Star Health Corona Rakshak Policy 2022 from Star Health and Allied Insurance Co Ltd is an indemnity health insurance policy that covers the cost of COVID-19 treatment and requires a lump-sum payment for the entire policy term. At present Star, Health has 10600+ employees and 550+ branch offices across India. On 21 July 2021, Star Health Insurance filed it is Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).
Star Health Corona Rakshak Policy 2022 | Full Information.
Corona Rakshak policy offered by Star Health Insurance is an indemnity-based health insurance plan to fight against COVID – 19. The policy is designed to provide a lump sum benefit to the Corona Virus positive policyholders, which will be equal to 100% of the Sum Assured. The scheme is available on an individual basis and can be issued without any pre-approval medical examination. It is available to people in the age group of 18 years to 65 years with the option of Sum Assured up to Rs. 50,000, Rs. 1 lakh Rs. 1.5 lakh Rs. 2 lakh and Rs. 2.5 lakhs. However, this plan neither comes with the renewal feature nor with the free look period.
Star Health Corona Rakshak Health Insurance Plan comes with three policy terms namely 3.5 months (105 days), 6.5 months (195 days), and 9.5 months (285 days). If during this period of insurance, the insured is diagnosed with COVID-19 and requires continuous hospitalization for at least 72 hours, then only the insurer will be entitled to the benefit of 100% of the lump sum assured it happens. This is a lump-sum benefit for the entire policy term and the plan will terminate on payment of the lump sum amount. However, an initial waiting period of 15 days has to be completed for availing of this health insurance policy.
Star Health Corona Rakshak Policy 2022 | Features
|Cover Type||Benefit Basis|
|Tenure||3.5 Months/ 6.5 Months/ 9.5 Months|
|Waiting Period||15 Days|
|Insurance Coverage||₹ 50,000/ ₹ 1 lakh/ ₹ 1.5 lakh/ ₹ 2 lakh/ ₹ 2.5 lakh|
|Portability and Migration||Not Applicable|
|Free Look Period||Not Applicable|
|Tax Benefits||Under Section 80D of the Income Tax Act, 1961|
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Star Corona Virus Policy 2022 | Features and Benefits
The factors affecting buying a Corona Rakshak policy are the flexible choice of Sum Assured and several policy terms:-
Policy Type:- The plan is offered on an individual basis only.
Renewal:- The policy does not provide any renewal facility to the life insured.
Tax Benefits:- Premium paid for Corona Rakshak policy health insurance by modes other than cash is tax-free under section 80D of the Income Tax Act, 1961, subject to applicable limits.
Inclusion Of Star Health Corona Rakshak Scheme.
Corona Rakshak’s policy covers the insured exclusively for positive COVID-19 infection. A lump-sum payment is a true assurance, where the insured has the facility to avail the best healthcare service to meet the risk. It practically acts as supplementary coverage on top of the existing health insurance under which the insured is covered.
Star Health Corona Rakshak Coverage Offered.
Policy coverage can be availed with multiple sums insured options ranging from Rs 50,000 to Rs 2.5 lakh. Covers the expenses incurred for the treatment of coronavirus including the policy. The policy benefit is given for one time, after which the policy terminates. Star Health Corona Policy
Exclusions Of Star Health Corona Rakshak Scheme.
The specific policy for COVID-19 infection only limits the benefits of its treatment. The insured should consult the policy bond for clarity on various restrictive clauses to ensure a seamless claims experience. Accordingly, only the important ones are described below:-
- Waiting Period: The insured has to wait for 15 days for the cover to be installed, allowing the insured to make a claim.
- Other exclusions: Several other clauses prohibit the submission of claims under the Corona Protector Policy.
- A claim with a positive diagnosis report prior to the inception of the policy or during the waiting period is not liable to be paid.
- The policy starts on the basis of a positive diagnosis report from a government-authorized testing center.
- A positive coronavirus diagnosis report from an unauthorized testing center is not accepted.
- The insurer is not liable to pay any expenses incurred for diagnosis and evaluation related to COVID-19.
- If the insurer travels abroad during the policy term, the cover in the policy ceases.
READ MORE: Star Health Corona Kavach Policy
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