The second wave of COVID- 19 has hit the country and is more devastating than the first one. Keeping the current scenario in mind coronavirus health insurance/COVID-19 health insurance should be certainly added to your financial planning’s this year.

The current challenges brought by COVID-19 for people all around the world have caused fear, anxiety and stress for so many of us. Quarantine and self-isolation are harming the mental health of an individual. The reason for stress can be due to lack of money, job loss, pay cuts, work pressure and even loneliness. Many of us are worried about our loved ones and our livelihood.

This has affected our mental health in many ways. We are all going through this together and there are practical and healthy ways to handle these emotions. One such practical way of reducing your burden is by getting coronavirus health insurance/ COVID-19 health insurance and be prepared financially.

Most Common Fear of People Due to COVID

India has reported the highest number of corona cases in the second wave. This has instilled fear in the minds of people in India. One of the fear is;

  • Who is more prone to the risk of coronavirus?
  • How to manage the medical expenses if I am affected by a coronavirus?

 Depending on the severity of the condition the medical treatment may kill your pockets up to lakhs. So it is better to be prepared for any unpredictable situation by taking the coronavirus health insurance/ COVID-19 health insurance.

People at Risk of Coronavirus:

  • Elderly people with a weaker immune system and pre-existing health conditions are more prone to risk. Medical experts say that people above 60 are more likely to get coronavirus disease, even if they are in good health condition.
  • Health workers like doctors, paramedics, nurses and community service worker who are putting their lives at risk for the welfare of society are more susceptible to the COVID-19 virus.
  • The coronavirus is not sparing anyone. Whoever comes across it is at high risk, be it an unhealthy person or a healthy person.
  • So far in India, 29,762,793 corona cases have been reported. The number of death is 383,521 and about 28,580,647 people have been discharged and recovered from the coronavirus.

How to be Prepared For the COVID-19 Situation?

It is best to adapt and be prepared during the pandemic situation. There are certain basic tips to help cope up with the virus.

Stay Fit Physically and Mentally

  1. Stay positive at all times. Do not panic and listen to the advice given to you by the local authorities.
  2. Keep your body physically fit by performing simple exercises like stretching, or yoga or even walking on the terrace for a few minutes. This will stretch the muscles and help in blood circulation.
  3. Eat healthy and nutritious meals.
  4. Minimize watching the news feed.
  5. If you are working from home take breaks regularly.

These tips will help keep your mental health stay strong and healthy.

Stay Stress-Free by Getting Prepared Financially:

Though you might be healthy and have taken all the precautionary measures one can never predict the situation because it is a contagious disease spreading through the air. Staying safe also means taking a smart decisioin by preparing yourself financially for the unpredictable situation.

Since it is a highly infectious disease it is better to be safe by getting coronavirus health insurance/ COVID-19 health insurance. The specially designed coronavirus plan will save you from massive expenses associated with the treatment. You can stay stress-free by not worrying about the hospital bill and focus entirely on your quick recovery.

You do not have to spend your entire savings on paying for the medical bills if you have coronavirus health insurance.

What Does Coronavirus Health Insurance Policy Cover?  

Apart from affecting the patient’s health, coronavirus is also adversely impacting finances. To meet the demands of basic health insurance the IRDAI Insurance Regulatory & Development Authority of India has mandated insurance companies to offer basic insurance primarily to cover the hospitalization cost for people who are infected from COVID-19 infection.

The coronavirus health insurance covers the hospital expenses of the policyholder. The insurance policy will pay the pre and post hospitalization expenses, including the treatment for both in-patients and out-patients expenses.

What Are the Advantages of Taking a Coronavirus Health Insurance Policy?

Coronavirus health insurance plans cover all the pre and post hospitalisation expenses. It also covers home treatment if it is suggested by a doctor. Apart from these benefits, the added advantage is the benefit of the premium being paid. Since the coronavirus health insurance policies are short term insurance policies you do not have to keep paying the premium for a lifetime. Almost all the health insurance policy covers the treatment expenses for viral infection. Since coronavirus is a viral infection it will easily cover the expenses.

Coronavirus Health Insurance/COVID-19 Health Insurance plans:

There are two types of coronavirus health insurance policies available. One is the comprehensive policy that covers medical expenses for all types of disease including coronavirus. And the other is a short term policy that specifically covers only coronavirus treatment expenses only.

Types of Coronavirus Health Insurance/COVID-19 Health Insurance plans

Let us discuss the types of coronavirus health insurance policy plans available in the market.

1) Corona Kavach Policy:

  • Single premium and limited period policy with no lifelong renewability.
  • A family floater plan can be taken where parents or dependant children can be covered.
  • Age-18-65 years.
  • Sum insured- Rs. 50,000 – Rs. 5,00000.

Benefits and Coverage:

  • Policy tenure- 3.5 months, 6.5 months, 9.5 months.
  • Homecare treatment included.
  • Pre & post hospitalisation medical expense covered.
  • Ayush treatment included.
  • Premium starts from Rs. 1,039
  • Covers up to the sum insured expense for COVID -19 hospitalisation.
  • Daily cash benefit can be gained by paying an extra premium.

Top 5 Companies That Offer Corona Kavach Policy:

1)  BAJAJ ALLIANZ CORONA KAVACH POLICY:

  • Both an individual and family floater policy.
  • Sum insured amount is Rs, 50,000- 5 lakh.
  • Age is 18-65 years.

2)  STAR CORONA KAVACH POLICY:

  • Both an individual and family floater policy.
  • Sum insured amount is Rs, 50,000- 5 lakh.
  • Age is 18-65 years.
  • Premium amount ranges from Rs. 350- Rs. 3499

3)  EDELWEISS CORONA KAVACH POLICY:

  • Both an individual and family floater policy.
  • Sum insured amount is Rs, 50,000- 5 lakh.
  • Age is 18-65 years.
  • Premium amount ranges from Rs. 459- Rs. 7414

4)  IFFCO TOKIO CORONA KAVACH POLICY:

  • Both an individual and family floater policy.
  • Sum insured amount is Rs, 50,000- 5 lakh.
  • Age is 18-65 years.
  • Premium amount ranges from Rs. 136 – Rs. 4849

5)  MAX BUPA CORONA KAVACH POLICY:

  • Both an individual and family floater policy.
  • Sum insured amount is Rs, 50,000- 5 lakh.
  • Age is 18-65 years.
  • The Premium amount starts from 1039 Rs.

2) Corona Rakshak Policy:

  • Single premium policy. No lifetime renewability needed.
  • Hospitalisation with corona treatment for a minimum of 3 days is required to get a 100% sum insured amount.
  • Age-18-65 years.
  • Sum insured- Rs. 50,000 – Rs. 2,50,000.

Benefits and Coverage:

  • Policy tenure- 3.5 months, 6.5 months, 9.5 months.
  • Premium starts from Rs. 900.
  • The waiting period is 15 days.
  • Premedical screening is not compulsory before buying the policy.
  • The coverage is for an individual only.
  • The premium paid is eligible for tax benefit.
  • It does not have any deductibles.

Top 5 Companies That Offer Corona Rakshak Policy:

1. BAJAJ ALLIANZ CORONA RAKSHAK POLICY:

  • The policy covers only an individual.
  • Sum insured amount is Rs, 50,000- 2.5 lakh.
  • Age is 18-65 years.
  • Premium amount ranges from Rs. 157 – Rs. 4273.

2. FUTURE GENERALI CORONA RAKSHAK POLICY:

  • The policy covers only an individual.
  • Sum insured amount is Rs, 50,000- 2.5 lakh.
  • Age is 18-65 years.
  • Premium amount ranges from Rs. 244 – Rs. 2189.

3. IFFCO TOKIO CORONA RAKSHAK POLICY:

  • The policy covers only an individual.
  • Sum insured amount is Rs, 50,000- 2.5 lakh.
  • Age is 18-65 years.
  • Premium amount ranges from Rs. 157 – Rs. 4273.

4. MANIPAL CIGNA CORONA RAKSHAK POLICY:

  • The policy covers only an individual.
  • Sum insured amount is Rs, 50,000- 2.5 lakh.
  • Age is 18-65 years.
  • Premium amount ranges from Rs. 412 – Rs. 6529.

5. SBI CORONA RAKSHAK POLICY:

  • The policy covers only an individual.
  • Sum insured amount is Rs, 50,000- 2.5 lakh.
  • Age is 18-65 years.
  • Premium amount ranges from Rs. 445 – Rs. 7102.

3) Coronavirus Health Insurance/COVID-19 Health Insurance Plans for Groups:

The coronavirus group health plan is a policy that has been designed specifically for labourers and contractual workers. This plan can be issued for a group of people working for a company, or business owner or a contractor.

IRDAI Insurance Regulatory & Development Authority of India has asked all companies, organizations and employers to offer coronavirus health insurance coverage to their employees, labourers and contractual workers against the risk of corona infection. Only if the company provides the insurance they will be allowed to operate the company. Low pay workers with a salary of less than 21,000 are covered under the Employee State Insurance Corporation or ESIC.

Thus coronavirus group health insurance protects the labourers and workers from the risk of the corona by giving them financial support during the treatment.

4) Star Novel Coronavirus Insurance Policy:

  • It provides a 100% lump-sum benefit offer.
  • It is an affordable insurance policy.
  • Age-18-65 years.
  • Sum Insured amount has 2 options
  • 21,000 Rs.
  • 42,000 Rs.

Benefits and Coverage:

  • No pre-medical screening is required.
  • The waiting period is 16 days.
  • The insurance will cease after the payment of insurance money.
  • It is eligible for income tax benefits.
  • Direct in house settlement without TPA.
  • Cashless hospitalisation is available.
  • Hassle-free, quick claim settlement.
  • The premium starts from 299 Rs.

5) ICICI Lombard COVID-19 Insurance Policy:

  • It provides a 100% lump-sum benefit.
  • If the person is diagnosed with COVID-19 they will pay the full sum insured amount irrespective of hospitalisation.
  • Age- 18-75 years.
  • No survival period.
  • This has a 1 year policy period.
  • Sum Insured is 25,000 Rs.

Benefits and Coverage:

  • The waiting period is 14 days.
  • The insured person can reach out to our medical network and get  assistance from a doctor or hospitals.
  • You can consult a medical practitioner through virtual chat for queries.
  • There is no restriction on the number of times the virtual chat can be availed.

6) DIGIT Coronavirus Health Insurance Policy:

  • Designed specifically for COVID-19 affected people.
  • If you are detected to be COVID positive then 100% sum insured amount can be claimed.
  • If you are detected Corona negative then a 50% sum insured amount can be claimed.
  • Age- up to 75 years.
  • Sum insured is- 25,000 Rs. To 2 lakh.

Benefits and Coverage:

  • This policy is covered under hospitalisation.
  • Cashless claims benefit.
  • Additional Sum Insured is covered for accidental hospitalisation and critical illness at no cost.
  • No restriction on the room rent.
  • Avail cumulative bonus.
  • The ambulance charge is covered.
  • Pre and post hospitalisation expenses covered.
  • Home treatment covered.

How To Get a Hassle-Free Claim Settlement?

The claim settlement policy is quite similar to the other health insurance policy. You can either opt for a cashless claim or reimbursement.  Let us take a deeper look at these aspects.

  • Cashless Claims Benefit:

You can avail the cashless claim if you take treatment in one of the medical network associated with the insurance company. You don’t have to worry about the cash part as the insurance company will directly pay the hospital for your treatment. All that is required from you is to stay peaceful and get recovered soon.

  • Reimbursements Claim Benefit:

If you get hospitalised and receive treatment from a hospital that is not associated with the medical network of the insurance company then you have to pay the entire medical bill amount at the time of discharge. And later you can claim the amount from the insurance company who will reimburse the amount you have paid. But you need to submit the medical documents like bills, reports and doctors prescription during the claim.

Conclusion:

Thus to stay mentally peaceful during this pandemic you must take a coronavirus health insurance policy. But one has to be very careful in choosing the right policy. Choose a policy that has an easy and quick claim settlement process. Go through all the inclusion and exclusion of the policy. Make a list of network hospitals that the insurance company provides. Make sure to note the hospital address and number and keep them handy to avoid the last-minute hassle.

Stay safe and protected because self-care is the best care!

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Prateek Mahesh

Prateek has 17+ years of experience writing in Investment Strategy and Sales for Life Insurance. He has done MBA in Insurance and Investment.

Their aim is to educate people on various insurance topics so that they can make wise decisions.

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