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Find affordable health insurance plans for 2020 – IIFL

In the last few months, COVID19 outbreaks all the worldwide records of infected patients and deaths. It majorly attacks our Immune System; that’s why most of the National and Global Health Agencies mainly stress the need to keep their immune system healthy. People have to maintain proper hygiene and eat healthy food, they have to use face masks properly and follow the rules of social distancing. In addition, they also have to take one more important measure, and that is buying Health Insurance.

Health insurance plans ensure that if you are undergoing any long term treatment, then your family doesn’t face any financial problems. Just by paying a smaller amount of premium, it provides adequate insurance cover, acts as a protective shield for you and your family members from any sudden disruptions of medical treatments, and it will shield your savings as well.

In the year 2020, every individual must take such health insurance plans which will cover all the necessary expenses of treatment of COVID19 and also cover the costs like testing, Hospitalization, quarantine, etc. There are many organizations and insurance providers, provide numbers of Health Insurance Plans during the COVID19 pandemic. These health insurance plans will be discussed in subsequent sections.

  1. Corona Kavach Plan

It is a family health insurance plan during COVID19, provided by Max Bupa Health Insurance. On account of the rising number of patients of Coronavirus, a specific Coronavirus health insurance policy like Corona Kavach will not only helps you and your family during hospitalization, but will also offer some additional features. 

  • It offers Hospitalization Coverage for COVID19 up to Rs. 5,00,000 with policy terms options to choose from 3.5/ 6.5/ 9.5 months;
  • It offers coverage of Pre-existing disease along with COVID19 up to sum insured;
  • It offers coverage for availing treatment at home for COVID19. Also, it covers, all Pre and Post Hospitalization Expenses up to sum insured for 15 and 30 days respectively;
  • It offers Coverage of AYUSH treatment for COVID19 patients and provides them treatment under Ayurveda, Yoga, Unani, Siddha and Homeopathy;
  • It is a relatively affordable plan; anyone from age 18 years to 65 years can avail this plan for self and their immediate families.
  1. ReAssure Health Insurance

ReAssure Max Bupa Health Insurance introduces health Insurance Policy, that will provide unlimited sum insured for any type of Hospitalization (includes cases related to COVID19). As per this policy, consumers can make as many claims as required for themselves or any family members, covered in the same policy, for the same or different illness in a year, with no additional cost.

Suppose a family is insured under this policy with Rs. 10 lakh floater sum cover. And if one of the family members is diagnosed with COVID19 or any other disease and needs immediate Hospitalization then they can claim coverage up to Rs. 10 lakh and they can claim as many times as they need. Also, they get this Reassure benefit, even if two members of the family get hospitalized at the same time.

There is a ‘Booster Benefit’ of this policy, in which if a family doesn’t make any claim throughout the year then the insured sum will increase by 50% for next year and there will be 100% increase in sum certified in just two years.

As per this policy, it offers multiple financial benefits that are:

  • Benefit up to 30% discount on renewal premium under ‘Live Healthy’;
  • 5% discount for doctors;
  • 10% discount if two or more members are covered under an individual policy;
  • 7.5% discount on the premium of second policy year for a 2-year policy term;
  • 15% discount on the premium for the third year for the 3-year policy term.
  1. Special Health Insurance Policy – Karnataka Bank

During COVID19 pandemic, the private sector lender, Karnataka Bank launched a Health Insurance Policy to cover the uncertainties posed by COVID19.

Under this policy, any individual of age 18-65 years, can avail this policy at a premium of Rs. 399 (inclusive of all taxes) for COVID19 treatment. This policy inter alia covers;

  • In-patient hospital expenses up to Rs. 3 lakh;
  • Out-patient treatment expenses of Rs. 3000;
  • The policy also provides a sum of Rs. 1000 a day of quarantine at a government or military hospital;
  • This policy is valid for 120 days.
  1. Reliance Health Infinity

A Health Insurance Plan named ‘Reliance Health Infinity’ was launched by Reliance General Insurance Company Limited. The policy offers 90 days pre-hospitalization cover and 180 days post hospitalization cover. In addition to this, it provides a sum insured ranging from Rs. 3 lakh to Rs. 1 crore and free restore benefits.

This insurance offers three main benefits under this Health infinity plan:- 

  • ‘More Cover’ – it allows you to get an additional sum insured. An individual may get this benefit to enjoy an extra cover of 
  • Rs. 1 lakh on Rs. 3 lakh cover;
  • Rs. 2 lakh on Rs. 5 lakh cover;
  • Rs. 3 lakh on Rs. 10 lakh cover;
  • Rs. 5 lakh on Rs. 15 lakh cover;
  • Rs. 15 lakh on Rs. 50 lakh cover;
  • Rs. 30 lakh on Rs. 1 crore cover.
  • ‘More Time’ – an individual can get an additional period cover by purchasing the optional cover of ‘more time’.
  • ‘More Global’ – this feature covers any emergency hospitalization outside the geographical boundaries of India; in foreign countries also.
  1. Insurance Cover of Rs. 50,000 per Health Worker – Government of India

Out of a package of Rs. 20 lakh crore of Government of India, Union Finance Minister Nirmala Sitharaman announced Rs. 15,000 crore for fighting against the Coronavirus pandemic.

The finance minister said the funds were issued for essential items, testing labs and kits along with rolling out of tele-consultation services, the launch of Arogya Setu app and protection to health care workers with adequate personal protection equipment (PPEs).

From the fund of INR 15,000 crore, Insurance Cover will be provided to the tune of Rs. 50 lakh per person for Health professionals under Pradhan Mantri Garib Kalyan Yojana (PMGKY). As per this Insurance Cover, if any health professional, who while treating COVID19 patients and meets with some accident, then he/she would be compensated with an amount of Rs. 50 lakh.

It is definitely important to buy health insurance in times like this. It is better to analyze the best insurance that suits your needs as well as consider the costs of the risk mitigation tool by comparing premiums across plans.

FAQs: Affordable Health Insurance Plans

What is the right age to buy health insurance?

Health insurance ironically is not for good health but a means of financial support for illness. It is important to purchase the appropriate health insurance at a young age with a healthy body. In fact, health insurance is one of the key tools in every financial plan. It is said that once you start earning, first thing is to mitigate the risks with a health insurance plan.

Why you should buy health insurance when you are young?

Health insurance is a risk management tool to cover the financial burden in times of illness, medical ailments etc. When you are young the probability of any pre-existing disease is less and you are less prone to health problems. This reduces the risk for the insurance company and therefore, it offers the policy at a much lower cost as well. Here are few points to help you consider buying a health insurance policy at a young age;

Escaping pre-existing disease waiting period
Lower premium
Vast choice of policies
Financial planning

What is the waiting period clause in a health insurance policy?

Generally, health insurance policy is not active from day one. The policy cover commences only after a waiting period of 30 days is completed from the date of payment of premium. However, there are certain exclusions to this like a clause covering pre-existing ailments and a specific exclusion for certain diseases.

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