Medical sciences have successfully invented effective coronavirus vaccine. But, until you get a vaccine shot, it is a precarious situation that requires sternest safety steps to guard yourself and your loved ones. Health insurance for COVID-19 plays a very crucial role in achieving this in the present scenario of uncertainties and possible health risks. Coronavirus health insurance plans work as a protective shield for your finances and secure your health in the best way.
Health Insurance for COVID-19: Why It Is Important
According to health professionals, people, especially those in the vulnerable category, are prone to the dangers and other complications. In times like this, taking health insurance for COVID-19 is the right way to live a healthier life. Insurance will prepare you for any medical emergency and protects your finances. That’s why buy coronavirus health insurance and keep worries at bay. The best part is you can compare different covid-19 insurance plans online, pay the premium online without physically visiting the insurer.
Health Insurance for COVID-19: Know Its Key Benefits
Health insurance plans for coronavirus come with extensive benefits. Key benefits include:
Cashless Treatment – Cashless treatment is one of the prime benefits of health insurance. You’ll avail of treatment at network hospitals (the hospital that has an agreement with insurers to provide cashless treatment to policyholders) without spending even a single penny from your pocket. The insurance company will directly settle your bills for COVID-19 treatment.
Day care treatment – Your insurance provider will repay the amount incurred in day care treatment (not exceed 24 hours) up to the sum insured during the treatment in a daycare centre or hospital.
In-patient Care – If you are hospitalized in a hospital for in-patient care for a minimum of 24 hours (hours may vary depending on policy and insurer) due to coronavirus on the suggestion of a doctor, your insurance company will cover your medical expenses.
Pre and Post Hospitalization – In general, coronavirus health insurance plans cover pre and post-hospitalization medical expenses for 30-60 days soon before your admission date and for 60-90 days immediately after your date of discharge from the hospital.
Sub-limits on Coverage for Quarantine – When choosing a Health Insurance for COVID 19, it is important to check sub-limit on coverage for Quarantine. Many insurers indemnify treatment expenses incurred up to 1% sum insured per day maximum charge up to 30 days under the policy.
Out-Patient Department (OPD) Cover – Some health insurance companies in India offer OPD cover. You can get cover for Out-Patient consultations, Pharmacy expenses, Diagnostic Examinations, up to the specific amount, after a positive COVID-19 case.
Waiting Period: Health insurance for Covid-19 has a sigh of relief when it comes to a waiting period. Some policies provide only 15 days waiting period right after the policy will start.
Online Purchase – With the advent of the internet, a lot of things have become easier. You can compare different health insurance policies for COVID-19 and buy one online that sounds most suitable for your health and wealth.
Tax Benefits: Coronavirus insurance plan lets you enjoy tax saving up to Rs. 1, 00,000 according to section 80D of the Income Tax Act. This will be applied in a case especially when both the proposer and insured are above 60 years.
Health Insurance Plans for COVID-19 in India
Below are two types of health insurance for COVID-19 in India.
1. Corona Kavach Policy: COVID-19 Insurance
Corona Kavach Policy is a single premium standard health insurance policy. It provides coverage for the treatment expenses associated with COVID-19. An indemnity based health insurance policy, Corona Kavach Policy covers both individuals and families. It covers Self, Dependent Children, Parents, and Parents in law.
This policy includes:
- AYUSH treatment expenses
- Homecare treatment expenses
- Pre-hospitalisation expenses
- Post-hospitalisation expenses
- Road ambulance expenses.
Corona Kavach Policy comes with a short waiting period of 15 days, which means you are able to avail of policy benefits 15 days after the policy is purchased. Daily cash benefit on paying an extra premium is also available.
2. Corona Rakshak Policy: COVID-19 Insurance
Corona Rakshak Policy is a standard health plan, designed to cover the coronavirus-related treatment. Unlike Corona kavach, this policy is a benefit based health insurance for COVID-19. It means the policy will pay you a lump sum amount equal to 100% of the sum insured in case you are tested positive for COVID-19. Further, Corona Rakshak Policy offers coverage on an individual basis for sum insured options ranging between Rs. 50,000 and Rs. 2.5 lakh in the multiples of Rs. 50,000.
It is suitable for people between the age group of 18 and 65. The policy gets terminated once the lump sum amount is paid to the insured. Corona Rakshak Policy features a short waiting period of 15 days. However, it doesn’t come with lifetime renewability benefit.
Health Insurers Offering Health Insurance for COVID-19
Tabulated below are the name of health insurance providers that offer health insurance for COVID-19:
| Acko General Insurance Ltd. | Aditya Birla Health Insurance Co. Ltd. | Bajaj Allianz General Insurance Co Ltd | Bharti AXA General Insurance Co. Ltd | Cholamandalam MS General Insurance Co. Ltd. | Edelweiss General Insurance Co. Ltd. |
| Future Generali India Insurance Co. Ltd. | Go Digit General Insurance Ltd. | HDFC ERGO General Insurance Co.Ltd. | HDFC ERGO Health Insurance Limited | ICICI Lombard General Insurance Company Ltd. | IFFCO Tokio General Insurance Co. Ltd. |
| Kotak Mahindra General Insurance Co. Ltd. | Liberty General Insurance Ltd. | Magma HDI General Insurance Co. Ltd. | ManipalCigna Health Insurance Company Limited | Max Bupa Health Insurance Co. Ltd | Navi General Insurance Ltd. |
| National Insurance Co. Ltd. | Raheja QBE General Insurance Co. Ltd. | Reliance General Insurance Co.Ltd | Care Health Insurance Co. Ltd. | Royal Sundaram General Insurance Co. Ltd. | SBI General Insurance Co. Ltd. |
| Star Health & Allied Insurance Co.Ltd | Tata AIG General Insurance Co. Ltd. | The New India Assurance Co. Ltd. | Oriental Insurance Co. Ltd. | United India Insurance Co. Ltd. | Universal Sompo General Insurance Co. Ltd. |
Do you want to buy health insurance for COVID-19? Do you have any question related to coronavirus health insurance plans? If so, feel free to ask your queries in the comment box. Our health insurance experts will respond to you soon.