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Corona Rakshak Policy: Another safety measure?

The pandemic has brought with it many safety measures. From keeping yourselves safe to your home virus-free, you have and continue to observe more precautions than ever before. But, one other aspect which also requires protection is your finances.

While it is true that the disease can have serious effects on your health, it can also shake your finances. Health insurance may not suffice to take care of the depleting finances due to this disease.

Hence, Insurance Regulatory and Development Authority of India (IRDAI) has advised many financial institutions to introduce Corona Rakshak Policy. This policy helps you to take care of your finances without having to compromise on the medical treatment. It has you covered for all the medical expenses incurred for the treatment of the disease.

Let us try to understand what this policy has to offer in detail.

 What are the features of this policy?

  • With this policy, you get a 100% lump sum payout of the Sum Insured.
  • You get the freedom to choose your policy term. Some of the term periods of this policy are:
  • 5 months (105 days)
  • 5 months (195 days)
  • 5 months (285 days)
  • This policy has a 15-day waiting period.

Before you purchase this policy, calculating your premium is very important. To do so, you need to be aware of your financial capacity and plan your premium amount accordingly.

If you are having trouble calculating your premium, the Corona Rakshak premium calculator can help you.

How to use this policy’s calculator?

All you have to do is:

  • Visit an online Corona Rakshak premium calculator
  • Enter your name, DOB, Gender, and other specifications asked
  • Select your policy term i.e. 105 days, 195 days, or 285 days
  • Enter the sum assured
  • Select your Premium Frequency
  • Click on calculate

Your results will be displayed on your screen.

What are the benefits of this policy?

It is fairly simple and easy to apply for this policy. It does not require you to go through a medical examination before you purchase it.

However, the lump-sum benefit payout is provided on hospitalisation for a minimum continuous period of 72 hours from the time you are diagnosed positive of the disease. Furthermore, the diagnosis must be confirmed by a government-authorized diagnostic centre.

The corona insurance is designed to offer you financial benefits in the time of need. Remember to read the terms and conditions of this insurance. A proper understanding your insurance policy will help you make informed decisions.

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