COVID-19 Latest Update:
* Source: mohfw.gov.in

Confirmed Cases India : 216919*

Confirmed Deaths India : 6075*

Cured / Discharged : 104107*

Coronavirus Insurance

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  • Hospitalization Expenses Cover
  • Waiting Period 14-16 Days
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About CoronaVirus (COVID-19)

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 1.4 million people in the world and has been declared a Global Pandemic by the World Health Organization.

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.

Importance of COVID-19 Insurance

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.

Key Features of Coronavirus-specific Plans

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.

COVID-19 Specific Plans by General Insurance Companies

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

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.

Eligibility18-65 years
Waiting Period16 days
Sum InsuredTwo Options- Rs.21,000 & Rs.42,000

Table Data updated on 25-05-2020

ICICI Lombard Health Insurance

The health insurance designed specifically for those who are tested positive for Coronavirus guarantees lumpsum in the event of diagnosis of the virus.

Eligibility18-75 years
Waiting Period14 days
Sum InsuredRs. 25,000

Table Data updated on 25-05-2020

Digit Insurance

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.

EligibilityUp to 75 years
Waiting Period15 days
Sum InsuredRs.25,000- 2 Lakhs

Table Data updated on 25-05-2020

Coronavirus Insurance Plan Inclusions

The general inclusions in plans that are specifically designed for those who are diagnosed for the virus are listed below:

Hospitalization Expenses

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.

Quarantine Cover

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.

Additional Coverage

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.

Coronavirus Insurance Plan Exclusions

The exclusions of health insurance plans that cover for the expense incurred towards the treatment of coronavirus are listed in the point below:

Prenatal and Postnatal Expenses

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.

Pre-existing Diseases

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.

Coverage for Hospitalization without Doctor’s recommendation

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.

Coronavirus Plans vs. Standard Health Insurance Plans

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 DistinctionStandard Insurance PlansNeed-based Insurance Plans
CoverageStandard 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.
RenewalStandard health insurance plans are renewable after one yearNeed-based plans are not renewable as they have the policy tenure of one year
Availability of additional sum assuredStandard insurance plans have an additional sum assured towards hospitalization and treatment expensesNeed-based plans do not come with the benefit of additional sum assured

Documents Required to Buy Coronavirus Plans

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:

  • Age proof: You may use a PAN card, driving license, birth certificate or your voters’s ID card as proof of age.
  • Photo Identity proof: You may use your passport, PAN card, Aadhaar card or driving license as photo identity proof.
  • Address proof: Ration card, utility bill, telephone bill etc., may be used as the proof of address
  • Proof of Income: Employers certificate, salary slip or Form 16 may be used as the proof of Income.
  • Medical Reports: You may be asked to submit medical reports at the time of buying a coronavirus-specific plan.

Why Prefer Buying from PolicyX.com?

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:

Your Personal Insurance Guide

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.

We Excel at Customer Service

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 IRDAI

We are authorized by the IRDAI to operate. If authenticity is your concern, PolicyX.com is where you must head to.

Buying Process

Follow the steps mentioned below to get coronavirus-specific insurance from renowned insurance service providers in the market:

  • Step 1: Visit the PolicyX website and click on Health Insurance
  • Step 2: Get instant quotes on your choice of need-based insurance plans by selecting the number of people you need coverage for and the date of birth of the eldest member.
  • Step 3: Next, you must enter your name, your city and submit your contact number.
  • Step 4: Click on ‘Proceed to Get Quotes”. You will be redirected to the page with quotes on various coronavirus-specific plans.
  • Step 5: You may narrow your search down to your specific requirements by putting advance filters and company filters.
  • Step 6: To buy a particular plan, simply click on the ‘Buy This Plan’ option. You will be redirected to the next page.
  • Step 7: Fill out the Proposer Details, Nominee Details and the Insured Details. Save and continue.
  • Step 8: Pay the first premium and your policy will be sent to your e-mail ID.

Renewal of Coronavirus Insurance Plans

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.

Claims Process

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:

  • Reimbursement Claims: If your home in on reimbursement claims, you must bear the expenses pertaining to the treatment and hospitalization from your own pocket. The insured must later file the reimbursement claim by submitting necessary documents like the hospital bills.
  • Cashless Claims: Cashless health insurance allows you to avail treatments under network hospitals without having to meet any out-of-the-pocket expenses. All you have to do is display your e-health card at the hospital and fill in the cashless request form with relevant details for your insurer to settle your expenses directly with the hospital.

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:

  • A quarantined certificate to start treatment of the virus from the Government Medical Officer
  • A positive virology report must also be submitted in case the insured is tested positive for the virus.

IRDAI Updates on Health Insurance

IRDAI has issued a set of guidelines for handling claims pertaining to coronavirus. The guidelines circulated by the IRDAI are listed below:

  • All insurance service providers shall expeditiously handle insurance claims in regards to COVID-19.
  • Admissible expenses generated during the course of treatment must be settled as per the terms and conditions stated within the regulatory
  • The claims review committee must thoroughly review each claim related to COVID-19.
  • The instructions issued under Section 14 (2) (e) of the IRDAI Act will be applied with immediate effect.

Coronavirus FAQ's

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.

2. I do not agree with the terms and conditions of my Coronavirus plan. Can I cancel it?

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.

3. Can I get tax benefits on Coronavirus Plans?

Yes, insured individuals can get tax benefits on Coronavirus-specific plans under Section 80 C of Income Tax Act, 1961.

4. Will my Coronavirus insurance plan cover me for the evaluation period?

Yes, insured individuals will be covered for expenses while in quarantine. Such expenses shall be payable under the IDP benefit.

5. Does my Coronavirus health insurance cover prevention cost?

No, prevention cost for the virus is not covered by need-based plans.

6. Does my insurance provide me with evacuation and repatriation benefits if I am taken down by the virus?

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.

7. I already have health insurance from Religare. Should I buy a COVID-19 specific plan?

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 25-05-2020