Coronavirus has affected out bank balance as much as it has hit the economy.
With the expenses for treatment of COVID-19 being high and a life lost in India already over 4000, it’s important that all precautions are taken to prevent being bowed down by heavy hospital bills or be left amid the open sea of helplessness in case the unfortunate happens and we lose someone close to us to the virus.
It is very important to make sure insurances have your back, especially now. Both term and health insurance provide us with financial stability. Term insurance or life insurance covers for the financial backup in case we lose someone close to us to any disease, terminal patient, etc. And health insurance mainly focuses on support in case of a medical emergency if one doesn’t have the backup or necessary savings.
But not all insurances cover all diseases and situations. The terms and conditions are not to be neglected. Especially now, one must take that their insurance policy covers COVID-19 treatment or provides financial support in case of loss of life to Coronavirus.
This insurance is purchased for a limited number of years of months during which any mishap that could cause death or during any terminal disease the deceased’s family members get financial coverage. Different policies are to be bought overtime to keep the insurance valid and also widen the boundary. During COVID-19, it’s important to check whether your insurance covers mishaps due to the Coronavirus.
Health insurance covers the financial support needed for the rise in medical expenses. It could offer either cashless hospital bills or you could claim the insurance on discharge, after paying the hospital through cash.
In either case, not all diseases are covered in all schemes. Therefore, during the COVID-19 crisis, it’s important to make sure that your health insurance covers the expenses of the lengthy treatment of COVID-19 too.
After deciding the type of insurance one must focus on risks. In world hit with earthquake, forest fire, cyclone, and pandemic in one year, it’s not unnatural for people to seek out insurance companies. In haste, one must not get fooled by the policies and must very thoroughly assess the risk in that particular investment.
Coverage is another factor to assess. The policy that would cover maximum fronts is desirable. Pre and Post hospitalization, post-retirement, etc. covering policies are most desirable.
The next thing to worry about is turnaround time. Turnaround time is the time insurance companies need to process the scheme and claims. During a crisis, it is important to find companies that would take turnaround time and make sure you have a backup during emergencies which could be anytime nowadays.
Some insurances which are pretty effective-
Star health insurance-
it ensures anyone could buy it for Coronavirus crisis coverage within the age of 18 to 65.
It provides a good coverage during pre-hospitalization and post-hospitalization.
Max Life Insurance and ICICI Prudential had automatically added the COVID-19 crisis within their coverage. There’s no need to buy other schemes to cover COVID-19.
In a world where the vaccine for the pandemic may take months and even then may not be available to all, it’s important to make sure we have something to fall back on. India currently has around 1.5 lakh cases OF COVID-19.
Banaras Hindu University
2nd Year, English Hons.
Mohona is an avid reader and an equality seeker. She takes a keen interest in painting and finds solace among books, coffee, nature, and dogs.