What is Coronavirus?

Covid-19/Corona virus is a group of viruses that hampers the immunity of a human being. It can cause diseases that could range from the usual cold to SARS (Severe Acute Respiratory Syndrome). It originated last year (2019) in Wuhan (China) and was entirely new to every human being.

Upper throat, sinuses, and nose are the commonly affected areas due to coronavirus disease. In severe cases, it causes significant illnesses such as kidney & multi-organ failure, and pneumonia. This disease has been deadly mostly for people above 60 years of age and those who had pre-existing medical issues conditions.

Coronavirus has similar symptoms as of the regular flu, and that are fever, dry cough, runny nose, headache, and sore throat. As of now, there is no vaccination/guaranteed cure available for Covid-19.

What is Coronavirus Health Insurance?

Coronavirus Health Insurance Policy is an insurance plan that covers the medical costs incurred on the Covid-19 treatment. Health insurance for coronavirus is designed to cover hospitalisation costs irrespective of the ailment that the insured person has been diagnosed with (unless critical illness that is not included).

Hospitalisation expenses incurred on the treatment of viral infections are covered by most of the health insurance policy providers. A comprehensive and affordable insurance cover for Coronavirus pays off pre & post hospitalisation costs including in and out-patient costs, incurred on the Covid-19 treatment.

As Covid-19 is a new disease and does not come under the pre-existing illness' category, its health insurance policy applies from the day the policyholder gets diagnosed with it.

What are the Inclusions/Exclusions of Coronavirus Health Insurance in India?

A coronavirus health insurance/Corona Kavach Family Health Insurance Plan has both some inclusions and exclusion and are mentioned below:

Inclusions
  1. Critical Coverage
    1. Day-care procedures
    2. Accidental hospitalisation
    3. Critical illness hospitalisation
    4. Pre-hospitalisation expenses
    5. In-patient hospitalisation expenses
  1. Standard Coverage
    1. Road ambulance expenses
    2. ICU room rent
    3. Organ donor expenses
    4. Daily hospital cash
    5. Home hospitalisation
    6. Post-hospitalisation expenses
    7. Alternate treatment
    8. Recovery benefit
  1. Add-on
    1. Maternity benefit with new-born baby cover
Exclusions

The following medical expenses are not covered under your COVID Insurance India policy:

  • Does not cover any costs that you incur while home quarantine.
  • Does not cover any costs if you quarantine at a non-recognised centre for coronavirus treatment.
  • Medical costs incurred on the treatment of any pre-existing diseases are not covered unless the waiting time is over.
  • Does not cover any pre/post-natal costs incurred by the policyholder unless it leads to hospitalisation.
  • Does not cover expenses if you get hospitalised without a qualified doctor's recommendation.
What are the key benefits of COVID-19 Health Insurance?

The following are the significant benefits of Coronavirus Health Insurance:

  • Coronavirus Treatment: Covered without any additional costs
  • Home Treatment: Covered if recommended by a qualified doctor
  • Consumable Expenses: Free masks, gloves, ventilators, and PPE kits
  • Co-payment: Most plans do not have age-based Co-pay
  • Cashless Treatment: Convenient
  • Add-on Covers: At the disposal
How to Claim Coronavirus Health Insurance?

The claim process for coronavirus health insurance is like that of other health insurance plans, and can be claimed in two ways:

  • Cashless
    1. Cashless treatment is widespread these days, and almost all insurers provide this facility. In this, the insured person does not need to pay for the treatment taken at any network hospital. The insurance provider settles all the expenses directly with that network hospital.
    2. Hence, you can avail this facility and would not be required to pay any amount, if you undergo Covid-19 treatment at any of your insurer's network hospital.
    3. Ensure that you thoroughly go through your health insurance policy to see if the cashless facility is available or not. Moreover, you may refer to your insurer's official website to check which all are the network hospitals.
    Reimbursement
    1. These claims are meant for people who get hospitalised and undergo the treatment at a non-network hospital. Hence, you will have to pay all the expenses in full capacity when you discharge if you get yourself treated for COVID-19 at a non-network hospital.
    2. You need to file a reimbursement claim with your insurer once you get discharged. For that, you are required to fill up the reimbursement claim form and submit the asked documents along with the test & investigation reports, doctor's prescription, and the payment receipts of the hospital bills to your insurer within the specified time.
    3. Your insurance provider will then transfer the reimbursement amount to your bank account only after verifying your claim.
What are the top Coronavirus Health Insurance Plans in India?
  • Aditya Birla Health Insurance
    1. Sum Insured: 2 Lakh - 2 Crore
    2. Incurred Claim Ratio: 59%
    3. Network Hospitals: 6000+
  • Bajaj Allianz Health Insurance
    1. Sum Insured: 1.5 Lakh - 50 Lakh
    2. Incurred Claim Ratio: 85%
    3. Network Hospitals: 6500+
  • Bharti AXA Health Insurance
    1. Sum Insured: 3 Lakh - 5 Lakh
    2. Incurred Claim Ratio: 89%
    3. Network Hospitals: 4300+
  • Care Health Insurance
    1. Sum Insured: 4 Lakh - 6 Crore
    2. Incurred Claim Ratio: 55%
    3. Network Hospitals: 7400+
  • Cholamandalam Health Insurance
    1. Sum Insured: 2 Lakh - 25 Lakh
    2. Incurred Claim Ratio: 35%
    3. Network Hospitals: 6500+

List of Top Health Insurance Companies in India are-

  • Star Family Health Insurance Plan - All daycare procedures, air ambulance (specified limit), domiciliary hospitalisation expenses (home treatment) and pre/post-hospitalization expenses for up to 60 to 90 days respectively. These are some of the coverage provided by the Star Family Health Insurance Plan. This plan can be regarded as a super saver that offers to cover the entire family at a nominal premium.
  • Apollo Munich Optima Restore Plan - Any person whose age ranges between 65 days to 91 days can be covered under this plan. Apollo Munich Optima Restore Plan is one of the most popular health insurance plans that provide some of the incredible benefits and the sum assured ranges between Rs 3 to 50 lakhs. Get lifetime renewability, cover for daycare procedures, in-patient hospital coverage, road ambulance cover and 100% increase in the sum assured for 2 claim-free years from Apollo Munich Optima Restore Plan
  • Max Bupa Health Companion Individual Plan - If you want a high coverage with minimum premium than Max Bupa Health Companion Individual plan is the ideal health insurance for you. This plan also offers a 12.5% discount on premium in the second year. Get coverage for in-patient hospitalization treatment, 30 to 60 days of pre/post-hospitalization cost, lifetime renewability option and 15 days free look period.
  • HDFC Ergo Health Suraksha Plan - One of the unique things about HDFC Ergo Health Suraksha Plan is that there is no maximum age limit and the plan offers several variants like-silver, gold, and platinum which comes with different features, benefits, and assured sum under them. Did you know? HDFC Ergo Health Suraksha Plan covers organ donor expenses, day-care procedures, and coverage for in-patient hospitalisation cost without any restriction on room rent and disease coverage.

Frequently Asked Questions

The things that one needs to look upon while purchasing a policy are claim process, pay-out mechanism, adequate cover, waiting-period and pre/post-hospitalization benefit.

The documents which are required to buy a health insurance plan include-age proof, identity proof, address proof, medical check-up reports(optional) and passport size photo.

Yes you can do so without waiting to get one through your employer. Online mode is the best way to purchase health insurance. When you buy insurance online you can understand the various policies, sitting at the comforts of your home, rather than moving around with agents (extra expense)

Depending on the medical history and age of the applicant many insurance policies might not issue the policy without asking for am medical test. In case, you are above the minimum age(varies from policy to policy) then the medical test will be required.

The sooner the better. As in the later stage of your life, you may get deprived of immediate coverage (waiting period) and the premium cost might rise as well.