Which health Insurance for Coronavirus (Covid-19) in India covered? Are there any special Health Insurance for Corona Virus (Covid-19) in India? Star Health Insurance and ICICI Lombard currently offering you the health insurance product specially for Coronavirus (Covid-19).
Health Insurance for Coronavirus (Covid-19) in India
As I mentioned above, currently Star Health Insurance and ICICI Lombard are offering health insurance specifically for Coronavirus (Covid-19). Let us see the features of these two products.
Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy
Let us see the feature of Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy.
- Age Group covered-3 months to 65 years.
- Premium amount Rs.459 or Rs.918 a year (Plus applicable GST).
- Sum Insured is Rs.21,000 (for Rs.459 Premium) and Rs.42,000 (for Rs.918).
- The waiting period is 16 days. Suppose you purchased the policy today (21st March 2020), then you will be covered under this policy after the completion of 16 days.
- Star Health will pay you the hospitalization cost up to the equal of sum insured under the policy.
- All existing Star Health Insurance policyholders are already covered for expenses incurred for treatment and hospitalization of Covornavirus under present health insurance.
ICICI Lombard General Insurance Company COVID-19 Protection Cover
Let us see the feature of ICICI Lombard General Insurance Company’s COVID-19 Protection Cover.
- You can’t buy this product as an individual product. But you can buy this under group insurance.
- The waiting period is 14 days.
- Premium is Rs.149 for Rs.25,000 Sum Insured.
- If one diagnosed with Coronavirus, then the company will pay the full sum insured irrespective of the actual hospitalization bill.
- Age group covered is 18 years to 75 years.
- The policy period is one year and hospitalization cover is limited to India only.
- If there is an overseas travel history of the insured person post 31st December 2019, then such an insured will not get the claim amount.
Health Insurance for Coronavirus (Covid-19) in India – Should you buy it?
As far as my knowledge is concerned, if you have health insurance (whether group, family floater or individual plans), then I think all Non-Life Insurance companies are accepting the hospitalization claim with respect to Coronavirus (Covid-19).
However, I still suggest you to approach your health insurance company and get it clarified well in advance.
If your health insurance company not cover the Coronavirus (Covid-19) hospitalization expenses, then it is best to buy such standalone Coronavirus (Covid-19) health insurance immediately. Premium is at damn cheap price. It is always best to be covered than paying hefty hospitalization costs form your own pocket.
I have written this post with limited information available from both Insurance Companies. Hence, suggest you to approach the respective health insurance companies for a better understanding of the product feature.