Coronavirus (COVID-19) Health Insurance

Let us learn more about Coronavirus Insurance and its importance to help you determine if you need this plan.

What Does Coronavirus Health Insurance Mean?

Considering the current scenario, having coronavirus insurance is of utmost importance and should definitely be a part of your financial planning. With Coronavirus Health Insurance, one can cover medical expenses incurred for COVID-19 treatment. But what if the patient dies due to the virus? How will their family survive? In that case, Coronavirus Life Insurance plays a key role in securing the family's financial future.

Does Life Insurance Cover Coronavirus?

If a policyholder passes away due to coronavirus (during the policy tenure), their existing life insurance company is liable to pay the death benefit to the beneficiary.

However, when buying new life insurance, one may face some difficulties in the policy acceptance process. Applicants need to present all necessary medical documents stating they are not infected with coronavirus. This will help in policy acceptance, and the insurance company will offer coverage to the policy's nominee. Additionally, premiums would be determined by the insurer based on the policy buyer’s health and medical history.

Does Health Insurance Cover Coronavirus?

Yes, it is mandatory for health insurance companies to include medical cover for COVID-19, irrespective of the policy a consumer owns. Therefore, existing health insurance policies will definitely offer coverage for coronavirus treatment expenses.

However, if you don’t have health insurance yet, you can opt for standard health insurance or specific COVID-19 Health Plans. But before buying a policy, keep in mind that if a person buys a health insurance policy after testing positive for COVID-19, the health insurer will not cover the treatment expenses.

COVID-19 Health Insurance Plans in India

Currently, only a handful of insurance providers have launched specific Coronavirus insurance plans in the market. Some of them are listed below:

1. Corona Kavach Policy

   Corona Kavach Policy is a single premium, limited-period policy without lifelong renewability benefits. One can also opt for a family floater plan to cover parents, parents-in-law, and dependent children up to 25 years of age.

   Eligibility	18-65 Years
   Sum Insured	50,000 -5 Lakhs

   Table Data updated on May, 2021

2. Corona Rakshak Policy

   Corona Rakshak Policy is a single premium policy that pays 100% of the sum insured (as a lump sum) if the policyholder is hospitalized for at least 3 days after testing positive for the virus.

   Eligibility	18-65 Years
   Sum Insured	50,000 -2.5 Lakhs

   Table Data updated on May, 2021

3. Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy (Pilot Product)

   Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy offers a lump sum benefit to the insured who has tested positive for the virus and undergone hospitalization. Applicants are not required to undergo any pre-acceptance medical screening or testing to claim the sum insured. The policy also comes with a free-look period of 15 days for buyers.

   Eligibility	18-65 Years
   Waiting Period	16 days
   Sum Insured	Two Options- Rs.21,000 & Rs.42,000

   Table Data updated on May, 2021

4. ICICI Lombard COVID-19 Health Insurance Policy

   This policy is specifically designed for those diagnosed with COVID-19 and guarantees a lump sum benefit to the policyholder.

   Eligibility	18-75 Years
   Waiting Period	14 days
   Sum Insured	Rs. 25000

   Table Data updated on May, 2021

5. Digit Insurance

   Digit Insurance also offers an insurance plan specifically designed for individuals affected by the virus. Upon filing a claim, the insured is eligible to receive 100% of the claim if tested positive for the virus. The insured is eligible to receive 50% of the sum insured even if the test results are negative.

   Eligibility	Up to 75 Years
   Waiting Period	15 days
   Sum Insured	Rs.25,000- 2 Lakhs

   Table Data updated on May, 2021

Inclusions Under Coronavirus Health Insurance Plans

General inclusions in plans specifically designed for those diagnosed with the virus are listed below:

1. Hospitalization Expenses

   Coronavirus-specific plans cover treatment and hospitalization expenses. Expenses for hospitalization exceeding 24 hours are also covered by insurance providers.

2. Quarantine Cover

   Coronavirus-specific health insurance not only covers hospitalization after diagnosis but also for insured individuals quarantined in government-identified facilities.

3. Additional Coverage

   Coronavirus-specific health insurance plans, such as those offered by Digit Insurance, may offer additional covers like maternity benefits with newborn baby cover, and expenses for alternate treatments such as Homoeopathy, Ayurveda, or Unani.

Exclusions Under Coronavirus Health Insurance Plans

Exclusions for health insurance plans covering coronavirus treatment expenses are listed below:

1. Prenatal and Postnatal Expenses

   Pre and post-delivery expenses are not covered by need-based coverage. If you require coverage for pre and postnatal expenses, speak to your insurance provider or agent for an add-on cover.

2. Pre-existing Diseases

   Coronavirus health insurance does not provide coverage for pre-existing diseases. Additionally, insured individuals who display coronavirus-like symptoms six weeks prior to policy purchase are not eligible to receive the claim.

3. Coverage for Hospitalization without Doctor’s recommendation

   If the insured is hospitalized for a condition without a doctor’s prescription or recommendation, they are not eligible to receive the claim amount for hospitalization expenses.

How to Buy a COVID-19 Health Coverage Policy?

Follow these steps to get your coronavirus-specific insurance from renowned insurance providers:

How to Claim for a COVID-19 Health Insurance Policy?

The insured may make a claim for treatment and hospitalization if tested positive for Coronavirus, in one of the following ways:

Reimbursement Claims

If you opt for reimbursement claims, you must initially bear the expenses for treatment and hospitalization. The insured must then file the reimbursement claim by submitting necessary documents such as hospital bills, payment receipts, diagnostic reports (including the COVID-19 test report), and the claim form.

Cashless Claims

Cashless health insurance allows you to avail treatments at network hospitals without any out-of-pocket expenses. Simply display your e-health card at the hospital and fill in the cashless request form with relevant details for your insurer to settle expenses directly with the hospital.

To receive the benefits of the insurance plan, the insured must produce the following documents when filing a claim:

• A quarantine certificate from a Government Medical Officer to start treatment for the virus.
• A positive virology report must also be submitted if the insured tests positive for the virus.

However, in case of the policyholder's death due to coronavirus, the nominee must inform the respective insurance provider at the earliest and submit all necessary documents such as the claim form, death certificate, original policy documents, beneficiary's ID proof, etc.

Once the documents are checked and verified by the insurer, and if the claim is accepted, the amount will be transferred to the nominee’s bank account.

IRDAI Updates on COVID-19 Health Insurance Claims

IRDAI has issued a set of guidelines for handling coronavirus-related claims. The guidelines issued by IRDAI are listed below:

• All insurance providers shall expeditiously handle claims pertaining to COVID-19.
• As per Regulation 26 of IRDAI (Health Insurance) Regulations, insurers shall establish systems and procedures to enable efficient issuance of pre-authorizations on a 24-hour basis and for prompt settlement of claims.
• Admissible expenses incurred during treatment must be settled as per the terms and conditions stated within the regulatory framework.
• The claims review committee must thoroughly review each COVID-19 related claim.
• The instructions issued under Section 14(2)(e) of the IRDAI Act will be applied with immediate effect.
• Insurers are advised to issue appropriate guidelines to their respective Third-Party Administrators (TPAs).