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THE BENEFITS OF HAVING A CORONA INSURANCE POLICY

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Posted on
May 04, 2020
THE BENEFITS OF HAVING A CORONA INSURANCE POLICY

Insurance is a matter of grave concern when the ramifications include the deadly coronavirus. The global corona pandemic has left insurance regulators scrabbling for the most appropriate policies that they can provide to their customers. Both life and general insurance companies have been spurred by the IRDA to come up with products that aim to mitigate the economic fallout from the deadly virus.

HEALTH INSURANCE FOR CORONA VIRUS

The biggest problem that would plague the middle class if the Corona Virus infects them is the financial aspect. The disease is yet uncharted, and the cure protocol is not however known in entirety. The best infrastructure across the world has not been able to contain the morbidity that occurs from the infection. The Indian healthcare system has been strained to its maximum. The containment process needs hospitalization in about 10% cases.

The severe cases are about 6% in total. These patients require the intensive care unit and also help to breathe through a ventilator. The duration could be anything from ten days to three weeks. This is the part that can throw your already strained budget out of whack. Most people would not have enough medical insurance to allow them a cashless facility for such a long period.

RESTRICTIONS WITH PRESENT HEALTH POLICIES

There are some restrictions on existing health policies that you might have taken. The ICU costs may be inadequately covered, and the sum insured may be lower than what is required for the treatment of the disease. Most people will have insurance coverage through their employers, which becomes redundant if you have lost a job during this crisis. 

If you opt for treatment at government hospitals, this may not be an impediment, but the infrastructure available at these hospitals is woeful. Some designated private hospitals are accepting Corona affected patients. You might need an extra sum insured if you want to avail of private medical facilities.

WHAT ARE THE PLANS AVAILABLE FOR CORONA SPECIFIC PATIENTS?

Many Private insurance companies have come up with Corona specific plans. These plans are available in the market with a fixed benefit cover option and offer a lump sum if you are diagnosed with the disease. You could get insured from Rs 21,000 to Rs 2,00,000 with an annual premium that ranges from Rs 150 to Rs 3,900. 

The policies come with a variety of options that may or may not include quarantine coverage, cash benefits daily if you are diagnosed, and other such options. Your age, past medical history and overseas travel specifications have no bearing on the blanket coverage. There is no need for pre-coverage medical tests either. It is mainly aimed at providing relief to underinsured people from tier 2 and tier cities across the country.

ARE THESE INSURANCE PLANS RIGHT FOR YOU?

You may have heard of Fisdom, GetVital or Digit group’s insurance policies, which are solely created to offer cover and protection in these trying times. The corona insurance policies range from hospitalization cost covers to financial cover for people who test positive. It would do you good to assess your insurance needs and then check out the insurance plans these companies have to offer.

  • You should assess whether your coverage is enough to cover all contingencies that can arise out of pre-existing co-morbidities. it might be a good idea. Digit insurance policy and GetVital’s policy offer an exhaustive hospitalization cover.
  • If you are facing a loss of income, or have lost a job or are facing a funds crunch, it may be a good idea to insure yourself against Corona. It will be useful as the payout is a lump sum that you may use as per your discretion. Fisdom can help you with that.
  • Buy the policy only after careful consideration. IT is applicable only for a year, so it might be a proper precaution to take!

Check out insurance plans from Fisdom, GetVital, and Digit today, and take care of your health and finances effectively.