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Is it necessary to have Corona specific health insurance policy if I have an Individual health insurance policy?

The main difference between a regular health insurance policy and a Corona health insurance policy is that the former covers any kind of illness or disease while the latter covers only the Corona-related treatments. Corona health insurance policy is designed keeping in mind the need for a health insurance policy to combat the Coronavirus pandemic at a low premium compared to the general health insurance policies.

There might be a doubt whether it is necessary to take a Corona health insurance policy after having a general health insurance policy, but the main point to be noted here is that the Corona health insurance policy would survive in the market only till the time pandemic exists. Once the Corona virus pandemic is driven from the country then there would be no need for specific Corona health insurance policies.

Corona Health Insurance:

Coronavirus Health Insurance refers to an insurance policy that covers the medical expenses incurred on the treatment of COVID-19. A coronavirus health insurance policy is designed to cover hospitalization expenses of the policy holder, irrespective of the disease that he has been diagnosed with (unless it is a critical illness that is not covered).

Almost all the cover hospitalization expenses incurred on the treatment of viral infections. Since Coronavirus is a viral infection, a comprehensive health insurance policy pays off pre & post hospitalization expenses including in-patient and out-patient expenses, incurred on the treatment of COVID-19.

IRDA has created a Corona health insurance policy for the following reasons:-

  • To cover the costs of Corona treatment at a low cost. There were many people in India without health insurance in India and this product is intended to cover them against the pandemic and the treatment costs arising out of it.
  • To increase the health insurance penetration in India with this product thereby saving millions of Indians from getting bankrupted.
  • To make the health insurance affordable to the rural masses and bring a benefit based health insurance policy into the market.

The Corona health insurance policy can be taken as an addition to the Standard health insurance policy for the below reasons:-

  • Standard health insurance policy provides you with increased sum insured every claim free year in the form of No claim bonus which is not available in the Corona health insurance policy. In case of any claim under your standard health insurance policy, the renewal premium may go up and at the same time the No claim bonus would not be made available for that particular year.
  • The premium of a Corona health insurance policy would not even be 1/4rth of the premium of your standard health insurance policy. This way the increase in renewal premium (due to claims) would be more than the Corona health insurance premium.
  • The standard health insurance policy can be used as a buffer in case the sum insured in the Corona health insurance policy exhausts. Since the premium won’t be increased if there is a claim under the Corona insurance policy, it is advisable to take a Corona health insurance policy along with the Standard health insurance policy.

For best Corona health insurance policies please visit Health Insurance or talk to our agent to choose the best corona insurance policy.

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