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It is best to take a health insurance policy

Amit Chhabra, Head of Healthbusiness Department of Policybazaar.com Says that the total amount of just 1,00,000 claims received by insurance companies for settlement for Corona is Rs 1,644 crore. This means that the average expenditure for a policyholder was Rs 1.64 lakh. Analyzing these data further, it is found that only 2.7 percent of the total positive cases had some kind of health coverage. The remainder paid the hospital bill with his savings.

Now, non covid claims are increasing rapidly

After the government relaxed the lockdown, general insurance companies and specialized health insurance companies are also seeing rapid growth in non-covid health insurance claims. According to the data, the number of claims in July increased by 64 percent compared to the total claims in April, May and June. Of these, only 10 percent came for the Clams Kovid-19. This increase in the number of claims over the last few months was mostly associated with elective procedures ie pre-determined treatments / surgeries that were postponed or postponed due to Kovid-19. Non-life insurance companies reported a nearly 40 percent drop in noncovid claims during the lockdown. These claims were mainly for cancer, dialysis, cataract surgery and cardiac treatment.

Now time to prioritize health insurance

Despite the increase in the number of claims in the last two months, the number of insurance holders in the country still remains low. If it is necessary to follow the precautions given by the government for protection from corona virus infection, then we must also protect ourselves against this epidemic and the financial troubles caused by other diseases. This is advisable because the Kovid-19 pandemic may end in the next few months, but other diseases and aging diseases can strike anytime. Therefore, securing adequate protection for any such possible disease becomes significantly more important. In such a situation, buying an adequate health insurance policy is the only and simplest way to remain financially secure.

Helps save medical expenses

Just like other medical expenses arising on hospitalization, if a person is hospitalized for treatment of coronavirus infection, then your health insurance plan will help protect you from medical expenses. Buying a health insurance, not just for yourself, but for your entire family, will ensure that all the expenses of hospitalization and treatment there will be covered without any difficulty. Your health insurance policy will not only cover the testing and treatment costs of novel coronaviruses, but will also provide protection against the expenses of any other disease. On the instructions of the Insurance Regulatory and Development Authority of India (IRDAI), all general and specialized health insurance companies have been asked to process all claims related to Kovid-19 within two hours of application.

Choose a plan according to your financial capacity

If you want to get adequate coverage for all other diseases along with Kovid-19, it is best to buy a comprehensive health insurance with maximum sum insured. As for the price, a regular health policy with a sum insured of Rs 10 lakh for a 32-year-old male would range from Rs 7,000 to 9,000 per year. But if you feel that you cannot pay this annual premium at one go, then you can pay on monthly or quarterly basis as per your convenience.

Plan on monthly premium is coming

Following the outbreak of the Kovid-19 epidemic, the Insurance Regulatory and Development Authority of India (IRDAI) has issued a circular for a minor reshuffle in the policies filed by general and standalone health insurance companies. According to this circular, the insurance regulator has allowed payment in installments for the health insurance premium. These plans with monthly premium payment option will soon be available on the major online insurance marketplaces as well.

Kovid-19 focused plan too

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However, due to the Kovid-19 epidemic, most of the salaried and business class are facing financial crisis due to loss of jobs or reduction in salaries and sales of traders. As such, insurance companies have also introduced standard COVID-19 focused plans, which provide adequate coverage for novel coronaviruses, on the instructions of IRDAI. These plans are available with a duration of 3.5 months, 6.5 months and 9.5 months, with which you will get Sum Insured ranging from Rs 50,000 to Rs 5,00,000. Financially strapped people can now buy this corona-centric plan and then later on buy a comprehensive health cover at affordable prices if the situation is normal.

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