The Banking & Finance Post – Why is it important to insure against Covid-19 crisis

Executive summary :

The corona epidemic is not just impacting the financial sector. It is also causing irreparable damage to the health of the people. On the other hand, the corona effect is blowing jobs.

COVID-19 has forced insurers to adapt to new demands for cover

Given rising corona cases, various state governments have also granted permission to private hospitals for corona testing and treatment. Governments have also decided how many private hospitals will charge for corona treatment.

Many questions to be answered

However, people are losing jobs and the financial situation is worse in this tenure.

What if the corona gets infected in unexpected situations? How to bear the cost of treatment?

It does not matter if you have previously taken health insurance. Covid-19 insurance can be added to a health insurance policy. But what if there is no policy?

In the current scenario, which is the right insurance policy? What kind of policy should be taken? Is it advisable to invest in only corona specific plans or bundled the same with term insurance as well?

Let us know the answers to these questions.

Is cover affordable?

As the corona booms around the world, many insurance companies are launching COVID insurance policies at affordable prices. Some companies have added add-ons to policies they have already taken out. IRDAI has also directed insurance companies to launch the standard COVID-19 insurance scheme by July 10 in the wake of the rising number of COVID-19 cases.

However, most companies are already introducing fixed hospital linked insurance plans and Corona Rakshak and Corona Kavach policy are also launched.

1. Fixed benefit schemes
2. Hospital linked schemes
3. Fixed benefit schemes

If this insurance plan confirms that you have COVID positive, then you will receive a large lump sum amount in the form of financial assistance.  For example, if you take two lakh coverage, you will get these two lakh rupees as soon as COVID-19 is positively confirmed.

However, this insurance premium is a bit higher. The recently introduced Corona Rakshak policy falls under this category.

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