The IRDAI (Insurance Development and Regulatory Authority of India) created new two indemnity-type health insurance products in 2020 –the Arogya Sanjeevani Policy and Corona Kavach Policy. These were formulated as a part of efforts by IRDAI to fill existing gaps in medical coverage and make health insurance easily to understand and accessible to all. These standard policies will be offered by health insurance providers with uniform terms set by the IRDAI.
If you have only just heard about the Arogya Sanjeevani Policy and Corona Kavach Policy, you might wonder which health insurance plan is best suited to your needs. You may also have a few questions regarding how these two types of medical insurance plans differ from one another. In order to help you out, we have listed out the main differences between the Arogya Sanjeevani Policy and Corona Kavach Policy so that you can buy the coverage that you need.
Coverage and sum insured
The Arogya Sanjeevani Policy offers a sum insured between Rs 1 lakh to Rs 5 lakh. It is an indemnity-based plan that covers pre-hospitalisation costs for 30 days and post-hospitalization costs for 60 days. The Arogya Sanjeevani Policy can be purchased to cover family members including self, spouse, parents, parents-in-law, and dependent children. This policy covers treatment for COVID 19 and other medical issues under valid claims.
The Corona Kavach Policy offers a sum insured between Rs 50,000 to Rs 5 lakh. It is also an indemnity-based plan that covers pre-hospitalisation costs for 15 days and post-hospitalization costs for 30 days. It can be purchased as an individual or family floater plan. This policy only covers valid COVID 19 claims.
Tenure of coverage
The Arogya Sanjeevani Policy offers a minimum tenure of 1 -year. The policyholder can continue to renew their coverage as long as they wish to.
On the other hand, the Corona Kavach Policy is a short-term health insurance plan. the policyholder can choose between three brief policy tenures of 3 ½ months, 6 ½ months, and 9 ½ months. Upon expiry of the policy, the insured person can opt in to renew their coverage.
The Arogya Sanjeevani Policy has a waiting period of 30 days from the date the policy begins. However, pre-existing illnesses will be covered only upon completion of 48 months of uninterrupted coverage under this health insurance policy.
The Corona Kavach Policy has a waiting period of 15 days from the date the policy begins.
No claim bonus
The ArogyaSanjeevani Policy offers you a 5% increase in the value of the sum insured for each year you don’t make a claim. This benefit is also known as the no-claim bonus or NCB.
The Corona Kavach Policy does not have a cumulative bonus scheme.
This is an overview of the main points of difference between the Arogya Sanjeevani Policy and the Corona Kavach Policy. Remember to always ensure you and your family members have adequate health insurance so that you are prepared for any medical emergencies. Take care.