Does your Health Insurance Policy cover Coronavirus?

May 07, 2020

Does your Health Insurance Policy cover Coronavirus?

The world is in the midst of the novel COVID-19 Pandemic. The dreaded virus has claimed many lives across the globe. In India, there is a burgeoning number of coronavirus cases every day. Let’s get to know how your health insurance will help to cover the costs against the novel COVID-19.

Most parts of the countries are under lockdown, social distancing has become the new trend, and it is destroying economic growth around the world. There is a catastrophic loss due to novel COVID-19, which has spread to many countries.

What is the novel COVID-19?

The contagious disease, caused by the family of viruses, results in a range of illnesses including the common cold leading to severe problems like pneumonia, impaired kidney and lung disorders and even multi-organ failure.

The World Health Organisation (WHO) has declared it as a pandemic. The pandemic originated in Wuhan, China, and has claimed more several lives worldwide, and it is likely to increase further. In India, the number of confirmed coronavirus cases has been on the rise.

The biggest worry now is the cost of treatment and hospitalisation and whether insurance companies are offering claim for those testing positive. A circular issued by the Insurance Regulatory and Development Authority of India (IRDAI) states that insurance companies must provide cover for coronavirus patients and settle the claims as per the applicable norms. The authority has also asked insurance agencies to fast-track claim settlements for those who are suffering from the illness.

ICICI Lombard General Insurance Company includes COVID-19 in all its health insurance policies.

Importance of Coronavirus health insurance:

The outbreak of Coronavirus has compelled people to stay inside their homes, and it is severely affecting many people financially. In such times of financial hardships, it is paramount that you are prepared for the worst. Thus, staying armed with a health insurance cover is an ideal choice you can make today.

Features of ICICI Lombard Health Insurance Policy

  • All health insurance policies of ICICI Lombard covers COVID-19 hospitalisation expenses
  • If you have a group health insurance policy, then the policy will cover the age group of 18-75 years, majorly senior citizens who are most prone to the virus
  • The health insurance will cover expenses incurred if the medical practitioner advises the quarantine in the hospital. 
  • Your travel history will not affect your admission for claim as long as your hospitalisation is in India 
  • If you’re hospitalised, you can initiate a claim intimation online using ICICI Lombard (IL) Take Care mobile app or directly visiting IL Health Care

Exclusions of the policy:

  • The insurance will not cover self-quarantine or home quarantine expenses
  • If you have purchased a fresh health insurance policy, the hospitalisation expenses incurred will not be covered if you have contracted the illness before the completion of 30 days of the waiting period.

Advantages of health insurance cover in the time of coronavirus:

  1. As the virus is already spreading fast, it can affect anybody. A health coverfrom ICICI Lombard will help to keep you safe and fight the disease without any financial strain. In India, the COVID test cost around Rs <4,500>. Buying this policy will help to cover the health risk. 
  2. Since the senior citizens are at a higher risk of being affected by the virus, the policy offers cover from the age group of 18 to 75 years. You must opt for this plan to safeguard your parents from Coronavirus. The policy will bear all the expenses and offer virtual assistance through chats, so as you can keep in touch with your family members in such difficult times.
  3. It is necessary for middle-class and low-income earning families to opt for health insurance policy who won’t be able to bear the burden of two-three members affected by Coronavirus.

Since Coronavirus cases are growing exponentially, this health insurance will prove to be beneficial for you and your family. It is better to buy now before it is too late. ICICI Lombard is here to serve you during such crisis.

Apply Health Insurance, here if you are an ICICI Bank Customers.

Non Customers can check Health Insurance Premium, here.

Source: https://www.icicilombard.com/health-insurance#covid_faqs

 

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