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How to Find the Right Health Insurance Policy for Coronavirus?
Every day we get to hear about the rising number of COVID positive cases in India and around the world. To fight Coronavirus disease, the demand for health insurance has also increased simultaneously. While everybody is taking precautions and following the social distancing rules, a health insurance cover is what you need to safeguard your loved ones from this pandemic in the best possible manner.
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- How to Find the Right Health Insurance Policy for Coronavirus?
Nevertheless, many insurance companies have launched Coronavirus health insurance policies. And to find the right health cover with an adequate sum insured you need to follow an informed selection process. In this article, we have listed some useful tips that will help you buy the best health insurance plan for COVID treatment.
Factors to Take Care of while Selecting Coronavirus Health Insurance Plan
Though all the medical insurance products that insurance companies provide include in-patient treatment cover, it is still recommended to follow the tips given below. You can use these tips while looking for the best Covid-19 insurance policy in India. Check out the factors that play an important role in helping your select a perfect Coronavirus health insurance plan in detail:
1. Adequate Sum Insured Amount
COVID health plans usually provide a financial cover up to Rs 2 Lakh. When selecting a COVID-19 health plan the one thing that is most important is the adequacy of the sum insured. It should be enough to cover your medical treatment costs and should minimize your out-of-the-pocket expenses.
What you can do is analyze the coverage amount of the health insurance plan based on the dependent family members, their medical history, family income, liabilities, etc.
2. The Cost of the Premium
Honestly, we all want to buy a health plan that doesn’t hurt our pockets and provides adequate financial cover as well. And it will not be wrong to say that Covid-19 has affected hundreds of households around the world in terms of both health and income. To overcome such a situation, it becomes essential to buy a health insurance cover that doesn’t charge you a bomb.
Hence, you can choose a health plan that strikes balance between the affordability quotient as well as health coverage. The best health insurance policy for Covid-19 would be the one that provides adequate health cover without charging a higher premium.
3. The Right Insurer
The authenticity and the premium paying capability of the insurer is also an important factor in evaluating the best health insurance plan for Coronavirus. You can analyze the reliability of the insurer by knowing the Solvency Ratio, Claim Settlement Ratio (CSR) and Incurred Claim Ratio of the company.
These ratios tell the insurer’s claim paying and settlement abilities and the financial standing. You can select an insurer who is performing well as per all the ratios.
4. COVID Home Care Treatment
Coronavirus health insurance plans also provide home treatment cover to the insured members. This can vary from one insurer to another. However, if we talk about Corona kavach policy, it includes COVID-19 home treatment cover up to 14 days. This coverage benefit proves to be quite useful if there is shortage of beds in the hospitals. Or due to some reason, the doctor advises treatment at home. Do not forget to check for this beneftit in your policy wordings at the time of purchase.
5. Quick and Hassle-free Online Purchase
Another important aspect that you need to consider while selecting the best insurance for the Covid-19 is the online purchase and renewal process. During the times of Coronavirus pandemic, the insurer must provide the ease of online purchase. Both the purchase and the claim process should be fast and convenient.
Simply put, find a health plan that can be purchased online with simple steps in minimal time. Also, look for a plan that involved minimum paperwork at the time of claim settlement. It reduces the burden on the affected family during such difficult times.
6. After Sale Service
When choosing the best Coronavirus plan, you also need to find select an insurer that holds a positive record of customer services. You can go through the customer reviews online on Policybazaar.com or speak to our sales representatives regarding the health insurance customer service. During the time of the Covid-19 pandemic, it will be helpful to be associated with an insurance company that is known for its seamless customer service and ensures fast redressal of buyer’s grievances.
Takeaway
Having the right Coronavirus health insurance policy is a vital solution to counter the effect of the virus. As coronavirus continues to impact the entire world, it becomes a necessity more than a choice. Now that you are aware of the factors that are going to help you find a suitable COVID health policy for you, go ahead and select the right help plan today from Policybazaar.com.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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