Covid-19 or called as the Coronavirus has bought the world to a halt. The number of patients battling this virus is increasing day by day. In India itself, over lakhs of people have been tested positive and thousands have lost their loved ones to this terrifying pandemic. Every day the toll is rising which has become a concern for people from all the parts of the country.
Medical expenses also have increased considerably with the shortage of facilities and the special care equipment. In such an extreme situation, does your health insurance plan cover you for COVID-19?
After analyzing this uncontrollable situation, the Insurance Regulatory and Development Authority of India (IRDAI) has already advised all the existing insurance companies to accept all the claims concerning Covid-19. With this directive in place, your existing health insurance plan will cover Covid-19.
Why is it important to have health insurance during this outbreak of Covid-19?
Increasing treatment costs:
The treatment cost to fight against a life-threatening virus like corona is very high and expensive. The pace at which the disease is affecting the lives of people, it has become difficult for even government authorities to set up treatment facilities. The diagnostic test for Covid-19 costs around Rs 4500/-, when added to hospitalization, it can go up to Rs 15,000/-. All these charges can be covered under health insurance or coronavirus insurance.
Secure the health of elders:
Coronavirus is said to have more impact on individuals above the age of 60 i.e senior citizens. As older people have low immunity, the virus can easily cost the lives of your loved one’s. To secure their health, you should get them health insurance and if they don’t have any, then you can opt for the special Coronavirus insurance for your family members.
Stay Financially safe:
The sole reason why people buy a health insurance plan is that it allows them financial safety. So when a health hazard like the coronavirus hits you, you remain strong financially. All the expenses from the diagnostic tests, ambulance charges, quarantine costs at a hospital are covered under a general health insurance plan. If you are not a policyholder, you can buy the COVID Insurance and feel safe.
Coronavirus Insurance
Reputed companies like Future Generali have also introduced special COVID insurance. In case you are tested positive with COVID-19, this special coronavirus insurance plan will have you covered. The coverage provided by the coronavirus insurance will include pre and post hospitalization expenses, ambulance charges and also treatment expenses for Coronavirus related symptoms.
Benefits of Coronavirus Insurance
When you buy a COVID Insurance, you are subjected to some benefits depending on the insurance companies. Future Generali is offering the below benefits with coronavirus insurance.
- Insured will be eligible for a lump sum benefit of 100% sum assured if diagnosed positive with Covid-19. The diagnosis must be confirmed by a medical practitioner along with the submission of a confirmatory test from a Government approved laboratory or WHO.
- Insured will be eligible for a lump sum benefit of 50%, if he/she is required to be quarantined at a Government or Military Hospital or any hospital approved by the Government or WHO, for quarantine purpose. 14 days is the specified quarantine period for suspected Covid-19 infection. Insured will also be eligible for an additional 10% benefit of sum assured in case of Quarantine, towards incidental expenses.
So, if you do not have existing health insurance, the Coronavirus insurance will cover you against the virus. This COVID insurance can keep you financially secured in these tough times of lockdown, where income also has taken a major hit.
However, just like the benefit, there are also some limitations added to the Coronavirus insurance plans.
Limitations of Coronavirus Insurance
1. The Coronavirus insurance plan comes with a policy period of just one year and it cannot be renewed after that.
2. These COVID insurance plans come with an initial waiting period of 14-30 days. This confirms that policyholders cannot claim under the Coronavirus insurance if they are tested positive or have raised a claim within the waiting period of the health insurance policy.
This makes the decision much easier. If you already have an existing health insurance policy, then you need not buy the special coronavirus insurance. You can also buy a new regular health insurance policy online instead of the coronavirus insurance as it also will cover you against coronavirus and have a longer-term period too. The waiting period for general health insurance may be longer but is more worthy.Another important factor is that you must always read your insurance policy documents well.
Being a trusted insurance provider and having a high claim settlement ratio, Future Generali will facilitate added benefits according to your insurance plan.
Get yourself health insurance or coronavirus insurance and stay secure and safe from all the financial and mental burden against Covid-19.
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