 and 65 years
The factors that are covered by this health plan include:
The insured can only receive the lump sum benefit only if he/she gets hospitalised for being Covid positive continuously for 72 hours or more
This lump sum can be utilised for covering the ICU expenses, the entire treatment costs, etc.
This lump sum can be utilised even for road ambulance expenses
The lump sum can be also used for domiciliary treatment for up to 14 days when prescribed by any authorised doctor
AYUSH treatment costs for Covid treatment can also be covered using this lump sum
This Corona Rakshak Plan offers pre-hospitalisation costs for 15 days and post-hospitalisation costs for up to 30 days
Not all Covid-related expenses get covered under this Digit health insurance plan. The standard exclusions of this plan include:
Any investigation or treatment undergone outside the geographical boundaries of India
Any Covid-related hospitalisation lasting below 72 hours
Any treatment procedure or diagnosis that is not related to Covid 19
Any claims made before the completion of the primary waiting period of 15 remain uncovered
No portability or renewal applies to this plan
Some of the basic advantages of the Corona Rakshak Plan include:
Single-time premium payment during the purchase of the plan, as it offers a short-term coverage
You receive the entire amount in a lump sum during claim settlement
The premium value is quite budget-friendly since this is a short-term cover when compared to any other Digit health insurance plans
This is perfectly suitable for those individuals with corporate health insurance coverage and exclusively seek specific Corona-oriented coverage
Although this plan proves to be quite handy during Covid hospitalisation, it is not all-inclusive and poses certain disadvantages. Some of the major disadvantages include:
The validity is very limited, ranging between a period of 3.5 months and 9.5 months, after which the plan automatically gets expired
As the sum insured is limited as it is exclusively limited to Covid-related treatment costs, the optimum sum insured amount is capped at INR 2.5 lakhs
The plan offers no other benefit other than Covid-related treatment costs
This does not prove to be very useful in case you already possess a comprehensive health plan that automatically covers Covid-related expenses
Some of the most basic differences between a standard health plan and a Corona Rakshak plan are:
Coverage: A health plan’s coverage span is quite extensive that includes Covid-related treatments too. However, a Corona Rakshak plan has been exclusively crafted for treatment for Covid 19 only.
Policy term: A standard health plan is a long-term cover, ranging from a minimum of 1 year to several years, and you may claim several times, considering the total number of claims that can be made for that specific plan. However, a Corona Rakshak plan automatically expires once a claim is made or the completion of the tenure of either 3.5 months or 9.5 months, whichever happens earlier.
Add-ons: A standard health plan comes with several additional benefits, termed as riders, enhancing the scope of policy coverage. A Corona Rakshak Plan offers no riders or any other additional benefits.
Tax-savings: A standard health plan is eligible for tax savings up to INR 25000 u/s 80D. However, a single cover like the Corona Rakshak Plan cannot be used for tax savings.
Premium: The premium value for a standard health plan is more than Corona Rakshak covers. The premium gets decided on several factors like the nature of the chosen plan, age of the insured, location, riders chosen, sum insured, etc. However, the premium for Corona Rakshak cover is significantly lesser as it specifically covers only a single ailment.
Some other important features of a standard Corona Rakshak plan are:
No compulsion for a pre-policy investigation depending on the nature of the Covid plan chosen
The primary waiting period of a Corona Rakshak plan is no more than 15 days. No claims are settled during this tenure.
The Corona Rakshak plan is generally made for those who have never been diagnosed with Covid
This article highlights the standard benefits of a Corona Rakshak plan. It is widely popular for its health insurance policies and general insurance plans. The health insurances offered by Godigit even include Covid coverage. However, Godigit does not offer any separate Corona Rakshak plan.