COVID-19: Health Insurance & Employee Well-being in India

medicine IV

Covid-19 virus has made people realize the need for a health insurance policy in India. After the onset of the Coronavirus the increased awareness about health needs can be seen in the growth of the health insurance sales which have spiked in a relatively short timespan. Employee wellbeing is the overall mental, health and economic health of the employees working in an organization, and is directly related to their performance. Corona virus has caused organizations to take certain employee well being measures such as providing health insurance, masks, work from home etc. 

The government of India has made it mandatory for organizations working during the lockdown and subsequent periods to take a group corona health insurance policy known as Mandatory Health Assure Policy. This policy covers only the treatment related to corona virus and is specifically designed by the insurance companies to cover any form of therapy connected with this disease.

Let us understand the different types of health insurance policies designed specially to cover the corona virus in India:

Corona Rakshak

Corona Rakshak is a standard benefit-based policy with single premium payment option. If the insured is diagnosed with coronavirus and requires 72 hours of hospitalization, then the entire sum insured would be paid by the insurance company. The coverage under this policy ranges from Rs.50k to Rs.2.5 Lakhs and the sum insured increases in multiples of Rs.50k. The tenure under the policy is 3.5 months, 6.5 months &  9.5 months. The waiting period under the policy is 15 days after which the claim would be payable. The minimum age of entry is 18 years and the maximum age of entry is 65 years under the policy. This policy was launched by the Insurance regulatory and development authority of India to cover all the costs related to coronavirus treatment such as PPE kits, masks, gloves etc. This policy covers only the individuals on payment of required premium.

Corona Kavach

Corona Kavach is a family health insurance policy which can be used to cover the families under a single health insurance policy. The sum insured under this policy ranges from Rs.50k to Rs.5 Lakhs in multiples of Rs.50k. The policy tenure is 3.5 months, 6.5 months and 9.5 months after which the policy has to be renewed on payment of additional premium. There is a waiting period of 15 days from the policy start date under the corona kavach health insurance policy. The premium has to be paid in a single installment and the claim amount depends on the hospital bill. The maximum amount of liability of the insurance company would be the sum insured mentioned under the policy. The minimum age of entry is 18 years and the maximum age of entry is 65 years.