With each passing day, more and more people are testing positive for COVID-19-popularly known as Coronavirus - globally.
Taking cue from the increasing panic amongst the people and rapid spread of the novel coronavirus, all health insurers in India have started covering treatment for coronavirus under the regular health insurance policy.
However, as per the directions of Insurance Regulatory and Development Authority of India (IRDAI), the insurers have even introduced Coronavirus specific health insurance products that provide dedicated coverage against the deadly virus. Amit Chhabra, Health- Business Head, policybazaar.com said such plans are an excellent way to compensate for loss of income during the treatment of the illness as the policyholder is paid the entire sum insured as a lump sum in case of testing positive for coronavirus.
However, one must only buy these plans as a rider along with the regular indemnity based health plans that provide comprehensive coverage against all illnesses and ailments up to the total sum insured.
The offered fixed-benefit plans for coronavirus are available for a limited period-1 year-only and cannot be renewed or used for treatment of any other illness, also these policies are only applicable to Indian residents. While other eligibility criteria like age, sum insured, individual or group are specific to each policy.
While fixed-benefit plans provide dedicated coverage for a specific ailment, it is always advised that apart from covering yourself under a fixed-benefit plan you must also protect yourself with an indemnity based health insurance plan.
Such plans can be renewed every year and provide you overall protection irrespective of the illness for which you are seeking treatment.