Special Health Insurance Policy For Covid-19

 

Are you prepared for any contingency?

 

While we are all taking precautions towards COVID-19, it is a smart idea to be prepared for any eventuality as well. Your health insurance plan already covers for coronavirus treatment, but have you wondered if this policy will be enough in covering all the expenses?

If you have a health insurance policy that ranges form Rs10-Rs15 lakhs, it can help you cover for this pandemic. But if your plan covers less than that, it will not be enough to support you. Increasing the coverage of your existing insurance plan can prove to be very expensive. So a wiser and cost-effective choice is to go for COVID-19 Insurance policy which gives you maximum benefits at low premiums.

 

What is COVID-19 Insurance Policy?

COVID-19 Insurance Policy is a comprehensive solution that will protect you

 against all the expenses arising because of the pandemic. There are 2 types

 of policies available: Indemnity policy and Benefit policy.

  • Indemnity policy covers all the costs right from tests for detection, 14-day quarantine period, expenses of medical procedures and treatments, to loss of daily income and wages. This policy aims at reducing the financial stress one might face due to the pandemic.
  • While Benefit Policy pays 100% sum insured in lumpsum on being tested positive for the coronavirus irrespective of costs incurred.

 

Why is it important?

  • Anyone below the age of 65 years is eligible to take this policy, this means you can even cover your parents who are in the high risk category because of their age.
  • Your waiting period for COVID-19 Policy is only 15 days, which is much lower than any insurance wait period.

 

Points to Be Considered:

  1. The premium rates are less than Rs. 1500 for a coverage of Rs. 3 Lakhs.
  2. The coverage for the insurance plan includes all hospitalisation expenses including expenses for home hospitalisation, ICU charges, and covers for pre hospital care to post hospital charges.
  3. The claim process can be easily done in a few minutes. It is a hassle free process to submit your claim, and you only require few documents.

 

Key Highlight:

The Government has made it mandatory for all employers to provide medical insurance to their employees for resuming the operations post lockdown. Now it may not be economically viable for smaller businesses to provide a complete health insurance to their employees, so they may opt for this policy to protect their employees against COVID-19 threat and to fulfil government’s requirements as well at lower costs.

 

Who is not eligible for the policy?

  • Senior Citizens above the age of 65 Years
  • People with Pre-existing conditions such as diabetes, hypertension, disease related to heart/lungs/kidney/liver, cancer, stroke
  • Someone who has travelled to countries listed in the “Travel Advisory on Home Isolation/Quarantine and restricted travel” within 60 days prior to Policy Inception.
  • Someone who is already treated for or quarantined for Coronavirus disease (COVID-19) before the policy issuance
One thing to note, however, is that since these policies are COVID-specific, they will not cover hospitalisation for other ailments.

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