COVID 19 Protection – Why COVID 19 insurance cover is important for you and your family


According to published reports, the number of positive COVID-19 cases in India crossed 54 lakh, as of 21st September 2020. More than half of the year has passed, but the pandemic continues its havoc forcing people to adopt to a new normal. Besides precautionary measures, this situation also brought to light the importance of coronavirus insurance plans for financial protection during such emergencies. India has recently witnessed a rise in insurance policy investments that provide adequate risk coverage.

  • WHO dashboard shows 30,0949,804 COVID-19 confirmed cases globally, as of 21st September 2020.

COVID-19 insurance plans aim to provide adequate financial coverage against the expenses incurred during the treatment of coronavirus. Unlike general health insurance plans, these are tailored policies available at attractive premiums to enhance affordability.

To briefly recollect what is corona virus, it is a highly contagious virus that has affected millions worldwide. It causes minor to major illness, including sore throat, respiratory problems, impaired kidney, multiple organ failure and death.

  • The total number of deaths reported worldwide is 959,116 as of 21st September 2020.

The worst factor is individuals of all groups and backgrounds are vulnerable to this infection. Therefore, purchasing the best COVID-19 insurance policy for you and your family can prove worthy during this global pandemic.

More reasons stating the importance of COVID-19 insurance plan

  1. Shortage of liquid cash

The nation has witnessed pay cuts, job losses and increased unemployment rates owing to this pandemic. Low income flow, thus, compelled people to line up their high-priorities and budget non-essential expenditures.

  • ILO-ADB report says throughout India, 41 lakh youth losing their jobs owing to coronavirus.

If anyone tests positive for COVID-19 during this situation, it further increases concerns regarding treatment charges and expenses witnessed during a patient’s recovery. Expenses such as hospital bills and post-recovery care are usually high. During a shortage of liquid cash, a coronavirus insurance policy cover comes handy in addressing the various monetary needs effectively.

  1. Depleting savings and other investments

Since economic activities came to cessation, savings and investments became immediate remedies to fulfil everyday needs for individuals. As a result, this reserve fund gradually depleted, making individuals financially unstable for more unforeseen future events. This amplifies the need for an insurance plan even more. You can either opt for COVID-19 specific covers or plans like hospital cash cover to meet urgent medical expenses at times of need.

  1. Total treatment cost can be substantial

The charges for coronavirus treatment are generally high, with lab diagnosis costing approximately Rs.4,500 for every session. This, along with hospitalisation charges, can shoot up to a staggering amount within a very short time. In addition, the rampant spread of this virus can risk an entire family’s health once a single member is infected.

As senior citizens are more at risk, some of the best coronavirus insurance plans help reduce this financial burden by covering all the expenses adequately.

Apart from coronavirus, if any member of your family suffers from other ailments during monsoons, you can approach a non-banking financial corporation for a tailored monsoon cover policy. It covers diagnosis and treatment charges for malaria, dengue, accidental injuries, etc.

  1. Comprehensive coverage

The best coronavirus insurance plan coverage ensures comprehensive financial protection with a maximum of Rs.2 lakh. It encompasses pre and post hospitalisation charges, COVID-19 treatment expenses as well as several other types of expenses. Some policies also include ambulance charges for hospitalisation, up to Rs.2,000 per instance.

Bajaj Finserv, a leading financial service provider, offers COVID-19 Protection Cover under their Pocket Insurance & Subscriptions. Along with these above-mentioned benefits, this policy also covers expenses required to seek coronavirus treatments through yoga, Ayurveda, naturopathy, homoeopathy, Siddha and Unani systems of medication. However, make sure the disease is diagnosed at an ICMR authorised private laboratory or a government-approved laboratory to avail the reimbursements.

  1. Premiums are reasonable

It’s justified to be sceptical about this investment, especially during the on-going financial crises. Fortunately, the best coronavirus insurance policy in India comes at affordable premiums. As these are customised products unique to specific requirements, premium charges are kept reasonably low so that consumers can afford it easily.

Moreover, insurance aggregators allow customers to choose a suitable premium and sum insured. For example, NBFCs like Bajaj Finserv offers the following options:

  1. 952 as premium for Rs.50,000 coverage
  2. 1339 as premium for Rs.1 lakh coverage
  3. 1402 as premium for Rs.1.5 lakh coverage
  4. 1469 as premium for Rs.2 lakh coverage

Select an appropriate insurance policy according to your preference and capability.

  • India ranks the world’s highest with a recovery rate of nearly 80%.

It makes sense to avail COVID-19 insurance policies when these cover numerous expenses like ICU, room rent, nurse expenses, anaesthesia, oxygen, blood, ventilation charges, PPE kit, medicines and drugs, specialist fees, surgeon fees and more. An insurance plan puts an additional layer of financial protection to fight against this life-threatening disease. Make sure you approach a reliable financial service provider to avail the best available coronavirus insurance policy coverage.

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