COVID-19 Latest Update:
* Source: mohfw.gov.in
Active Cases India : 579357*
Cured / Discharged : 1186203*
Confirmed Deaths India : 38135*
The novel Coronavirus, caused by the family of viruses, has impacted millions of people worldwide. In India, the number of people tested positive for the virus has crossed the six thousand mark and still counting. The virus is highly contagious and displays symptoms like respiratory problems, sore throat, impaired kidney and even failure of multiple organs. As of the present day, the virus has affected over 9 million people in the world and led to over 4 lakh deaths.
As per the circular issued by the Insurance Regulatory and Development Authority of India, insurance service providers in India must come up with plans that offer protective coverage specific to the viral infection. Various health insurance companies in the market ICICI Lombard and Digit Insurance offer coverage for expenses in regards to hospitalization and treatment of Coronavirus.
Let us learn more about Coronavirus health insurance and its importance to access whether or not we should home in on such plans.
The outbreak of the novel Coronavirus has brought along a situation of uncertainty and apprehension. Besides having an impact on a societal level, the virus is most likely to have a damaging effect on the economy as well. In light of the present scenario, having to deal with a financial emergency can leave you financially jeopardized. Therefore, the need for Coronavirus-specific health insurance is indispensable.
Since Coronavirus has been declared a pandemic by WHO, the exclusions for pandemic pertaining to various insurance plans get triggered which makes the insured ineligible to reap the benefit of financial coverage. This is where the need for a Coronavirus health insurance plan comes into play. Coronavirus-specific insurance is designed to provide coverage for expenses in regards to treatment and hospitalization in case the insured is tested positive for the virus.
There are various insurance service providers in the market that have come up with plans designed specifically to provide year-long coverage for Coronavirus. Compare the plans under various insurance companies to select the one having a standard coverage and reasonable terms and conditions.
The key features of insurance plans that offer Coronavirus health insurance coverage are listed below:
Waiting Period: Like every other medical insurance plan, coronavirus-specific plans usually come with a waiting period of 14-16 days. This varies from one plan to another.
Sum insured: The insured is eligible to claim 100% sum assured if the insured has been hospitalized for at least 24 hours. One may also file a claim while in quarantine and receive 50% of the sum assured.
Coverage: The coverage for insurance plans specific to novel coronavirus includes all hospitalization expenses including expenses for home hospitalization, ICU room rent, and daily hospital cash. Pre-hospital care (60 days prior to getting hospitalized) and post-hospital charges are also covered for.
Currently, Coronavirus insurance plans have been launched in the market for buyers by only a handful of insurance service providers. They are listed below:
Star Health Insurance Coronavirus Insurance offers a lump sum benefit to the insurance investor who has been tested positive for the virus and had to undergo hospitalization. The applicants are not required to go through any medical screening or testing to be able to claim the sum assured. The policy also comes with a free-look period of 15 days for buyers.
|Waiting Period||16 days|
|Sum Insured||Two Options- Rs.21,000 & Rs.42,000|
Table Data updated on 03-08-2020
The health insurance designed specifically for those who are tested positive for Coronavirus guarantees lumpsum in the event of diagnosis of the virus.
|Waiting Period||14 days|
|Sum Insured||Rs. 25,000|
Table Data updated on 03-08-2020
Digit Insurance also offers an insurance plan specifically designed to provide individuals affected with the virus. On filing a claim, the insured will be eligible to receive 100% of the claim, in case he/she is tested positive for the virus. The insured is eligible to receive 50% of the sum assured even when the test results are negative.
|Eligibility||Up to 75 years|
|Waiting Period||15 days|
|Sum Insured||Rs.25,000- 2 Lakhs|
Table Data updated on 03-08-2020
The general inclusions in plans that are specifically designed for those who are diagnosed for the virus are listed below:
Coronavirus-specific plans pay off the expenses of treatment and hospitalization. Also, the expenses of hospitalization exceeding 24 hours are covered by the insurance service providers.
Not only do coronavirus specific health insurance pay for hospitalization after diagnosis but also for insured individuals who have been quarantined in Government identified facilities.
Coronavirus-specific health insurance plans such as the one offered by Digit Insurance offer additional covers like Maternity benefit with newborn baby cover, and expenses for alternate treatment such as Homoeopathy, Ayurveda or Unani.
The exclusions of health insurance plans that cover for the expense incurred towards the treatment of coronavirus are listed in the point below:
Expenses pre and post-delivery are not covered by the need-based coverage. In case you require coverage for pre and postnatal expenses, speak to your insurance service provider or insurance agent for an add-on cover.
Coronavirus health insurance does not provide coverage for pre-existing diseases. Also, insured individuals who display coronavirus-like symptoms six-weeks prior to the purchase of the policy are not eligible to receive the claim.
If the insured gets hospitalized for a condition without having a doctor’s prescription or recommendation, he is not eligible to receive the claim amount towards hospitalization expenses.
Insurance plans that specifically cover Coronavirus treatment have been designed with IRDAI’s authorization. These plans have been brought out in the market given that your standard health insurance plans may or may not cover expenses pertaining to the treatment of those affected by the highly contagious virus.
But you must take note of the fact that standard insurance is different from need-based insurance plans in myriad ways. The table below elaborate on the difference between the two:
|Basis of Distinction||Standard Insurance Plans||Need-based Insurance Plans|
|Coverage||Standard health insurance plans cover all expenses for hospitalization including hospitalization for accidents and critical illness.||Coronavirus insurance plans provide coverage for hospitalization and treatment only if the insured is tested positive for the virus.|
|Renewal||Standard health insurance plans are renewable after one year||Need-based plans are not renewable as they have the policy tenure of one year|
|Availability of additional sum assured||Standard insurance plans have an additional sum assured towards hospitalization and treatment expenses||Need-based plans do not come with the benefit of additional sum assured|
The insurance plans specifically introduced to cater to individuals who have been diagnosed with the virus are characterized by easy and hassle-free registration and claims procedure. The objective is to make individuals aware of the benefits of having need-based insurance amidst the pandemic. Therefore, this need-based insurance involves minimum documentation at the time of registration and claims.
The documents required to buy coronavirus insurance are the same as the documents to be provided at the time of buying general insurance. The documents are listed below:
Coronavirus-specific insurance has inclusions and exclusions different from general health insurance. Therefore, it is necessary to compare insurance plans to ensure that you get the most bang for your buck. At PolicyX.com, you can compare coronavirus insurance offered by various insurance service providers in the market, evaluate the inclusions and exclusions in each plan and review the terms and conditions before you decide to home in on the plan.
But why should you choose PolicyX.com? Here are a few reasons:
At PolicyX.com, we help you know about insurance plans offered under the banners of various insurers in the market in detail. For a clear and unbiased opinion on the insurance plans, you can always fall back on us.
Our dedicated team of customer service personnel is ready to answer your queries on insurance and help you select an insurance plan which is best suited to your budget and requirements.
We are authorized by the IRDAI to operate. If authenticity is your concern, PolicyX.com is where you must head to.
Follow the steps mentioned below to get coronavirus-specific insurance from renowned insurance service providers in the market:
Since coronavirus-specific claims have a policy term of 1 year, these plans are nonrenewable. You can claim 100% of the sum assured if you are tested positive for the virus and will be eligible to receive 50% of the sum assured even if you are not diagnosed with the virus. Also, these specific plans lapse right after the claim has been disbursed.
The insured may make a claim for the treatment and hospitalization in case he/she is tested positive for Coronavirus in one of the following ways mentioned:
To be able to receive the benefits of the insurance plan, the insured must produce the following documents at the time of filing a claim:
IRDAI has issued a set of guidelines for handling claims pertaining to coronavirus. The guidelines circulated by the IRDAI are listed below:
1. I have been tested positive for Coronavirus. Will I be covered for road ambulance charges?
Yes, coronavirus health insurance covers for road ambulance charges. Since the inclusions vary from one plan to another, you must ask your insurance service provider to ensure the same.
Yes, Coronavirus plans generally come with a free-look period of 15 days. You may terminate the plan within the free-look period in case the terms and conditions are not in your favour.
Yes, insured individuals can get tax benefits on Coronavirus-specific plans under Section 80 C of Income Tax Act, 1961.
Yes, insured individuals will be covered for expenses while in quarantine. Such expenses shall be payable under the IDP benefit.
No, prevention cost for the virus is not covered by need-based plans.
If you are tested positive for the virus and are unable to receive any facilities for treatment where you are, you will receive evacuation and repatriation benefits from your insurance service provider.
As per IRDA, all standard health insurance plans offered by Religare, HDFC ERGO, Max Bupa, etc will offer coverage against COVID-19.
Last updated on 03-08-2020