Coronavirus pandemic has forced us to adjust ourselves to the new reality. As before the pandemic, many of us thought of insurance as an investment made to save our taxes. But the last two years made us realise the need for financial protection.
In India, coronavirus cases are on the rise. Covid Insurance should be obtained as soon as feasible. As a way to protect yourself and your family from the potential costs of this disease. And from life’s potential calamities.
What is COVID Insurance?
Covid insurance is similar to many other types of life insurance. It is financial insurance against the dreadful life event of death. Although a certain sum cannot quantify the value of human life, a specific sum assured may assist your family during a difficult time.
Who needs COVID-19 Health Insurance?
Anybody who wishes and wants to secure their loved ones against any financial distress should opt for a COVID Insurance Policy.
Having COVID insurance can secure the future of your loved ones in a time of difficulties.
Key benefits of Coronavirus Health Insurance
|Covered with zero additional cost
|Covered if suggested by a doctor
|Cost of PPE kits, ventilators, masks, gloves.
|Age-based co-pay is not there in most of the plans
Types of Coronavirus Health Insurance in India
You can take coronavirus health insurance according to your needs. For example, suppose you are looking for a specific health insurance cover for Covid-19 (coronavirus). In that case, you can consider a standard health insurance policy that covers all medical expenses incurred while treating coronavirus.
Types of Coronavirus Health Insurance:-
- Corona Kavach Policy: Covid -19 Insurance Policy:- It is a standard coronavirus health insurance policy that covers hospital expenses, homecare treatment, gloves, masks, PPE kits, ICU charges incurred during the treatment of Covid-19 treatment, doctor’s fees, ambulance charges etc. It ranges from a minimum amount of Rs 50000 to a max amount of Rs 5 lakh.
- Corona Rakshak Policy: Covid-19 Insurance Plan:-This is a specific health insurance policy that pays for hospitalisation of min 72 hours or more required for Covid-19 treatment in India. This covers the expenses incurred on PPE’s, Nebulizers, Masks, Oxygen cylinder, Ayush treatment, etc. This is for individuals of the age group 18-65 years. And the basic sum ranges from 2.5 lakhs Rs to 5lakh Rs.
- Coronavirus Group Health Insurance:- If you are covered under a group health insurance policy, then you need to check with your insurer that does your policy covers coronavirus treatment expenses or not. However, if your group health insurance policy is either corona Kavach or corona Rakshak, then you can surely cover your Covid-19 hospitalisation fees in India.
Health Insurance of Covid-19 in India
Here is a list of Insurance companies that provide covid-19 insurance:-
|Sum insured (Rs.)
|Incurred Claim Ratio
|Aditya Birla Health Insurance
|Min- 2 lakh
Max- 2 Crore
|Bajaj Allianz Health Insurance
Max -50 lakh
|Bharti AXA Health Insurance
|Min 3 lakh
Max 5 lakh
|Care Health Insurance
(Formally known as Reliance Health Insurance)
Is coronavirus covered under your existing health insurance policy?
COVID-19 or coronavirus may be a newly discovered disease. But all existing health insurance policy covers/ provide coronavirus health insurance cover. This means that if you have already taken a health insurance policy before testing positive for the coronavirus disease, any medical expenses incurred on your treatment will be covered under your existing insurance (provided you don’t get diagnosed during the initial waiting period).
However, if you don’t have health insurance beforehand and decide to buy one after getting diagnosed with coronavirus, then coronavirus treatment will not be covered under the policy.
Inclusions in Coronavirus Health Insurance
Add on covers:- Maternity benefits with newborn baby cover.
Exclusions in Coronavirus Health Insurance
Not all medical expenses are covered under covid-19 health insurance policy. Some of them are listed as under:-
- Home quarantine.
- Non recognised quarantine centre.
- Pre-existing diseases.
- Pre-natal & post-natal expenses.
- Hospitalisation without the recommendation of doctors.
How to claim health insurance for coronavirus
There are two ways to fill a health insurance claim for coronavirus:-
- Cashless claims:- Today, most insurance providers provide cashless treatment facilities. In this facility, the insured is not required to make any payment for the treatment taken at one of the hospitals in the network of the insurer. Instead, the insurance company settles the bills directly with the hospital.
- Reimbursement claims:- In this policyholders receiving treatment in a non-network hospital of the insurance company has to pay the bills of the hospital on his own while taking treatment. Then after getting discharged, you need to file a reimbursement claim with your insurance provider. First, you need to fill the reimbursement claim form and submit the required documents such as your hospital bills, investigation, test reports and other necessary documents to the insurance company. And now wait for your claim to get sanctioned and verified by the insurance company.
As soon as the claim is sanctioned, you will receive the money in your bank account.
Other News:- COVAXIN Vaccine Approved for Emergency Use by WHO
FAQ’S about Covid-19 health care insurance
✅ Is it possible to buy a corona insurance policy online?
Yes, most of the insurance companies offer corona insurance policies online. You need to visit your insurance provider online and fill in the required details and pay the premium.
✅ How much sum is insured with covid-19 insurance?
You can opt for a max of Rs 500000 with a corona Kavach insurance policy and a max sum of Rs 250000 with a corona Rakshak insurance policy.
✅ Is there a waiting period for corona health insurance?
Yes, there is a waiting period of 15 days for corona insurance plans.