Kavach Plan : What Is It? and Which Plan To Choose?
A Kavach plan is a type of insurance plan that provides financial protection in the event of death or critical illness. Kavach plans are typically designed to be affordable and easy to understand, making them a good option for people who are looking for basic insurance coverage.
#Types of Kavach plans
There are two main types of Kavach plans:
Life insurance plans: Life insurance plans provide a death benefit to your beneficiaries in the event of your death. The amount of the death benefit is typically based on your age, health, and the type of plan you choose.
Critical illness plans: Critical illness plans provide a lump sum payment to you if you are diagnosed with a critical illness, such as cancer, heart disease, or stroke. The amount of the lump sum payment is typically based on the type of illness you are diagnosed with and the severity of your condition.
# COVID Specific Kavach Plans
A Corona Kavach policy is a health insurance policy that is specifically designed to cover the cost of hospitalization and medical expenses arising out of Covid-19 treatment. The policy covers pre-post hospitalization as well as domiciliary expenses, home care treatment expenses and AYUSH treatment incurred by the policyholder in case anyone is tested positive for the Covid-19 disease.
Here are some of the features and benefits of a Corona Kavach policy:
1 Covers hospitalization expenses including co-morbidities, room rent, nursing & ICU cost, surgeon’s & doctor’s consultation fees etc.
2 Pre and Post hospitalisation expenses are covered up to a defined period of time.
Treatment expenses for coronavirus are covered up to a period of 14 days.
3 No capping on the room rent.
AYUSH treatment expenses are covered including Ayurveda, Unani, Siddha, Homeopathy.
4 The premium for a Corona Kavach policy depends on a number of factors, such as the age of the insured person, the sum insured, and the policy term. The policy can be bought for an individual or as a family floater plan.
Here are some of the top Corona Kavach plans available in India:
HDFC Ergo Corona Kavach Policy
ICICI Lombard Corona Kavach Policy
Bajaj Allianz Corona Kavach Policy
Niva Bupa Corona Kavach Policy
Apollo Project Kavach
When choosing a Corona Kavach policy, it is important to compare the features and benefits of different plans to find the one that best meets your needs. You should also make sure that the policy is issued by a reputable insurance company.
Here are some tips for choosing a Corona Kavach policy:
1 Compare the features and benefits of different plans.
2 Make sure that the policy is issued by a reputable insurance company.
3 Consider the premium.
4 Read the policy document carefully before you buy it.
5 By following these tips, you can choose a Corona Kavach policy that will provide you with the peace of mind you need in case you or a loved one is diagnosed with Covid-19.
# Benefits of Kavach plans
There are many benefits to owning a Kavach plan, including:
1 Financial security: Kavach plans can provide financial security for your family in the event of your death or critical illness. This can help to cover funeral expenses, medical bills, and other financial costs.
2 Peace of mind: Knowing that you have financial protection in place can give you peace of mind and allow you to focus on your health and well-being.
3 Affordability: Kavach plans are typically available at an affordable price, making them a good option for people with limited financial resources.
# How to choose a Kavach plan
When choosing a Kavach plan, it is important to consider the following factors:
1 Your budget: Kavach plans are available at a variety of price points, so it is important to find a plan that fits your budget.
Your needs: Consider your individual needs and circumstances when choosing a Kavach plan. For example, if you have young children, you may want to consider a life insurance plan with a large death benefit.
2 The features of the plan: Read the fine print carefully and make sure you understand the features of the plan before you buy it. For example, some plans have waiting periods, which means that you may not be covered for certain illnesses or conditions right away.
Conclusion
3 Kavach plans can be a valuable source of financial protection for you and your family. By considering your needs and budget carefully, you can choose a Kavach plan that meets your specific requirements.
# Additional information
The Insurance Regulatory and Development Authority of India (IRDAI): The IRDAI is the government agency that regulates insurance in India. The IRDAI has issued guidelines for Kavach plans, which ensures that all Kavach plans meet certain standards.
Comparison websites: There are a number of comparison websites that can help you compare different Kavach plans. This can be a helpful way to find the best plan for your needs.
Financial advisors: Financial advisors can help you choose the right Kavach plan for your needs. They can also help you understand the terms and conditions of the plan and answer any questions you may have.
