Coronavirus (COVID-19) Health Insurance

The novel Coronavirus, caused by the family of viruses, has impacted millions of people worldwide. In India, the number of people who tested positive for the virus is devastating. This contagious virus can cause myriad health issues such as respiratory problems, sore throat, impaired kidney, and even leads to Multiple organs' failure.

The pandemic outbreak has affected drastically affected people with the medical and economic crisis on the global front. Considering the situation, the IRDAI has made it mandatory for Indian insurance service providers to introduce insurance plans with adequate coverage benefits against COVID-19 infection.

Let us learn more about Coronavirus Insurance and its importance to determine whether we need this plan or not.

What Does Coronavirus Health Insurance Means?

Considering the current scenario, having coronavirus insurance is of utmost importance and should definitely be a part of your financial planning for 2020-21. With Coronavirus Health Insurance, one can cover his/her medical expenses incurred on the treatment of COVID-19. But what if the patient dies due to the virus. How will his/her family survive? In that case, Coronavirus Life Insurance will play a key role and secure the financial future of the family.

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5 Best COVID-19 Health Insurance Plans

Does life Insurance Cover Coronavirus?

In the case of a policyholder's demise due to coronavirus (during the policy tenure), the existing life insurance company of the policyholder is liable to pay the death benefit to the beneficiary.

However, while buying new life insurance, one may have to face some difficulties in the process of policy acceptance. One needs to present all the necessary medical documents stating that they are not infected with the coronavirus. This will help in the process of policy acceptance and the insurance company will offer coverage to the nominee of the policy. Not only this, but the premiums would also be determined by the insurer on the basis of the policy buyer's health and medical history.

Does Health Insurance Cover Coronavirus?

Yes, it is mandatory for the health insurance companies to include a medical cover for COVID-19, irrespective of what policy a consumer owns. Therefore, existing Health Insurance policies will definitely offer coverage against the treatment expenses for coronavirus.

However, if you don't have health insurance yet, you can opt for standard health insurance or specific COVID-19 Health Plans. But before buying a policy, do keep in mind that if a person buys a health insurance policy after testing positive for COVID-19, then the health insurer will not cover the treatment expenses.

COVID-19 Health Insurance Plans in India

Currently, Coronavirus insurance plans have been launched in the market for buyers by only a handful of insurance service providers. Some of them are listed below:

1. Corona Kavach Policy

   Corona Kavach Policy is a single premium and limited period policy without any lifelong renewability benefits. One can also opt for a family floater plan to cover parents, parents-in-law, and dependent children up to the age of 25 years.

   Eligibility	18-65 Years
   Sum Insured	50,000 -5 Lakhs

   Table Data updated on May, 2021

2. Corona Rakshak Policy

   Corona Rakshak Policy is a single premium policy that will pay 100% of the sum insured (as a lump sum) if the policyholder is hospitalized for 3 days (at least) after testing positive for the virus.

   Eligibility	18-65 Years
   Sum Insured	50,000 -2.5 Lakhs

   Table Data updated on May, 2021

3. Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy (Pilot Product)

   Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy 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 pre-acceptance medical screening or testing to be able to claim the sum insured. The policy also comes with a free-look period of 15 days for buyers.

   Eligibility	18-65 Years
   Waiting Period	16 days
   Sum Insured	Two Options- Rs.21,000 & Rs.42,000

   Table Data updated on May, 2021

4. ICICI Lombard COVID-19 Health Insurance Policy

   The policy is specifically designed for those who are diagnosed with COVID-19 and guarantees a lump sum benefit to the policyholder.

   Eligibility	18-75 Years
   Waiting Period	14 days
   Sum Insured	Rs. 25000

   Table Data updated on May, 2021

5. 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 insured 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 May, 2021

Inclusion Under Coronavirus Health Insurance Plan

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

1. 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.

2. Quarantine Cover

   Not only does Coronavirus specific health insurance pays for hospitalization after diagnosis but also for insured individuals who have been quarantined in Government identified facilities.

3. Additional Coverage

   Coronavirus-specific health insurance plans such as the one offered by Digit Insurance offer additional covers like Maternity benefit with new-born baby cover, and expenses for alternate treatment such as Homoeopathy, Ayurveda or Unani.

Exclusions Under Coronavirus Health Insurance Plan

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

1. Prenatal and Postnatal Expenses

   Expenses of 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.

2. 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.

3. 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.

How To Buy A COVID-19 Health Coverage Policy?

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

Health Insurer Network Hospitals

How To Claim For COVID-19 Health Insurance Policy?

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 you opt for 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, payment receipts, diagnostic reports including the Covid-19 test report, and claim form.

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.

However, in case of death of the policyholder due to coronavirus, the nominee must inform the respective insurance provider at the earliest and submit all the necessary documents such as claim form, death certificate, original policy documents, ID proof of the beneficiary, etc.

Once the documents are checked and verified by the insurer, and if the claim is accepted, the amount will be transferred in the nominee's bank account.

IRDAI Updates on COVID-19 Health Insurance Claims·

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 pertaining to COVID-19.
• As per Regulation-26 of IRDAI (Health Insurance) Regulations, insurers shall establish systems, procedures to enable efficient issuance of pre-authorizations on a 24-hour basis and for prompt settlement of claims.
• 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.
• Insurers are advised to issue appropriate guidelines to their respective Third-Party Administrators.