Now, top insurers design comprehensive health insurance policies for coronavirus treatment; IRDAI to take call

The Coronavirus pandemic has till now affected over 600 people and claimed 13 lives as per government data. The menace is only growing and this has led to the ordering of a 21-day complete lockdown across the country. Centre and state governments have been making special arrangements to deal with any sudden spike in the number of cases. Considering the speed at which cases are rising, all such efforts need to be applauded.

Both government and private hospitals have now started treating patients affected with the disease. But affording a treatment in a private hospital is not within everybody's reach. In view of this, major health insurance companies have come out with comprehensive policies to treat coronavirus disease. The schemes have been tailor-made keeping in mind the expenses that would go into the treatment and also the duration of the treatment. Though the existing plans will also cover the treatment cost as per the directions of the insurance regulator, but they may not be enough to bear the entire treatment cost.

The details of plans being brought for the customers have been sent to Insurance Regulatory and Development Authority (IRDAI) for its approval.

Under the existing plans, expenses related to pre and post hospitalisation are covered. but the new plans have been designed in line with the treatment requirements of critical illness. Under the new schemes the entire sum ensured will be given to the infected person.

Features of the plans
-- Insurance companies have designed tailor-made plans for coronavirus disease treatment. Plans are before IRDAI for its approval-- Insurance cover in accordance with critical illness cover  
--  Entire some insured if policy holder found infected
-- Schemes of two companies already cleared by IRDAI
--  Companies free to decide the premium cost with terms and condition of their choosing
-- Policy period for 1 year
-- Waiting period for most companies 14 days

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-- For Rs 25000 sum ensured a premium of Rs 300-400 likely
-- All major expenses for treatment of Coronavirus covered  
--  All financial losses to be met by insurance company