The 5 Best COVID-19 Health Insurance Policies You Should Consider Buying

The impetus to have COVID-19 health insurance is increasing day by day. With many insurance companies offering different types of health insurance plans to provide coverage against COVID-19, choosing the right policy can be overwhelming. In this article, we have explained everything you need to know about COVID-19 health insurance, including its types, how it is more beneficial than normal health insurance, exemptions, and most importantly, the best 5 COVID-19 health plans you can choose from. Read on!

While many countries are still under lockdown, more and more countries are gradually returning to their pre-pandemic routines. People have started realizing that the pandemic is going to continue for a while, and taking precautions is the only way out. With public hotspots like offices, malls, hotels, and travel destinations opening their doors, protecting yourself and your loved ones with a COVID-19 health insurance while taking the necessary precautions becomes vital.

Almost all the health insurance policies provide coverage for the medical expenses arising out of COVID-19. But, having an exclusive COVID-19 health insurance policy in addition to your existing health insurance policy can be beneficial in many ways:

1. It is specifically for COVID-19 coverage; hence, the premium is relatively cheaper than getting a top-up on your existing health insurance policy.

2. You can save the No Claim Bonus of your existing policy by using the COVID-19 policy for COVID-19 coverage.

3. Even if you do not have any health insurance policy, buying a COVID-19 insurance plan will serve as a financial protection against the deadly virus.

4. It isn't a long-term commitment as the plans are available for shorter durations.

There are two types of COVID-19 health insurances available in India:

The Government of India and Insurance Regulatory and Development Board of India (IRDAI) had mandated all the general insurance companies to provide COVID-19 coverage under Corona Kavach Policy. However with the increase in the spread of the virus, the IRDAI has permitted the issuance and renewal of the policies. Both of these insurances are governed by IRDAI.

Image source: freepik.com

1. Corona Kavach:

• It is purely a health insurance plan and only health insurance companies can offer them.

• Corona Kavach is an indemnity-based health insurance that can be purchase for an individual or a family.

• This plan covers COVID-19 hospitalization expenses, medical expenses, pre and post-hospitalization medical expenses, ambulance expenses, AYUSH (Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy) treatment, and home care treatment. The minimum hospitalization period is 24 consecutive hours.

• The cooling period for Corona Kavach is 15 days, unlike 30 days for normal health insurance.

• Anyone between 18 to 65 years of age can buy this plan. And, members below the age of 18 can be added as children in the family floater Corona Kavach.

• The sum assured can be chosen from Rs 50,000 to Rs 5,00,000.

• Available in short tenures of 3.5 months, 6.5 months, and 9.5 months.

• Up to 15 days of pre-hospitalization and up to 30 days of post-hospitalization expenses are covered.

• Up to Rs 2000 can be claimed for road ambulance per hospitalization.

• There is no cap on the room rent taking into consideration the shortage of hospital rooms.

• Corona Kavach extends its coverage to the consumables, such as PEP kits, gloves, masks, etc.

2. Corona Rakshak:

• You can buy a Corona Rakshak plan from either a health insurer or a life insurer.

• Corona Rakshak is a benefit-based plan available only for individuals.

• The policyholder receives an entire sum assured on diagnosis of COVID-19, provided he/she is hospitalized for a minimum consecutive period of 72 hours. The policyholder is free to use the sum insured in any way he wants.

• The cooling period for Corona Kavach is 15 days, unlike 30 days for normal health insurance.

• Anyone between 18 to 65 years of age can buy this plan.

• The sum assured can be chosen from Rs 50,000 to Rs 5,00,000.

• Available in short tenures of 3.5 months, 6.5 months, and 9.5 months.

Common Exemptions for Corona Kavach and Corona Rakshak:

• OPD and daycare procedures

• COVID-19 diagnosis before the policy start date

• COVID-19 test done at a Government unauthorized centre

• Travel to the countries that have been restricted by the Government of India

• Diagnosis or treatment done outside India

5 Best COVID-19 Health Insurance Plans:

There are 25+ insurance companies offering COVID-19 health plans, and choosing the best-suited plan for you can become a daunting task. To help you with this, we have come up with the best 5 COVID-19 health plans you can choose from, based on your requirements.

1. IFFCO-TOKIO Corona Kavach Policy:

IIFCO-TOKIO has 6500+ network hospitals and 20,000+ agents and branches PAN India. It has a dedicated team for claim settlements with a remarkable claim settlement ratio of 93%. All the basic features of the Corona Kavach plan are included in it.

As many doctors these days prefer telephonic or video appointments, the costs of treatments done through telecommunication technology are considerable. With IFFCO-TOKIO, you need not worry about the tele-medicine charges.

For a 30 years old female from Mumbai, the premium comes to Rs 1167 + GST, for 3.5 months coverage of Rs 5 Lakhs.

Noteworthy Points:

2. HDFC Ergo Corona Kavach

With more than 1.5 crore satisfied customers and 24X7 customer support, HDFC Ergo has been catering to customer needs for more than 19 years. It has tied up with 10,000+ hospitals and has a presence in 170+ cities with 7000+ employees.

Apart from the basic features guided by IRDAI, HDFC Ergo offers an add-on of Hospital Daily Cash. This add-on allows you to get 0.5% of your sum insured per day for a minimum hospitalization of 24 consecutive hours. This is the maximum daily cash allowance given for 15 days during the hospitalization.

For example, for a sum insured of Rs 2 Lakhs, Rs 1000 will be given every 24 hours, for a maximum of 15 days of hospitalization. So, if the policyholder is hospitalized for 7 days, he/she will get a Rs 7000 allowance for his day to day financial needs. But, if he/she is hospitalized for 18 days, they will get Rs 15000 allowance, since it is limited to a maximum of 15 days of hospitalization.

For a 30 years old female from Mumbai, the premium comes to Rs 730+ GST, for 3.5 months coverage of Rs 5 Lakhs.

Noteworthy Points:

3. ICICI Lombard Corona Kavach:

ICICI Lombard is one of the most trusted general insurance companies with more than 4 crores client base and 18 Lakhs+ claims settled to date.

ICICI Lombard, too, offers an add-on of Hospital Daily Cash for a nominal increase in the premium. This allowance is given every 24 hours and ranges from Rs 250 to Rs 2500 per day. It is payable for a maximum of up to 15 days.

For a 30 years old female from Mumbai, the premium comes to Rs 1843+ GST, for 3.5 months coverage of Rs 5 Lakhs.

Noteworthy Points:

4. MaxBupa Corona Kavach:

With 7 million customers all over India and 34000+ agents PAN India, MaxBupa Corona Kavach can be an ideal choice for you. It has a whopping 96% claim settlement ratio. The customer service of MaxBupa can be defined by its 7000+ network hospitals and 9 out of 10 claims processed under 30 minutes.

MaxBupa Corona Kavach has a slightly higher premium, but provides coverage for any co-morbid conditions, including pre-existing co-morbid conditions, arising due to COVID-19. Hence, MaxBupa can be the best choice if you have co-morbid conditions or are worried about them.

It also offers an add-on of Hospital Daily Cash of 0.5% of the sum insured as daily allowance for a maximum of 15 days of the policy period.

For a 30 years old female from Mumbai, the premium comes to Rs 1956+ GST, for 3.5 months coverage of Rs 5 Lakhs.

Noteworthy Points:

5. Bajaj Allianz Corona Kavach:

Bajaj Allianz is the best choice if you are concerned about the response time of the insurer while filing a cashless claim. It has the lowest response time of 60 minutes for cashless claims, with a 98% claim ratio. Bajaj Allianz has 6500+ network hospitals and a presence of offices in more than 1100 cities and towns across India.

It offers an add-on of Hospital Daily Cash of 0.5% of the sum insured as daily allowance.

Note: Bajaj Allianz has recently discontinued the 'Buy Online' option for Corona Kavach. To buy the Corona Kavach Policy, you may call their Customer Support on 1800-103-2529 or request a call back by providing your details on the website and you will receive the policy through an email within 24 working hours.

For a 30 years old female from Mumbai, the premium comes to Rs 934 (including GST), for 3.5 months coverage of Rs 5 Lakhs.

Noteworthy Points:

Conclusion:

Although the COVID-19 cases are dropping, and the government is easing lockdown restrictions, the cases of the new variant of coronavirus, Delta plus, are increasing in some States. Some of the leading health insurance companies, including Reliance General, have discontinued the specific COVID-19 plans, and are offering COVID-19 cover under their other health insurance plans. But with the Government reopening local enterprises and institutions, it now becomes more essential to protect ourselves with COVID-19 specific health insurance.

We have discussed some of the best COVID-19 health insurance policies you can consider buying to protect yourself against the deadly virus. Please note that the Claim Settlement Ratio is important, but it should not be the only aspect to consider while purchasing any insurance. We advise you to check your requirements, compare the plans, and read the policy details, terms, and conditions thoroughly before you buy the policy. This will help you make an informed decision.

Warm Regards,
Ketki Jadhav
Content Writer

Join Now: PersonalFN is now on Telegram. Join FREE Today to get 'Daily Wealth Letter' and Exclusive Updates on Mutual Funds