Importance of Health During Pandemic & Covid-19 Insurance Policy

We are going through the worst of times right now. The coronavirus pandemic fatality rate has shown us that life is unpredictable and we never know what might happen the very next minute or hour in our life. This is the first time that the entire world has witnessed so many deaths in the past one and a half years. As we are aware that the cost of treatment in the hospitals is skyrocketing and when the pandemic started, the patients with the severe condition had to get admitted to the ICU and the cost for one day in ICU is above one lakh in private hospitals.

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*Premium starting from ₹110/Employee/Month for ₹1 Lac Sum Insured covering Health & Wellness Needs (excluding GST)
#Premium may vary on the basis of coverage type & add-ons
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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Disclaimer: The above plans and premiums are for 1 Lakh sum per life per month covering Health and Wellness needs of 7 Employees, 5 Spouse & 2 Kids below 35 years of age. The premium is inclusive of GST and do not cover PEDs & Maternity. Standard T&C Apply PolicyBazaar does not rate, endorse or recommend any particular insurer or insurance product offered by the insurer.

This is the point where people realized the importance of health insurance policies and gradually the medical insurance started becoming the new normal. Since health insurance policy provides financial aid in the hospital bills and treatment costs, people started managing their expenditure and started investing in getting good healthcare by purchasing insurance policy for their families. When the world was going through the pandemic, the insurance industry released covid-19 group health insurance that can provide cover for covid-19 patients. Let us tell you some important aspects of the covid-19 specific insurance policy and its benefits.

Protect Financially

The Covid-19 specific health insurance policies launched by several insurance companies provide cover for the covid patients. Although the scientists and doctors advised the covid positive patients to treat themselves at home only, however, there were some cases with severe effects of the virus that had to get admitted to the hospital and ICU wards.

The ICU wards charged the patients up to Rs. 2 lakhs per day, then there is the cost of medicine, injections, and all the necessary things that would be used during the treatment. The covid-19 insurance policy provides cover for all that. Although it depends on the plan you purchase and the coverage that the plan provides.

Add-on Coverage

If you are an existing policyholder of a health insurance policy you can add covid-19 cover in that policy. Seeing the present situation of coronavirus and its effects insurers are offering the cover for covid-19 also. This insurance policy will provide cover when diagnosed with coronavirus and provide cover from Rs. 10,00 up to Rs. 50,000. (Depending on the Insurance provider)

It will also provide daily cash benefits and you will get daily cash that will be provided on the basis of your sum insured amount for every 24 hours. Depending on the insurance company, the coverage will be provided to the policyholder.

Cover For Protective Gears

Since the cost of treatment and the admission fee of the ICU or general wards are high, the protective gear for your loved ones who have not been diagnosed with coronavirus requires protection. To protect them from coronavirus it is important to purchase all kinds of protective gear and especially when they come to visit you in the hospital so they should be properly covered with the PPE kit, gloves, masks, etc. Although the masks and gloved do not cost much, the PPE kits are costly and the Covid-19 insurance policy provides cover for that as well.

Emergency Coverage

If the people who get diagnosed with the coronavirus are monitored properly and get proper treatment at home by quarantining them, oxygen level monitored now and then using an oximeter then they can get better and come out of it safely but in case the oxygen level drops and the rural or semi-urban areas in our country do not have proper 24 hours transportation, they can contact the hospital to provide ambulance and if they are covered under the policy then the insurer will provide cover for the ambulance charges as well.

Limited Duration Corona Policy

People all over the world are getting vaccinated but as the WHO has said in their statements that the Coronavirus is not going anywhere and going to stay. So the people willing to protect their family and themselves can opt for the limited duration coronavirus policy that can provide them cover for a limted duration until they get vaccinated with both the dosage. Plans like corona kavach are made for these kinds of requirements only and the people not willing to take any risk can take advantage of these plans.

Conclusion

We, humans, tend to come out of any kind of situation. This too shall pass and there will come a day when nobody will have to wear masks. Until that day comes, we should make sure that we protect ourselves from getting infected and get vaccinated as soon as possible. If we talk about financial protection, there are group health insurance and covid specific insurance policies available in the market that you can purchase. Although it is advised by the insurance industry experts to purchase the insurance polcies online as they are cost-effective than purchasing the policy offline. Also, you can learn about the policy details and calculate the premium of the plan by using an online premium calculator.

Written By: PolicyBazaar - Updated: 26 August 2021
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