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Coronavirus: Will your health insurance cover Covid-19 treatment? Know here

Zee Business logo Zee Business 25-03-2020 (Zee Business)
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Coronavirus has taken over 16000 lives worldwide and there is no sign of things getting better. In India, the death toll has reached 10 while the total number of cases reported have crossed 500. Under such circumstances everybody is worried not only about getting infected but also about the treatment costs. One of the most sought after questions before the health insurance policy holders is whether they are covered under their current health insurance policy for treatment of Coronavirus Disease (Covid-19).

Some of the questions that people want answers for are: whether they are covered under the existing plans; what are benefits of taking an insurance cover exclusively for coronavirus treatment; what are the plans being offered by the service providers; how can the claim process be made easy and fast; how much is the sum insured; what are the directions of the insurance regulator - Insurance regulatory and Development Authority (IRDAI)?

Zee Business Guest Tapan Singhal, Bajaj Allianz and AS Narayanan, Founder & CEO at McXtra will answer all these questions.

Insurance for Coronavirus

-- All insurance policies will cover Coronavirus treatment

-- The policy will cover all coronavirus infected people

-- Health Indemnity policy will cover infection from coronavirus

-- The insurance cover will include expenses before and after hospitalisation including ambulance cover

Is an exclusive coverage required?

-- No need to take separate policy

--  The basic health cover will include treatment

-- However, the insurance regulator IRDAI has indicated that it will bring a separate policy

-- many companies have already brought exclusive policies

Why health insurance is important?

-- At the time of emergency to meet medical expenses

-- The medical expenses are only rising by the day

-- Inadequate coverage will increase burden on your pocket

-- Even the treatment of lifestyle diseases is becoming expensive

-- A pandemic is now included in critical illness

IRDAI's Direction to companies

-- IRDAI has given a big relief on the Covid-19 front

--  Grace period for life insurance premium increased by 30 minutes

-- Renewal period relaxed by 30 days

-- Community benefit and no-claim bonus to continue

See Zee Business Live TV Streaming Below:

-- IRDAI's instruction for quick settlement of claims

-- Information on Corona related deaths need to be intimated on the website for any claims

-- Companies will have to give reports on claims every 15 days

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