Does your Health Insurance cover COVID-19 claims?

Does your Health Insurance cover COVID-19 claims?

The coronavirus pandemic was a sort of eye-opener that emphasized the need of having a health insurance in place to fight against such unexpected medical emergencies. Insurance providers have assessed the need for a COVID-19 insurance that covers all medical expenses ranging from treatment costs to diagnostic tests.

The two kinds of COVID-19 insurance offered as per the authorization of IRDAI are:

Corona Kavach

A short indemnity-based plan that pays up to the sum assured for hospital expenses.

Corona Rakshak

A benefit-based policy that offers lump sum payment equal to the sum assured if you are diagnosed by a government approved testing centre and requires hospitalization for 72 hours.

These two corona health insurance plans are the need of the hour given the situation. Some insurers help you make claims against this policy in the form of an add-on rider while others provide a standalone insurance plan for COVID-19 related costs and treatments.

When purchasing the best health insurance in India for themselves and their loved ones, one must ask this question – whether your plan allows you to make claims against COVID-19 as life is full of uncertainties and it is crucial to stay prepared for any such health adversities.

Source: As per Press Release (irdai.gov.in)

Health Insurance Plan Eligibility Criteria

The need for buying a well-suited health insurance for you and your family is highlighted to ensure that you assess your requirements carefully and opt for a policy that offers maximum benefits at a reasonable cost. While it is essential for everyone to have the best health insurance policy in place to deal with expenditures linked to medical treatment, the criterion for eligibility is as follows:

1. Entry Age

Under a child health insurance plan, the minimum entry age is 16 days and goes up till 18 years. Whereas for an adult, the age of entry is 18 years and the individual enjoy all the benefits as per the policy terms and conditions.

2. Pre-Existing Conditions

If you are diagnosed with a disease before buying the health insurance plan, it is considered to be a pre-existing condition for which there is a specified waiting period. Only after the waiting period lapses, you are eligible to make claims against your health insurance plan for that particular illness.

Why Buy a Health Insurance Plan at an Early Age?

It is always a good idea to buy the best health insurance policy from the best health insurance company in India at a young age as you do not have to stress about paying medical bills and exhausting hard-earned income on such hefty treatments. At an age where you would like to save up for your future, draining finances can affect your economic well-being and also affect you emotionally.

The skyrocketing rate of inflation in the medical sector does not make it any easier, reason why buying a health insurance early in life comes handy in a number of ways.

Check out some of the major benefits why youngsters should be investing in a health insurance plan:

1. Offers a comprehensive coverage for any health-related emergencies that may arise and put a strain on your financial security.

2. If there are any pre-existing conditions, you can wait out the specified waiting period early on without compromising too much on your health and become eligible for claims against it when you need it the most.

3. Since young people are healthy and less prone to diseases, the premium amounts are affordable and makes your health insurance cost worth the investment.

4. The tax benefits under section 80D are applicable which helps you save on your income and direct your fund towards a sound future planning.

5. You have wider coverage options with riders and add ons offering a comprehensive health insurance plan.

When you are young, you are at your peak health. But today’s on-the-run lifestyle, increase in environmental pollution and rise in stressors have made young population the centre of a variety of health conditions that can hamper your quality of living. Thus, to reduce such negative impacts, it is advisable to buy a health plan early.

Documents Required to Buy Health Insurance Plan in India

Following are some of the documents that you might be asked to furnish while buying health insurance plan in India:

  • Age Proof
  • Identity Proof
  • Address Proof
  • Medical Reports
  • Passport size photo

Note: The list of documents required might vary from one health insurer to another.

How to Choose Best Health Insurance Plan in 2021?

2021 has been a year of learning when it comes to health and the uncertainties of life. It has also made us value health insurance plans and it’s significance. With so many insurance providers and types of health insurance out there, it may become a herculean task to decide which one is your best pick.

To make matters simple, here’s a check list to keep in mind if you want to choose the best health insurance plan in 2021:

Assessing Your Health Requirements

Each individual has some specific health needs that they need to adhere to for availing the ideal plan for themselves

Coverage Options

Plans that offer comprehensive coverage with add on benefits with a coverage type suited for your needs are your best bet. As per your requirements, you might want to go for a family floater health insurance that offers higher sum assured at lower premiums that can be availed by all the members of the family a mentioned in the policy.

Higher Sum Assured

With the cost of treatment becoming unaffordable, you would want to compare plans online and opt for the one that offers a higher sum assured to ensure that all the expenses incurred are covered for.

Renewal Benefits

No-claim bonuses offered under a health insurance plan that are rewarded in the form of increased sum assured amount or a lower premium payment is the kind of flexibility that you should consider during policy renewals for choosing the best plan.

Claim Settlement Ratio (CSR)

CSR is the unit of measuring the total claims filed to the total successfully claims approved by an insurer to determine their success rate when it comes to settling health claims. It is essential to look for insurance providers who have a higher CSR rating as the higher the number the more chances you have at a smooth claim settlement process.

Why Should You Compare Health insurance Plans Online?

Purchasing a health insurance plan online has made our lives easier and what makes it even more convenient is the option to compare various plans online to help you get the best one. Here are some important benefits of comparing health insurance plans online:

  • Ease of access to a wide range of health insurance plans
  • As per your health requirements, income, and age, you can get free quotes online at the click of a button and forget about any other hassles.
  • The flexibility of checking and comparing plans as per your convenience and time is unmatched. This means you can decide on which plan to buy from the comforts of your home and also buy including other family members in this decision.

Tools such as health insurance premium calculator available readily online helps you figure out your ability to pay and factor in some other aspects to know if a particular premium plan works for you or not.

How to Buy an Online Health Insurance Plan?

The primary purpose of health insurance plans in India is to provide comprehensive financial coverage to you and your family members. Thus, you need to make sure that you are choosing an health insurance policy with sufficient coverage and cost-effective premiums payable.

Here is how you can purchase online health insurance coverage

  • Fill in your details for a life/ health insurance plan/ cancer plan
  • Add the amount of critical insurance/ cancer insurance coverage (or sum insured) that you need with your online health insurance
  • Choose the maximum medical insurance coverage tenure as the chances of contracting a critical illness increases with age.
  • Use an online health insurance premium calculator to arrive at the premium amount payable based on your age, gender, lifestyle preferences, chosen health insurance coverage (or Sum Insured) and Maximum Coverage Age.

Choose the maximum medical insurance coverage tenure as the chances of contracting a critical illness increases with age

How to Calculate Health Insurance Premium?

To calculate your health insurance premium, you would need to assess your health requirements, income, age, gender and ability to pay based on your occupation. Once you are aware of all such factors, you need to take into account what payment type suits you. Whether it is monthly, quarterly, half yearly or annually. Having adequate knowledge of your needs and capabilities will ensure that you take up a plan with a premium payment that doesn’t seem like a burden.

If you find yourself in a place where you need an expert to guide you better, you can always get in touch with us at Max Life Insurance with any queries or doubts you might have towards your health insurance plan.

Benefits of Max Life Cancer Insurance Plan

Max Life Cancer Insurance Plan (UIN- 104N093V03) is a Non-Linked Non-Participating Individual Pure Risk Health Insurance Plan. Benefits defined under the plan are payable only on the diagnosis of cancer as specified. There is no maturity or surrender benefit available under the health insurance coverage.

As one of the life insurance companies in India, we offer the following benefits with Max Life Cancer Insurance Plan –

1. Coverage against All stages of Cancer

Max Life Cancer Insurance Plan provides coverage against all stages of cancer. In case, you are diagnosed with cancer at an early stage, you will receive 20% of the sum assured under the plan upfront, while the remaining amount is payable if the cancer develops into a major stage.

Health Insurance

2. Dual Benefit of Lumpsum Payout and Income if Major Stage Cancer is Diagnosed

In case you are diagnosed with a major-stage cancer, you will receive the full sum assured amount with an additional 10% as Income (annually) for the next five years.

3. Indexation of Sum Insured

Max Life Cancer Insurance Plan offers an inbuilt-indexation benefit. Herein the Sum Insured under the plan increases by 10% (simple rate) for the first five claim free years at no extra cost (up to a maximum of 150% of the basic sum assured).

4. Significant Tax Saving Benefits

Tax benefits apply to the premiums paid and benefits received by you as per Section 80D of the Income Tax Act 1961. Tax benefit are as prevailing tax laws subject to change.

5. Waiver of Premium Upon Early Detection of Cancer

In case you are diagnosed with cancer at an early stage or a pre-cancer stage (carcinoma-in-situ), you will immediately receive a fixed percentage of the sum assured, while all future premiums payable are waived off.

6. Long Term Coverage

Max Life Cancer Insurance Plan allows you to avail health insurance coverage up to the age of 75 years, making it a great health insurance plan

What is the Difference between Health Insurance Plan, Cancer Insurance and Critical Illness Insurance?

In India, it is prudent to invest in Critical Illness (CI) and health insurance plans to avail of financial assistance against medical treatment costs for various health ailments and related hospitalization.

With the growing number of cancer patients in the country, however, it is advisable to consider buying a dedicated cancer insurance plan to help mitigate the financial burden related to cancer treatment expenses.

To help you understand, we are listing the key differences between health insurance, CI insurance and cancer insurance in the below table