Summary: Insurance companies are offering COVID-19 health insurance policies. They are fixed benefit plans that accept claims for diagnosis for COVID-19 related illness. It is better to buy a comprehensive medical policy and these specific plans are to be considered only if you are at high risk of getting the disease and are short of funds to tide over crises arising out of the illness.
As COVID-19 continues affecting more and more people, in terms of health and loss of income, insurance companies have launched niche product catering to illness due to the virus. Here is an overview of a few of those products –
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Policy Name
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ICICI Lombard True Balance
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Arogya Sanjeevani Plan (various insurers)
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Star Health Insurance- Star Novel Coronavirus
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Details
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A one-year policy for Indian nationals living in India and is between 18-75 years old.
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Annual policy for Indian nationals in the age group of 18-65 years
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A one-year policy by Star Health for individuals in the age group 18-65 years
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Sum Assured
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₹25000
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₹100000 – ₹5000000
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₹21000 and ₹42000
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Premium
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₹159
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~ ₹5000 (depends on age and other factors)
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For SA of ₹21000, premium –₹ 542
For SA of ₹42000, premium – ₹1083 |
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Features/Benefits
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- Health assistance
– Ambulance – Virtual consultation – Flipkart customers can submit digital claims |
– Covers many ailments including illness due to the novel coronavirus
– Offers no-claim bonus – Covers AYUSH treatments |
- Covers positive diagnosis
– Covers individuals irrespective of international travel history – Dependent children can be included in parent’s cover |
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Exclusions
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- Travel post December 31, 2019
– Quarantine/Infection before or during waiting period – OPD/Hospitalization bills for negative tests. The sum assured will be paid on testing positive for Novel coronavirus. |
– Certain critical ailments and conditions like maternity are not covered
– Waiting period applicable in some cases |
– 16-day waiting period
– Infection before buying insurance policy or during waiting period |
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Grounds For Claim
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- Diagnosis confirmed by specific test(s) defined by government authorities
– Test has to be done after the waiting period |
Diagnosis and 24-hour hospitalization
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Diagnostic report from government authorized testing centre
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Should I buy a COVID-19 insurance plan?
Check the health insurance cover of self and family. If it can cover for hospitalization for illness or loss of pay due to missing work, you need not buy a separate plan as most insurance policies should cover COVID-19 related illness/ hospitalisation as per IRDAI’s dictate. Do check with your health insurance company about the terms and conditions.
Most of COVID-19 specific plans provide a lump sum on diagnosis. This amount can be used as required. But one must be aware that the sum assured is not enough for intensive care or extended hospitalization Moreover some of the plans do not cover hospitalization in private clinics or homes. In these cases, an indemnity based health plan will help.
Protect yourself and your family with a comprehensive health insurance plan. They provide protection against many medical conditions and can be renewed on a yearly basis. They also have features of flexibility in the policy amount and riders for additional coverage. Moreover, if the person has travelled overseas, most coronavirus-specific policies not cover them but a regular health insurance will provide cover. If a person does not have a health insurance plan and is at a high risk of catching the disease (e.g. medical professional) or is short of funds to tide over any crisis due to the illness, the COVID-19 insurance plan might be useful. For all practical purposes, it is better to buy a regular health insurance plan.
Check the health insurance cover of self and family. If it can cover for hospitalization for illness or loss of pay due to missing work, you need not buy a separate plan as most insurance policies should cover COVID-19 related illness/ hospitalisation as per IRDAI’s dictate. Do check with your health insurance company about the terms and conditions.
Most of COVID-19 specific plans provide a lump sum on diagnosis. This amount can be used as required. But one must be aware that the sum assured is not enough for intensive care or extended hospitalization Moreover some of the plans do not cover hospitalization in private clinics or homes. In these cases, an indemnity based health plan will help.
Protect yourself and your family with a comprehensive health insurance plan. They provide protection against many medical conditions and can be renewed on a yearly basis. They also have features of flexibility in the policy amount and riders for additional coverage. Moreover, if the person has travelled overseas, most coronavirus-specific policies not cover them but a regular health insurance will provide cover. If a person does not have a health insurance plan and is at a high risk of catching the disease (e.g. medical professional) or is short of funds to tide over any crisis due to the illness, the COVID-19 insurance plan might be useful. For all practical purposes, it is better to buy a regular health insurance plan.
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