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Should You Buy A Coronavirus-specific Insurance Policy? Here’s A Comparison Of Those Available

By Seth , in Business , at January 28, 2021 Tags: ,

In the past year, the emergence of Covid-19 posed a severe challenge for citizens and health care providers across the world. The constant effort of healthcare providers helped many to survive, but the death toll was nonetheless, extremely high. The total cases of Covid-19 deaths worldwide, in fact, breached the 2 million mark globally. In such a situation, a dedicated insurance plan becomes mandatory for citizens and medical-care providers to reduce the liabilities arising out of the treatment of this disease.

Corona Kavach is such an insurance policy that has been curated to mitigate the financial liabilities arising from the treatment of this particular disease. This insurance policy is authorized by the Insurance Regulatory and Development Authority of India (IRDAI) and offers coverage for the treatment of Covid-19 and related comorbidities.

Effectiveness of Corona Kavach

While everyone, by this time, is aware of what is a coronavirus, many might still not know about the insurance policies that can help cover the treatment cost of this disease. Such an insurance policy offers financial protection against hospitalization and medical expenses, including domiciliary expenses, AYUSH treatment, pre-post hospitalization, and home-care treatment expenses.

Following are the requisite details pertaining to a coronavirus insurance cover-

  • The amount of sum insured ranges between Rs.50,000 and Rs.5,00,000.
  • The tenure of the policy is 3.5 to 9.5 months.
  • Eligibility – 18 to 65 years
  • The policy benefits are based on the hospitalization period.

Those opting for coronavirus insurance in India can enjoy the following benefits listed below –

  • Extensive coverage, including expenses related to hospitalization for co-morbidities, consultation fees, room rent, ICU cost, etc.
  • Policyholders need to pay a nominal premium amount.
  • The policy does not include any cap on the room rent.
  • The expenses of AYUSH treatment are also covered under this policy.
  • Reimbursement for ambulance expenses.

Nonetheless, only the best coronavirus insurance covers can offer the above-mentioned benefits. To avail of such a policy, individuals can opt for a comprehensive plan like Covid-19 Insurance offered by Bajaj Finserv under its Pocket Insurance & Subscriptions. Following are the most prominent features of this insurance policy-

  • Coronavirus insurance coverage includes hospital expenses incurred during a minimum period of 24 hours.
  • Along with the Covid-19 treatment, the expenses for treating comorbidities are also covered under this policy.
  • Pre and post-hospitalization expenses for a period of 30 days are covered under this insurance policy.
  • Ambulance charges of up to Rs.2,000 are covered.

Along with Corona Kavach, consumers can also avail infection cover insurance plan that offers extensive financial coverage against a nominal premium. This insurance policy includes doctor’s consultation fees, hospitalization expenses, pre-hospitalization, and medication.

Apart from such infections, this season is also notorious for diseases like Malaria and Dengue.

For this, consumers can avail of insurance plans like a dengue cover, to seek prompt treatment. Such a policy includes coverage for doctor’s fees, hospitalization, medication, and pre-hospitalization expenses.

The application process of Covid-19 insurance policies

The application and claim settlement process for such policies is quite simple and hassle-free. Consumers need to visit the official website of their chosen financial institution, fill-up an application form, and make the payment using any preferred mode.

The objective to launch Corona Kavach is to safeguard patients and their families from the rising cost of Covid-19 treatment. While support from government healthcare plans is available to individuals, it is best to opt for a separate policy to help meet the cost of treatment with ease.

 

 

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