How to Choose the Best COVID 19 insurance Cover for Your Family?

India’s early measures of combating COVID-19 certainly delayed its intrusion, but the deadly virus continued to permeate the nation perilously. With a shortage of income, economic instability, isolation and lockdown for months, financial crises have become the burning issue. To cope with this situational pressure, insurance aggregators have introduced coronavirus insurance policies for additional monetary assistance during emergencies.

  • As of 22nd September 2020, there are 5.49 million COVID-19 positive cases in India.

While the number of positive cases shows an upward curve, the recovery rate of the country is simultaneously praiseworthy. In between, as families struggle to address their priority needs and medical emergencies, a coronavirus insurance policy in India brings a huge sigh of relief. These policies are tailor-made to cover the treatment and hospitalisation charges of a COVID-19 positive patient. Purchasing an insurance plan helps you manage these healthcare expenses effortlessly while you plan your savings for the future.

  • India reported 4.3 million recoveries, the highest in the world with a recovery rate of nearly 80%.

Several financial service providers have flooded the market with various COVID-19 insurance products. It is, therefore, crucial to make an informed choice while selecting the best policy for your family.

How to select an appropriate coronavirus insurance plan?

A thorough assessment of the various products available, and their features can help you make the best selection easily. Consider the following questions:

Is the sum insured sufficient?       

An insurance policy must provide an adequate sum insured to deal with your medical expenses effortlessly. Evaluate if the amount offered is sufficient enough to support the emergency requirements. You can enjoy coronavirus insurance plan coverage of up to Rs.2 lakh from some of the leading non-banking financial companies in India.

One of such prominent NBFCs, Bajaj Finserv, provides high-value COVID-19 Protection Cover under their range of Pocket Insurance & Subscriptions. It comes with unique features along with transparent terms and conditions. This product can be suitable to bear pre-and post-hospitalization expenses amply.

How affordable are the premiums?

Affordability of insurance plans depends on the premiums they are available against. Considering the present situation where income flow is affected, settling for heavy premiums would only increase the burden. There must be balance and feasibility between premium rate and coverage amount.

Financial companies offer different coverage amounts at varying premiums, the lowest starting from Rs.952. For example – coverage of up to Rs. 50,000 is available at a premium of Rs.952. If you want to avail higher coverage value, you can opt for a premium of Rs.1339 for Rs.1 lakh and so on.

  • The industry experienced a 30% to 40% increase in the demand of health insurance plans in India.

Avail a coronavirus insurance policy cover that’s easy on your pocket and also provides optimum financial assistance during a medical emergency.

What are covered under the plan?

Ensure to thoroughly understand what the plan covers. Some of the benefits extended by prominent insurance aggregators are:

  • The minimum hospitalisation period to avail policy benefits is 24 hours.
  • Coverage is available whenever a positive COVID-19 diagnosis is conducted at an ICMR approved private laboratory, or a government-approved laboratory.
  • The best coronavirus insurance plan provides coverage against the expenditure incurred in comorbidity treatment along with COVID-19.
  • Ambulance charges incurred in every event of hospitalisation is also covered, usually up to a certain limit (for example up to Rs.2,000).
  • Pre and post-hospitalisation charges up to a period of 30 days is also covered.

Alternatively, if any member of your family suffers from illness or injury other than COVID-19, you can purchase policies like hospital cash cover to address day-to-day expenses affordably. Any patient between the ages of 18 and 60 can opt for this insurance plan at annual premiums from Rs.499.

Is your preferred insurance aggregator credible enough?

Credibility of the financial service provider is a fundamental factor to assess an insurance product. Besides the benefits of their policy, you must enquire about their application process, claim redressal process, company reputation, etc. Approach the company with more convenience at offer, high solvency ratios, hassle-free application process, exclusive premium and excellent customer service.

You can access a wide range of insurance products with such companies. For example, you can buy an infection cover of up to Rs.50,000 for protection against tetanus infection.

What is the application and claiming process?

With credible financial service providers, you can avail a coronavirus insurance policy in India through an easy application process online.

  1. Visit their official website for the online application form.
  2. Share all the necessary details accurately on the form.
  3. Validate your application via an OTP sent to your registered mobile no.
  4. Complete the process by paying the premium amount through your preferred online mode.

As you know what is corona virus and what are its life-threatening impacts, being prepared for a probable financial blow along with a medical emergency is the need of the hour. Consider investing in a COVID-19 insurance policy which shall provide a safety net to your family during today’s unpredictable phase.

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