How can you protect yourself in the face of Covid-19?

How can you protect yourself in the face of Covid-19?

As the pandemic's second wave hits India, here's a list of insurance policies to consider. The pandemic serves as a strong reminder to get health and life insurance if you don't already have it. If you already have such coverage, you can increase it if it is insufficient.

 

Can covid be covered by your health insurance?

All insurers have been asked by the Insurance Regulatory and Development Authority of India (Irdai) to consider any claims related to the care of covid-19. This basically ensures that covid-related medical costs will be covered by the current regular/comprehensive health insurance policy. However, only inpatient care will be covered, not outpatient care. Sub-limits, such as room rent thresholds, can be included in your policy. According to many studies, people with comorbidities including diabetes, asthma, cardiovascular disease, or kidney disease are more likely to contract coronavirus.

 

Are there any laws that are unique to Covid?

Yes, indeed. Last year, all health insurers established covid-specific health plans in response to Irdai's directives. The Covid-specific indemnity health policy, also known as Corona Kavach, covers hospitalisation costs in the event of a positive covid-19 diagnosis. The maximum amount insured is Rs. 5 lakh. On a positive diagnosis of covid, the covid-specific insurance-based health policy Corona Rakshak provides a benefit equal to 100 percent of the sum insured. The maximum amount insured is 2.5 lakh. These policies were for 3.5, 6.5, and 9.5 months, respectively. The window for purchasing such policies, however, has been extended until September 30, 2021.

 

How much insurance do you need?

Covid treatment can be very costly, particularly in the later stages. If you are purchasing an individual health insurance policy, you must have a coverage amount of at least Rs. 5 lakh. If you're buying a family floater, you can aim for at least a ten-lakh-sum-insured sheet. This is what most business insiders recommend. If you already have health insurance, you will increase the amount insured on your policy. You can add a mega top-up option to the current health insurance policy.

 

What about life insurance?

Life insurance is a must if you have financial dependents. Term insurance, which only pays out if you die, is recommended by experts. For a specified amount of sum guaranteed, term insurance premiums are typically much lower than other forms of insurance plans. Your life insurance policy will also provide serious illness coverage. The amount of coverage must be sufficient to replace your potential earnings, but experts recommend 10 times your annual salary. If your annual income is ten lakh rupees, a cover of one crore rupees can be considered.

 

Should you purchase a floater for your family?

You can purchase family floater health insurance if you have a family and are searching for a cost-effective alternative. Senior citizens, such as elderly parents, may be covered by family floater policies. However, since premiums are calculated based on the eldest member's age, this will increase the cost of the family floater plan. As a result, you'll need to purchase individual insurance plans for them.