Should You Buy A COVID-19 Policy?
With the onset of 2020, the world is witnessing the outbreak of Novel Coronavirus (COVID-19) which has infected more than 2.4 million people across the globe. With people gradually moving towards a ‘new normal’ life, they have started making informed decisions concerning health and safety.
Given the current situation, it becomes very important to have a health insurance policy. As a result, people have also started considering a COVID-19 specific health insurance policy. There are several questions among people whether one should buy a COVID-19 Insurance or not.
Here are all the answers that can help you make an informed choice.
If you already have a Health Insurance Policy
In case you already have an existing health insurance policy you would not require buying a new one as it covers the hospitalization charges for all diseases. In such situations, it is always better to buy a full health insurance policy that will cover more than one disease. However, one can opt for a COVID-19 policy along with a comprehensive health insurance policy for added protection as the premium for the COVID policy is low.
If you do not have a Health Insurance Policy
If you do not have a pre-existing health insurance policy, then opting for a COVID-19 policy would be a good option to start with. If you are running low on funds and want to be insured only against the COVID-19 virus then you should opt for a niche policy. The annual premium for it ranges from Rs. 150- Rs. 3900 for a sum insured of Rs. 21000 to Rs. 200000 (Source: Economic Times).
The benefits of a standalone COVID-19 Insurance are:
- Quarantine rooms are expensive. As some policies won’t cover the complete room rents there might be some deduction in claims. These costs can be covered in a standalone COVID-19 Policy.
- Competitive premiums
- Extends coverage to parents/ in-laws up to 60 years of age.
It is suggested that you should buy a COVID-19 Insurance only if you are at a high risk of being infected, have access to lesser funds now or need a virus specific policy. It is also recommended to connect with your insurance broker to get the best insurance policy tailored to your needs.
Now is the time to invest in a health insurance policy. Visit Pinc Insurance to get insured!