How to choose the best life, health insurance plan for yourself against coronavirus.

 

             

How to choose the best life, health insurance plan for yourself against coronavirus.

One of the biggest personal finance lessons that many of us have learned from the novel coronavirus pandemic is the importance of having insurance and having enough of it. Now, as the second wave of coronavirus is spreading like wildfire across the country, infecting a record number of people on a daily basis, it is time to review your insurance covers – both health and life insurance.

Do you have the right insurance policies to protect against COVID-19? If not, how to fill in the blanks? Read on to know how you can choose the right insurance cover – should you opt for a COVID-specific insurance cover or should you go for a comprehensive health, term plan?

covid-specific insurance cover.

In 2020, insurance companies introduced Corona Kavach and Corona Rakshak covers based on the guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI). These standard health insurance policies cover the treatment cost of coronavirus disease. These policies are issued for a very short period and were to be valid till March 31, 2021. IRDA has now permitted insurance companies to offer and renew these COVID-19 specific health policies till September 30, 2021.

Corona Kavach policy is offered by the insurer as a health cover to individuals and families on an indemnity basis. Whereas Corona Protector is offered by the insurer on a profit basis.

When should you go for Corona Kavach?

It is an indemnity-based health insurance policy that reimburses your actual expenses for the treatment of Novel Coronavirus disease. This includes hospitalization expenses related to COVID, home care treatment expenses, medical expenses for AYUSH treatment and pre and post hospitalization medical expenses. Your age should be between 18 years to 65 years to buy this policy. If you have children below the age of 18 years, you can go for the family floater option to include your children and dependent parents.

Corona Kavach has the shortest initial cooling period of 15 days as compared to 30 days for comprehensive health plans. The sum assured of Corona Kavach ranges from Rs 50,000 to Rs 5 lakh.

These plans are affordable which makes it possible for you to buy separate protection for each family member. While an individual comprehensive health insurance policy with a sum insured of Rs 5 lakh usually comes with premiums in excess of Rs 10,000 with most insurers, you can get a Corona Kavach cover of Rs 5 lakh for Rs 1,300- Rs 3,000.

These plans are affordable which makes it possible for you to buy separate protection for each family member. While an individual comprehensive health insurance policy with a sum insured of Rs 5 lakh usually comes with premiums in excess of Rs 10,000 with most insurers, you can get a Corona Kavach cover of Rs 5 lakh for Rs 1,300- Rs 3,000. For example, you can get Corona Kavach cover of Rs 5 lakh from Oriental Insurance for Rs 1,272 and Star Health and Allied Insurance for Rs 2,965. There are other insurers who charge a higher amount for the same coverage.

The Corona Kavach cover comes with tenor options of three and a half months, six and a half months and nine and a half months.

When should you go for a comprehensive health or term plan?

If you do not have any life cover, these coronavirus-specific plans, which offer very little coverage, may not be of much help especially if the policyholder dies due to COVID-19. Hence, it is better to take a basic term plan which will financially secure your family after your death.

"Given the severity of the outbreak of the second wave and the late spread caused by COVID-19, it is imperative to have a life insurance plan at the earliest to secure the future of the family in case of the death of an individual. It is always emphasized that a life insurance policy should be bought early in life to enjoy its benefits like low premiums with high returns and plan your family future wisely,” says Goel.

Similarly, if you do not have a basic comprehensive health insurance policy, then this is the right time to take a policy. There are many examples of people developing other complications after recovering from the coronavirus. COVID-specific plans come with a very short tenure and may not provide protection for a long period.

"Predominantly, COVDI19 has been viewed as a long-term side effect on an infected body that requires medication beyond COVID19 related expenses that are not covered under COVID19 specific policies, but a standard health care plan for the same. takes care of. Also in case of side effects due to COVID19 vaccination, which require hospitalization, unlike COVID19 specific, which is restricted to hospitalization of COVID19 disease, is also taken care of by the health care plan. It is," says Goel.

Source by internet.
Creeated by MOHMMAD SHOAIB.