Coronavirus is a life-threatening pandemic that has impacted millions of people all over the world. To address this medical crisis and provide protection against COVID-19, IRDAI has directed all the insurance providers to offer covid insurance plans to the people of India.
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In this article, we will talk about two different types of covid insurance as well as their benefits and unique features.
Types of COVID-19 Insurance
Following the pandemic, the Indian government decided to address the need for comprehensive covid insurance through the three types of plans – COVID-19 Insurance riders, Corona Kavach Insurance, and Corona Rakshak Insurance. According to the government directive, the names of these insurance plans are to be kept standard throughout the industry, followed by the insurer’s name.
Let us discuss these plans in detail.
- Covid-19 Insurance Riders
If you don’t want to buy the standard covid insurance plans, you can consider investing in insurance riders that can help you pay for COVID-19 related treatment expenses. This is available from leading insurance providers, as an add-on option with standard life insurance plans, as well as health insurance plans.
2. Standard Covid-19 Insurance
This is one of the two standard covid insurance plans that covers that treatment cost that is required for COVID-19. The sum insured can be an amount that is between Rs. 5,000 to Rs. 5 Lakhs for this type of health insurance. You can buy this plan with a single premium, or monthly premiums. Some of its features include:
- All treatments, including hospitalization related to COVID-19, is covered under this policy.
- You need to pay a one-time premium
- There is a 15-day waiting period to process this policy
- You can take it as an individual plan or as part of a family-floater policy.
Here’s how it benefits you:
- All treatment expenses are covered
When you take this policy, all your treatment costs are covered, including hospitalization. All the bills are 100% cashless, allowing the healthcare providers to focus on the patient’s health. If you are undergoing home-treatment, all the treatment expenses for 14 days are covered.
- Post-treatment care
To ensure complete recovery, patients are required to take medication after hospitalization. This covid insurance will take care of that expense as well. In this policy, you get 15 days pre-hospitalization and 30 days post-hospitalization cover.
- Cost of ambulance
If your condition is severe and you need to go for organizational treatment, then you can avail up to Rs. 2,000 as ambulance expense per visit to the nearest hospital or treatment centre.
- People with comorbidities
If you have comorbidity and you need additional treatment for health issues due to the effect of COVID-19, then this policy will take care of that expense as well.
- Family floater plan
Coronavirus is highly communicable, as it implies that if one member of the family has it, then other family members are likely to have to it too. With a family floater plan, you will be securing not just yourself but also your family.
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3. Fixed Amount COVID-19 Insurance
Such types of covid insurance offer a fixed lumpsum amount. This benefit-based plan will pay a fixed sum assured if the insured person is infected with the coronavirus. However, to avail of the benefits of this policy, the policyholder must be hospitalized after being tested positive for the virus. Besides, the premium is eligible for tax exemption under section 80D.
To help guide your decision, we have listed some of the most common benefits of this policy:
- Treatment expenses
This covid insurance can pay your entire hospital bill if you need hospitalization for more than 72 hours. It also includes the cost of oxygen, PPE kits, ventilators, boarding, room charges, tests, etc. Additionally, it covers the cost of ICU and ICCU treatment as well. In the case of home treatment, you can claim expensed for up to 14 days of treatment.
- Full payout
With this insurance policy, you will receive a 100% payout as a lumpsum amount. You can use it to pay for your post-hospitalization expenses, as well as the hospitalization bills.
- Standard coverage
Since IRDAI fully regulates this covid insurance, you will get the exact same benefits, regardless of which provider you buy it from.
This plan pays for all the expenses incurred 15 days before and 30 days after hospitalization.
Affecting individuals in over 200 countries, including India, the unpredictable nature of the coronavirus has turned it into a deadly and dangerous health crisis. The best way to stay safe and secure is to take all the necessary precautions and invest in a comprehensive covid insurance plan to help you pay for the medical expenses arising out of it.