- Date : 16/09/2020
- Read: 4 mins
IRDAI has asked health insurance companies to design dedicated health plans that provide coverage against the deadly coronavirus
India is one of the few countries that has taken a proactive approach to fighting the COVID-19 pandemic. The government and various health agencies are trying their best to minimise community transmission of the highly contagious disease and flatten the curve.
While treatment is free at government hospitals, the infrastructure is already overwhelmed with patients – especially in urban areas, where the population density is much higher. Considering the dynamics, the Ministry of Health has asked all private hospitals to come on board to fight the health crisis.
To ensure that citizens are not financially burdened with the cost of treatment, the Insurance Regulatory and Development Authority of India (IRDAI) has asked health insurance companies to design dedicated health plans that provide coverage against the deadly virus.
What kind of coverage is available for for COVID-19?
As per IRDAI directives, health insurance providers have come up with a fixed-benefit plan for coverage against coronavirus that will be valid for a period of one year and cannot be used for treating any other health issues. In the event of a policyholder testing positive for the virus, the entire sum insured will be paid out as a lump sum. This not only allows the patient to receive adequate treatment but also compensates for loss of income during the treatment period.
Related: Things to note when purchasing health insurance during COVID-19 pandemic
Various health insurance companies have launched policies specific to COVID-19 that you can consider. Let's look at some of the important offerings:
COVID-19 Insurance Policy from Aegon Life:
Life Insurance + COVID - 19 Insurance Plan
Aegon Life goes a step further and in association with Flipkart brings to you an Insurance that covers both Life and provides lumpsum upon Hospitalisation due to COVID-19.
The term plan comes with various Life Cover options (upto Rs. 50 lakhs) and COVID-19 Hospitalisation Cover (upto Rs. 5 lakhs).
COVID-19 Death Claims Covered
Apart from the above mentioned Coronavirus insurance, Aegon Life's iTerm Insurance Plan also covers COVID-19 death claims along with other 36 critical illnesses like cancer, heart disease etc.
COVID-19 protection cover from ICICI Lombard
- Eligibility: 18 to 75 years
- Sum insured: Rs 25,000
- Waiting period: 14 days
- Features: 100% upfront payment, teleconsultation, ambulance assistance
Star Novel Coronavirus from Star Health Insurance
- Eligibility: 18 to 65 years
- Sum insured: Rs 21,000 and Rs 42,000 (two options)
- Waiting period: 16 days
- Features: Coverage provided irrespective of travel history; dependent children can be covered under parents’ plan
Group insurance/Mediclaim policy from Future Generali
A group health insurance company is essentially a health or medical insurance plan that covers all the members of a particular group. To read more about group health insurance policy, click here.
- Eligibility: 18 to 75 years
- Sum insured: Ranges from Rs 10,000 to Rs 300,000
- Waiting period: 30 days
- Features: 100% upfront payment on testing positive, 50% payment on quarantine irrespective of test result (hospital only), additional 10% payment for incidental expenditure
Related: Are unprecedented pandemics covered under health insurance?
Should you opt for special COVID-19 insurance?
As per IRDAI data, the COVID-19 insurance claims range from Rs 2 lakh to Rs 8 lakh at private hospitals and an affordable coronavirus-specific health insurance policy can be a huge benefit. However, there are two options to buy COVID-19 health insurance plans, you can either buy as a separate COVID-19 policy or as a rider in addition to a regular indemnity-based comprehensive health plan that will cover you against all health risks. Contact your health insurance provider and buy health insurance policy that suits you the best. In the meantime, read this to know how good is Arogya Sanjeevani as a health insurance cover?
India is one of the few countries that has taken a proactive approach to fighting the COVID-19 pandemic. The government and various health agencies are trying their best to minimise community transmission of the highly contagious disease and flatten the curve.
While treatment is free at government hospitals, the infrastructure is already overwhelmed with patients – especially in urban areas, where the population density is much higher. Considering the dynamics, the Ministry of Health has asked all private hospitals to come on board to fight the health crisis.
To ensure that citizens are not financially burdened with the cost of treatment, the Insurance Regulatory and Development Authority of India (IRDAI) has asked health insurance companies to design dedicated health plans that provide coverage against the deadly virus.
What kind of coverage is available for for COVID-19?
As per IRDAI directives, health insurance providers have come up with a fixed-benefit plan for coverage against coronavirus that will be valid for a period of one year and cannot be used for treating any other health issues. In the event of a policyholder testing positive for the virus, the entire sum insured will be paid out as a lump sum. This not only allows the patient to receive adequate treatment but also compensates for loss of income during the treatment period.
Related: Things to note when purchasing health insurance during COVID-19 pandemic
Various health insurance companies have launched policies specific to COVID-19 that you can consider. Let's look at some of the important offerings:
COVID-19 Insurance Policy from Aegon Life:
Life Insurance + COVID - 19 Insurance Plan
Aegon Life goes a step further and in association with Flipkart brings to you an Insurance that covers both Life and provides lumpsum upon Hospitalisation due to COVID-19.
The term plan comes with various Life Cover options (upto Rs. 50 lakhs) and COVID-19 Hospitalisation Cover (upto Rs. 5 lakhs).
COVID-19 Death Claims Covered
Apart from the above mentioned Coronavirus insurance, Aegon Life's iTerm Insurance Plan also covers COVID-19 death claims along with other 36 critical illnesses like cancer, heart disease etc.
COVID-19 protection cover from ICICI Lombard
- Eligibility: 18 to 75 years
- Sum insured: Rs 25,000
- Waiting period: 14 days
- Features: 100% upfront payment, teleconsultation, ambulance assistance
Star Novel Coronavirus from Star Health Insurance
- Eligibility: 18 to 65 years
- Sum insured: Rs 21,000 and Rs 42,000 (two options)
- Waiting period: 16 days
- Features: Coverage provided irrespective of travel history; dependent children can be covered under parents’ plan
Group insurance/Mediclaim policy from Future Generali
A group health insurance company is essentially a health or medical insurance plan that covers all the members of a particular group. To read more about group health insurance policy, click here.
- Eligibility: 18 to 75 years
- Sum insured: Ranges from Rs 10,000 to Rs 300,000
- Waiting period: 30 days
- Features: 100% upfront payment on testing positive, 50% payment on quarantine irrespective of test result (hospital only), additional 10% payment for incidental expenditure
Related: Are unprecedented pandemics covered under health insurance?
Should you opt for special COVID-19 insurance?
As per IRDAI data, the COVID-19 insurance claims range from Rs 2 lakh to Rs 8 lakh at private hospitals and an affordable coronavirus-specific health insurance policy can be a huge benefit. However, there are two options to buy COVID-19 health insurance plans, you can either buy as a separate COVID-19 policy or as a rider in addition to a regular indemnity-based comprehensive health plan that will cover you against all health risks. Contact your health insurance provider and buy health insurance policy that suits you the best. In the meantime, read this to know how good is Arogya Sanjeevani as a health insurance cover?
