The Coronavirus pandemic has been a difficult time for all of us. It has caused both physical and mental stress. The lack of a vaccine for the virus has intensified the level of panic amongst all of us. With millions around the world affected and the steady increase in the count of people affected, the virus has altered our collective realities and our lives. With that being said, for those who are infected, in case of hospitalisation being needed, it is proving to be an expensive proposition. With this global pandemic lasting for over a period of six months, it has not only put a hold on our lives but also slowed down the economy resulting in financial instability for a lot of us.
With the lockdowns relaxed and people embracing the new normal with face masks and sanitizers, the number of people affected is still on a steady rise. It is of utmost importance that we protect ourselves and our loved ones from this deadly virus. Insurance providers understand the financial crisis that this poses for many people and have come up with the Corona Health Insurance policy to help protect us financially. The exclusive policy will be covering all the medical expenses of hospitalisation and treatment of the deadly virus.
What is Coronavirus Health Insurance Policy?
The Coronavirus Health Insurance has been designed to give people a financial cover against all their medical expenses during the course of their treatment and recovery, if and when affected by the virus. The Insurance cover aids the policyholder and members included in the policy with a huge sum of money if and when they are diagnosed with the virus. This covers the total expenditure incurred for the hospitalisation and recovery of the policyholder and the members included.
The policy has a waiting period of 16 days before it comes into effect from the date of purchase. The insurance policy is made available for all members between 3 months and 65 years of age during the start of the policy. However, the policyholder should be a minimum of 18 years old and the dependent children cannot be more than 25 years old. The policy is currently made available for a period of one year with no pre-policy health check-up. Further to this, the premiums paid for the policies can be used for tax deductions.
What are the benefits of Coronavirus Health Insurance?
The insurance cover provides a huge amount of money on the diagnosis of COVID-19 with a daily cash benefit for every 24 hours of hospitalisation or quarantine completed. The cover also takes charge of the repercussions of the pandemic like loss of jobs and provides adequate cover i.e., 50% of the base sum insured up to a period of three months maximum. The policy does not just provide protection for just the policyholder, but also the immediate and dependant members of the policyholder i.e., spouse, up to 2 dependent children and parents under an individual insured sum limit within the policy.
What does the policy not cover?
As mentioned above, the policy does not cover any claims made during the waiting period i.e., the first 16 days from the date of commencement of the policy. The policy will not hold good if the policyholder gets themselves tested in an unauthorised centre, OPD patients, or gets diagnosed and treated outside India. Also, the policy does not cover any member who was tested positive or had an episode of COVID-19 in the past. The policy does not cover any claims made by people who have travelled outside within the last three months.
The government of India has made relaxations on the lockdown owing to the economic slowdown. So, it is our responsibility as citizens to strictly follow all the precautions to safeguard our health and wealth starting from regular sanitation to travelling only when necessary and mostly getting Coronavirus Health Insurance to protect if and when disaster strikes.