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COVID-19 pandemic has necessitated the need for State Governments to go in for lockdown measures to flatten the curve. This has also prompted the Insurance Regulatory and Development Authority in India (IRDAI) to launch a new policy named ‘Corona Rakshak’, which offers protective coverage on account of financial risk associated with Covid-19.

Highlights of Corona Rakshak Policy

ParticularsPolicy Coverage/Particulars



Sum Insured

Rs. 50000 – Rs. 2.5 lakhs

Tenure (months)


Loss of income


Waiting Period

15 days from the date of policy coming into effect


  • The insurance cover offered between Rs.50,000 - Rs. 2.5 Lakhs, each in multiples of Rs.5000
  • The policy is non-renewable and no provision for migration
  • Available only on an individual basis
  • Pre-medical screening is not compulsory under the policy
  • Insurance can be claimed only if the infected insured is hospitalized for a minimum period of 72 hours
  • Insurance cannot be claimed if the patient has a proven travel history to any restricted countries
  • If diagnosed Covid-19 positive by government authorized centre, then 100% insured sum paid in lump-sum
  • 15 way waiting period for policy processing
  • Premium paid eligible for tax exemption u/s 80D


Treatment Expenses

Covers all hospitalization and treatment expense, including PPE kits, mask, gloves, oxygen, ventilator charges, nursing charges, ICU/ICCU charges and other related charges for treatment of coronavirus provided patient requires hospitalization for more than 72 hours. In the case of home treatment, all treatment charges for 14 days will be covered.

Pre and Post Treatment

15 days of pre-hospitalization expenses and 30 days post-hospitalization, including test charges covered under the policy.

Ambulance Expenses

In case, the insured has taken ambulance service, then Rs.2000 will be reimbursed as ambulance charges under the policy.

Optimum Payout

100% of the lump-sum amount of insurance coverage is provided which can be utilized for paying hospital bills and post-hospitalization treatment.

Standard Coverage

As this insurance is regulated by IRDAI, standard coverage provided across all insurance providers which have exact same features.

Points to Remember: 

Corona Rakshak  policy provides protection cover relating to financial risk due to being infected by Covid-19

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