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Considering the financial strain one could face during this pandemic situation while treating Covid-19, having a specific health insurance policy becomes the need of the hour!
Coronavirus health insurance is an insurance policy that will assist an individual by covering expenses of hospitalisation, including both in-patient and out-patient expenses that get incurred if the individual insured is infected by Coronavirus. Moreover, it also covers for an insured person's travel expenses or ambulance fees. Providing assured financial support, it is now a must to insure oneself and one's family members through a health insurance, especially during this pandemic. Various premier insurance companies are offering insurance policies with the coverage for COVID-19 with zero waiting period.
The policy will be activated from the moment an insured person gets diagnosed with Coronavirus. As this virus is novel, it is counted with pre-existing medical illnesses. So, it will be a wise decision for anybody to opt for a Coronavirus Health Insurance Policy as a safety net.
In view of the global pandemic like Covid-19 and to provide financial assistance to fight against the virus without compromising on healthcare services, the IRDAI has made it mandatory for all general and health insurance providers to offer a standalone health insurance policy covering Covid-19.
It insures a patient of Coronavirus with financial support that covers all hospital expenses. The plan begins from the moment an insured person gets affected and begins his or her treatment.
Given below is a list of existing plans that provides coverage for an insured person:
Disclaimer: *Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
All existing health insurance policies will cover the expenses of COVID-19 irrespective of whether the plan was bought before the pandemic.
There are many ways by which a Coronavirus health insurance policy turns out to be beneficial:
However, the following factors are not supported by these health insurance plans:
There are various ways through which you can apply for your choice of the plan as given in the following:
Health insurance plans must be bought by ensuring proper analysis and comparison of various factors. Moreover, it should also be at par with one's needs and requirements when it comes to health. Therefore, one should always base their choice on the following factors:
A1. Yes, every health insurance is providing financial coverage for the COVID-19 pandemic. Moreover, it would not incorporate any waiting period.
A2. Purchasing health insurance online is simple. All you need to do is choose your choice of plan, provide the required details and pay the premium. The insurance document will then be sent to your email address.
A3. Usually, Home Quarantine expenses are not covered by health insurance plans. However, if it is approved or recommended by a doctor, then some insurance companies do provide cover for the same.
A4. Yes, all health insurance plans in India are providing financial coverage for Coronavirus patients in India. Thus, it is recommended to sign up for one as soon as possible. As our nation still has a long way to go to completely eradicate this pandemic, thus it becomes our duty to stay protected and prepared.
A5. Incurred Claim Ratio (ICR) is the net claim that is paid by an insurance company against the premium earned. That is,
Incurred Claim Ratio = Net Claims incurred/ Net Premiums earned
A6. Health Insurance companies that possess an Incurred Claim Ratio between 75%-90% are known to have good Claim Ratio. It indicates that the company is making profits and is capable of meeting the expectations of its clients through the offering of quality service.
A7. Of course, insurance companies offer various floater options, which provides support for the insured person and the family members he/she registers.
A8. Health insurances for Coronavirus cover both pre and post-hospitalisation expenses, traveling expenses, and necessary adjacent medical expenses. It ensures that the insured patient does not fall behind from getting optimum medical support. It also helps in removing any financial strain during a time of medical crisis. No matter how great a crisis arrives, if one invests in health insurance, he/she will always be protected from its adverse effects.
