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Is Covid-19 Covered under Your Standard Health Insurance Policy?

A Health Insurance policy is a contract that is being crafted between an insurance company and an individual where the company vows to provide financial support to the insured person with the incurred amount that has been saved up throughout the waiting period of the plan. In this current situation of the havoc wreaked by the COVID-19 pandemic, many people wish to invest in a Coronavirus Health Insurance Policy. Many also have this query whether their existing standard Health Policy would provide coverage in this pandemic or not.

What is a Standard Health Policy?

Insurance policies play a huge role in securing the future when it comes to health. Through this plan, an individual can use the wealth that has been accumulated over a certain period, also known as the waiting period, in undertaking pre and post-hospitalization expenses.

Health Insurance Policies include various benefits such as cashless hospitalization, day-care facilities, and reimbursement of incurred expenses, etc. Apart from former benefits, it also offers deductions from taxes under Section 80D of the Indian Income Tax Act, 1961. An individual is therefore highly encouraged to purchase a Health Insurance, or if he or she wishes, to buy COVID-19 specific Health Insurance to avail full coverage that may be incurred by the insured person.

As per the circular published by IRDAI on March 4th, 2020, every health insurer has been summoned to approve of expenses related to COVID-19 within their standard health insurance policies. Thus, the policies that an individual had purchased before the onset of this viral ailment will be eligible to claim the insurance, if diagnosed.

List of Standard Health Plans Covering Corona Virus

Many Insurance Companies provide quite impressive insurance coverage. Given below is a list of well-known and established Health Insurance plans that have been hand-picked by Insurance experts for the reader's convenience.

Disclaimer: *PaisaWiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Let’s consider some of the Coronavirus health insurance plans in India in detail!

Popular Coronavirus Health Insurance Policies in India

An insurance plan is considered to be the best if it holds instant claim approvals, has transparent dealings, large floater size (support for family members in one plan), a huge number of hospital networks, is affordable, with an impressive Claim Ratio, and so on. Given below is a list of health insurance plans that offer coverage for Covid-19. Moreover, all these standard health plans would also work in the role of Coronavirus Health Insurance. However, the list is not the exclusive one, which includes some of them only.

Name of Plan

Details

Bajaj Alliance General Insurance

●      Customizable insurance plans

●      Provides four kinds of Health Insurances such as Individual, Family, Senior Citizen, and Women-specific health insurance plans

●      Financial support for pre as well as post-hospitalization expenses

●      5000+ network of hospitals for cashless treatments

HDFC Ergo Health Insurance

●      A wide array of Insurance products

●      Approval of cashless coverage within hours

●      Custom made service

●      Over 80% renewal rate

●      Settles 95% of claims within a fortnight

ManipalCigna Health Insurance

●      Wide range of Insurance services

●      4000+ network hospitals

●      Availability of life long renewal options

●      Offers financial coverage for Pre-hospitalisation (60 days) and post-hospitalization (90 days)

Max Bupa Health Insurance

●      No sub-limits on Room Rent Coverage

●      Lifelong Renewal granted

●      An array of Insurance products for all age groups

●      Extensive sum insured option to opt from

National Health Insurance

●      Provides financial support for pre-hospitalization (30 days) and post-hospitalization (60 days) to the insured individual

●      Provides free health check-up benefits (up to 1% of the insured sum after 4 continuous claim-less years

●      Parivar Mediclaim Policy provides coverage for up to 6 family members

●      Cashless treatments in 6000+ hospital networks

New India Assurance Insurance

●      1200+ hospital Networks

●      Life-long policy renewal options

●      Offers free medical check-ups

Oriental Insurance

●      Maximum member- 7 (4 adults and 3 children)

●      Lifelong renewal options

●      Offers 10% discount when family members are included

●      Cashless treatments in 4300+ hospital networks

●       

Care Health Insurance (formerly known as Religare Health Insurance)

●      4100+ network hospitals for cashless treatments

●      Direct claim settlements

●      Cover Covid-19 hospitalisation expenses

Star Health Insurance

●      7000+ network hospitals all across India

●      In-house claim settlement team

●      Over 90% of cashless Insurance claims

●      Affordable

●      Customer-centric interface

●      Awarded Company of the Year (2015)

Disclaimer: *PaisaWiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

How to Buy a Standard Health Plan?

There are four ways through which one can apply for a health insurance policy or also for a disease-specific policy such as Coronavirus Health Insurance Policy. It must be noted that almost all existing insurance companies are providing insurance for COVID-19, and thus choosing a Coronavirus Health Insurance is not mandatory. It is dependent on the choice of the individual. The ways through which can apply for the purchasing of a plan are:

  • One may approach a local broker/agent/assistant regarding assistance for choosing policies and digging into details of the same
  • One may let an agent/broker/assistant approach them regarding insurance plans
  • One may apply directly through the online mode of the chosen insurance companies
  • One may fill up the necessary credentials or details and then mail it to the insured company
  • One may purchase a Health Insurance Plan through phone banking

The following points must be noted for applying for Health Insurance:

  • Disclosing existing illnesses and medical history is necessary for avoiding rejection of insurance appeals
  • Analyse waiting-period and premium charges of various companies to choose what is well-suited.
  • See whether the plan provides satisfactory coverage for you and your family or not.
  • One must not sacrifice cover to save premium charges.
  • Compare features and good Claim ratio of companies.
  • Make sure that the insurer is offering no claim bonus.
  • Find the cap of Health Insurer on the room rent they shall pay.

Benefits of a Standard Health Plan

The benefits of buying a standard policy are:

  • Works as a safety net during a medical crisis
  • Provision of cashless treatments during a medical emergency
  • Facilitates insuring family members alongside the individual who is buying the plan through floater plans
  • Helps in availing tax deductions of up to Rs 75,000 under section 80D of the Indian Income Tax Act, 1961
  • Ambulance fee coverage as well as room rent coverage
  • Pre and post-hospitalization expenses coverage

A benefit that is specific to a Coronavirus Health Insurance is that it does not include any waiting period. The insurance coverage is set into motion immediately after the diagnosis of a patient.

Things to Consider While Buying a Standard Health Plan

The following factors must be considered while buying any Standard Health policy or a Coronavirus Health Insurance:

  • See whether the company holds transparency in its dealings
  • Consider the number of members to be covered under the insurance policy
  • See whether the insurance will provide coverage as per your needs and desires or not
  • Check the Claim Ratio. A good claim ratio indicates the rate of profit and customer satisfaction
  • Check for premium charges. However, do not compromise on the coverage for a lower premium
  • Check whether the company has a good customer support service or not
  • Analyse the renewal options provided by the company

FAQs

Q1. Why should I buy Health Insurance?

A1. Buying a health insurance policy would help one in getting relief from financial burdens during medical emergencies. It will help one in availing cashless treatments and coverage for adjacent medical expenses. Moreover, it can be used in claiming tax deductions too.

Q2. Will my existing standard health policy provide COVID-19 coverage?

A2. Yes, as per the circular given out by IRDAI, all insurance companies will provide COVID-19 coverage to an insured person.

Q3. Is there any waiting period on claiming Coronavirus Health Insurance?

A3. No, as Coronavirus is not categorized under any pre-existing medical conditions, the waiting period for this particular emergency is not applied.

Q4. Are tax deductions applicable to health insurance?

A4. Yes, under Section 80D of Income Tax Act, 1961, an insured person can claim tax deductions for premiums paid for health insurance. However, the tax benefit is subject to changes as per prevailing tax laws. 

Q5. Does Coronavirus Health Insurance provide pre and post-hospitalization coverage?

A5. Just like any standard health policy, insurance for COVID-19 will also include pre and post-hospitalization expenses.

 

Written By: Paisawiki - Updated: 22 September 2020

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