Covid-19 pandemic is becoming a massive havoc to the mankind with death rates crossed 2.7 lakhs worldwide. In India, number of patients crossed 50000 mark and death rates are nearing 2000. Maharashtra. Gujarat and Tamil Nadu are seriously hit and the epidemic is spreading fast in the major cities of this states. Due to the rapid spread of the virus, all health insurers in India have started covering treatment for Covid-19 under the regular health insurance policy.
Insurers even introduced Coronavirus-specific health insurance schemes as per the directions of Insurance Regulatory and Development Authority of India (IRDAI). These health insurance services will be a benefit to the society, providing coverage against the deadly virus. Health insurance can compensate for the loss of income during the treatment as the policy holder will be paid with entire sum insured as a lump sum if he or she becomes positive for Covid-19. However, the policy holder should be aware to buy this insurance scheme as a rider along with his/her regular indemnity-based health plan which provide coverage against all ailments.
The benefit plan for coronavirus cannot be renewed and used for the treatment of any other disease and is available only for a limited period of time, most probably one year. These policies are available only to Indian residents the eligibility criteria vary with policy provider. Some of the special Covid19 health insurance products are:
Covid-19 protection Cover- ICICI Lombard
This Covid-19 specific health insurance was offered by ICICI Lombard General Health Insurance Company and is named as COVID-19 Protection Cover. It is a fixed-benefit plan, pays 100 percent of the sum insured as a lump sum to the policy holder if he/ she becomes Covid-19 Positive. Plan covers the age group of 18-75 years and has an initial waiting period of 14 days. The protection cover excludes;
- People with a travel history to any coronavirus affected nations post December 31,2019.
- Those who have been quarantined for suspected or diagnosed with Covid-19 prior or within the initial 14-day waiting period.
The plan also comes with Tele consultation and Ambulance assistance and priced at a premium of Rs.149 which provides a sum insured of Rs.25,000.
Star Novel Coronavirus- Star Health Insurance
Star Novel Coronavirus is the Covid-19 insurance cover launched by Star Health and Allied Insurance. It is beneficial to those who test positive for Covid-19 and require immediate hospitalization. The plan covers the age group of 18-65 years and has an initial waiting period of 16 days from the date of commencement of the policy. Some of the benefits of this are;
- Dependent Children under the age group of 3 months to 25 years can be covered under this plan along with any one of their parents.
- Doesn’t exclude any individual having a travel history to Corona affected countries.
It is available at a premium of Rs 459+GST for a sum insured of Rs 21,000 and Rs 918+GST for a sum insured of Rs 42,000.
Group Insurance Cover/Mediclaim Policy by Future Generali
This is a fixed-benefit cover pays 100 per cent sum insured as lump sum if the policy holder is infected with Covid-19. The policy requires travel history record and the person seeking the policy doesn’t have any past medical history related with coronavirus treatment. The policy provides lump sum benefit of only 50% of sum insured, if the policy holder was not diagnosed but asked for a 14-day quarantine for a suspected COVID-19. Apart from this 50%, additional 10% of the sum insured will also be paid to the quarantined policy holder for the incidental expenses.
It is always advised that apart from a fixed-benefit health plan, one must have an indemnity-based health insurance plan because such plans can be renewed every year and provides overall protection for the treatments.
