The pandemic impacted the lives of many. Those who were hospitalised for the treatment had to bear high medical costs from their own pockets. To ease the burden of expensive covid treatment, IRDAI introduced Corona Rakshak Policy. It is a specialised health insurance plan that covers hospitalisation expenses due to covid. It is a fixed benefit policy which pays a lump sum amount on a positive diagnosis of covid-19 from an authorised diagnostic centre. In this article, we will talk about the corona rakshak policy offered by IFFCO Tokio health insurance company.
IFFCO Tokio General Insurance Company is a trusted brand in the insurance industry. With a network of 7500 hospitals and a claim settlement ratio of 93%, the company offers IFFCO Tokio Corona Rakshak Policy as per IRDAI directive. Let us explore the main features of the policy.
Eligibility - The policy is available for individuals in the age bracket of 18 to 65 years.
Sum Insured - A policyholder can choose a sum insured value between ₹ 50,000 to ₹ 2.5 lakhs, in the multiples of 50,000.
Fixed Benefit - The policy pays a fixed benefit in lump sum equivalent to the sum insured opted upon the diagnosis of covid-19.
Policy Tenure- The policy is a short-term plan with 3 term options: 3.5 months, 6.5 months, and 9.5 months.
The policy covers a minimum of 72 hrs of continuous hospitalisation due to the coronavirus. The diagnosis of the diseases should be done in a government-authorised diagnostic centre. The lump sum payout received by the insured can be used to cover hospitalisation expenses and any other expenses during the treatment, there is no restriction on how the benefit amount is used. The policy terminates once a claim is made and the benefit is paid.
There are certain limitations of the policy for which no benefit is payable, these exclusions under the policy are;
Treatment for covid-19 diagnosed before the commencement of the policy
Tests done at an unauthorised centre are not accepted.
Treatment outside India is not covered under the policy
Treatment for mild symptoms of covid
Treatment for covid diagnosed within the first 15 days of the policy commencement
Any expenses for a treatment not related to covid
It is important to have a corona rakhshak policy for financial protection against covid 19 which can help you in many ways:
It provides additional protection by covering the expenses not covered in a standard health insurance policy. You should have covid specific insurance in addition to your existing health insurance. In case you don’t have health insurance, then it is a must-have.
The lump sum received under the policy can be utilised as per your requirement. It can cover the cost of consumables or compensate in case of job loss.
It protects your savings by providing a fixed benefit upon the diagnosis of the disease.
The policy has a waiting period of only 15 days.
You can buy a corona rakshak policy online either from the company website or you can purchase it offline from your nearest branch office. Alternatively, you can purchase a corona rakshak policy from the Coverfox app in no time. Here are the steps to follow for buying a Corona Rakshak Policy.
Download the Coverfox app.
Enter your details like name, gender, and contact number.
Click on view plans and provide your age.
Click continue and enter your pin code.
Select the IFFCO Tokio corona rakshak policy and pay the premium.
Once the payment is made, the policy is mailed to your registered mail id.
There are two ways in which you can apply for a claim for any of the IFFCO Tokio Health Insurance Plans: cashless and reimbursement.
It is available if the treatment is taken in a network hospital (minimum of 72 hrs in continuation for corona rakshak policy). Please note that you check the status of the network with the TPA before admission to a specific hospital. Once you are admitted to a network hospital provide your health membership details as mentioned in your health card.
The rest of the procedure is the same for both emergency and planned hospitalisation as given below;
If you have availed treatment in a non-network hospital, settle the hospital bill and file a reimbursement claim request as follows; Provide original documents with your reimbursement request within 7 days of discharge from the hospital.
Given the situation, it is a must requirement to have a corona rakshak policy to shield your savings against the expenses in treatment of covid-19. It is an affordable plan with short-term and easy-to-buy online as well as offline.
