InvestorQ : Can you share the details of a standard individual-based coronavirus health insurance policy(COVID-19), it is advisable to buy one?
Sneha Balasubramanian made post

Can you share the details of a standard individual-based coronavirus health insurance policy(COVID-19), it is advisable to buy one?

Answer
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Ria Jain answered.
3 months ago


These are things you should know about standard individual-based coronavirus health insurance policy if you are planning to buy one:

  • The minimum sum insured shall be Rs. 50,000 and the maximum will be Rs. 5,00,000
  • The age limit for the policy is 18 to 65 years.
  • The policy shall also be available on a family floater basis. Only dependent children between the age of 3 months to 25 years shall be covered under the policy.
  • The base cover and add-on cover under the policy shall be available on a benefits basis.
  • The standard product shall be available in all modes yearly, half-yearly, quarterly, monthly, and auto-debit facility shall also be there.
  • Insured shall be allowed at least 15 days period from the date of receipt of the policy to review the terms and conditions of the policy and to cancel if they are unable to accept the terms and conditions.
  • The policy shall have a waiting period of 15 days and only pre-existing diseases declared at the time of taking the policy shall be covered after a waiting period of 48 days.
  • One add-on shall also be allowed to the insurers in case they are quarantined, then the assured shall be paid 50% of the sum assured. This quarantine cover is a merely partial acceleration of the base amount and not any increase in the sum assured.
Should you buy:
This benefit based COVID-19 cover shall be useful for those who do not have any previous health insurance policy and is looking for a policy to protect one against coronavirus. However, if you already have an insurance plan, you can simply pay a little more premium to get coronavirus cover or it more likely that it would be covered under your insurance plan already.