Here’s why it makes sense to have a Covid-19 Insurance Policy
With no time to plan ahead, Coronavirus came as a surprise, turning our lives around, bringing along financial and medical fears for all of us. It hasn’t just affected millions of patients worldwide, but every one of us at a personal level in different ways. It is natural to want to create an environment where we protect ourselves and our loved ones. In these trying times, a Covid-19 insurance policy can allow for comprehensive financial security in covering the treatment costs related to coronavirus.
Why should you invest in a Covid-19 Policy: The Benefits
A Covid-19 Insurance policy is a health insurance policy explicitly designed to cover expenses included in the treatment and hospitalization of Covid-19 patients. Introduced by IRDAI, you can choose between Corona Rakshak cover, Corona Kavach policy, or a Comprehensive health insurance policy covering coronavirus as well as other illnesses. The policyholder can file a claim, once he/she has tested positive, with a minimum hospitalisation of 72 hours.
Let’s break down the benefits of investing in a Covid-19 policy:
Financial Assistance:
In severe cases, the treatment can stretch to 25-30 days, resulting in high medical expenses ranging anywhere from 5000 to 10000 per day. Fortunately, Covid-19 insurance provides financial assistance for hospitalization costs, ambulance charges, home care treatment costs, and also medication prescribed in the recovery phase. These considerably reduce the financial burden of the treatment.
Low Premium Amount:
Covid-19 specific policies, such as Corona Rakshak cover and Corona Kavach policy, come with one of the lowest and most affordable premium amounts. Starting from as low as Rs. 127 without GST,they provide a blanket cover of up to Rs 5 lakhs.
Short Waiting Period:
Traditional health insurance policies have a waiting period of 30-60 days before their benefits can be exercised. A Covid-19 policy comes with the shortest waiting period of 15 days.As it usually takes 10-15 days for the symptoms to show, the policy’s benefits can be utilized for extensive coverage.
Flexible Age Restrictions:
One of the best things about a Covid-19 policy is the flexibility it provides with who can be covered under the policy. Some policies under their family coverage, have an entry age fromthe day a child is born, extending as high as 65 years.
Consumables Pay:
During the treatment of Covid, consumables and disposables such as PPE Kits, gloves, masks etc are required on a daily basis. Comprehensive COVID-19 policies cover the cost of such consumables and disposables which can be prove to be expensive otherwise.
Constituting factors for a successful Covid 19 policy
Whilst most Covid-19 policies provide benefits as mentioned above, you should look for additional factors to customize it around your needs. It can be done through factors such as:
Insurance Broker:
Your insurance broker is key in the process of recommending the most ideal insurance policy that suits your needs. Select a broker with a high CSR that serves you with a dedicated team.
Additional Benefits:
People who have tested positive and are suffering from mild symptoms can choose a treatment under AYUSH (Ayurveda, Unani, Siddha, and Homeopathy). Choosing an insurance policy that covers treatment under such methods can add extra protection.
Riders:
Rider facility for daily hospital cash, where 0.5% of the sum assured is paid daily in case of hospitalization, can also be added to customize the policy additionally. As the time period differs from insurer to insurer, you should analyse the policy in detail before buying.
With the current economic slowdown and the looming uncertainty, it is vital that you are more prudent than ever with your financial decisions. Through PINC Insurance, you can invest in the most ideal Covid-19 policy, presented to you after extensive analysis of your finances and constant monitoring by a relationship manager. With tax benefits under section 80D, a policy from PINC Insurance can provide you with extended savings along with a sum assured that can financially protect you and your loved ones against Covid-19.
This is what you should do
The recovery rate of Covid-19 patients in India stands at 94.98%, higher than most countries with 1 million+ case. Owing to how differently the virus affects everyone, one can never know which type of treatment one can require and how much it will cost. A Covid-19 insurance Policy will go a long way for your current and long-term financial security while ensuring you and your family stay healthy. You can visit PINC Insurance to buy the best Covid-19 policies to protect yourself and your family.