How to Buy the Best COVID Insurance Policy in India?

2024-08-02

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The novel Corona Virus has affected close to 23 Million people around the world, and the count is increasing every day. With the total number exceeding at a rapid rate, many countries have declared the pandemic as dangerous.

Apart from taking precautionary measures laid by the World Health Organization to avoid contracting this disease, you must also ensure your family is safe from any financial burdens in case something happens to you. And a life insurance policy with coverage against COVID-19 should be the right choice.

The COVID-19 effect in India

With more than 30 lakh cases in India alone, Corona Virus has affected the whole country dangerously. Adding to the adversity of the situation, the lockdown has led to a drop in economic values and shortage of income. The situational pressure has intensified and many have been facing economic difficulties, requiring reliable financial support to tide over emergencies and uncertainties.

Understanding the need of the hour, several life insurance companies have introduced a COVID-19 insurance cover or are proving a COVID-19 top-up with their existing policies. However, not all plans are worth your time and efforts, and only making an informed choice can provide you and your family the best COVID insurance policy.

Need for a COVID-19 Insurance policy

As the COVID-19 situation aggravates in the country, the financial crunch is also increasing with dipping stock markets and loss of jobs, intensifying the whole situation further. In addition, the low penetration of insurance in India could cause more trouble because the entire financial burden would fall up on the families of people who procrastinated on their decision of buying timely insurance policies. In such demanding and unprecedented times, only a comprehensive insurance cover can be a saviour.

So, should you buy a specific Corona Virus health cover or an existing term insurance policy good enough? We would suggest, have both!

While a dedicated Corona virus insurance can help cover hospitalization and other expenses, a Term Plan with corona cover would be beneficial in case something unfortunate happens. Most term plans give out a lump-sum to the family of the insured in case of a misfortunate happening, ensuring they have all their expenses covered.

Tips for choosing the best COVID insurance

1. Credibility of the provider: The first and foremost evaluation to buy the best Corona Virus Insurance has to be to check the credibility of the insurance provider. There are several companies offering competitive rates and insurance benefits, however, not all may be as proactive when it comes to approving a claim. It is the best that you know the claim settlement ratio and the solvency ratio of the company. The claims settlement or paid ratio is the percentage of the total number of claims made vs. the number that was paid out. On the other hand, the solvency ratio expresses if the company is in a sound financial position to pay off the claims, especially relevant in times of COVID-19 when multiple claims are being made together.

2. Adequate cover amount: Different insurance covers offer sum assured starting from Rs.20,000 to Rs.2 Lakhs. However, while selecting the best COVID-19 insurance, you must analyze if the amount is sufficient to cover your needs and to support your family in case the disease intensifies and something unfortunate happens.

3. Affordable premiums: Buying COVID-19 insurance is important especially for those in high-risk areas, but the current situation has affected everyone’s income stream and thus, it is even more important to buy a cover that has premiums enough to fit into your budget. Look for a plan that offers relevant balance between the coverage amount and affordability of premiums.

4. Simple process: Another aspect to be considered for buying COVID Insurance is the process of applying and processing the claim. Read carefully through the company policies to ensure their claim process is simple and hassle-free, so your family doesn’t have to run from one end to the other making insurance claims.

5. Customer service: To select the best COVID-19 insurance, select a provider that has a positive customer service record. Research and read various online reviews and also connect with company executives to be sure of their customer service. In times of pandemic, the idea is to connect with a provider who gives excellent customer service and offers quick redressal of grievances.

COVID-19 Insurance by Canara HSBC Life Insurance

Canara HSBC Life Insurance Life understands that your family is your priority, and their safety comes first. To help you have reduced stress during these unprecedented times, all their life insurance policies cover COVID-19 claims. Also facilities like easy online application, quick claim settlement and at-home mediacl tests make them an ideal choice.

The outbreak of this pandemic has made us more exposed to uncertainty than ever before. Thus, a comprehensive life insurance is your best bet to be sure of the financial security of your family in the most needed times.

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised to exercise their caution and not to rely on the contents of the article as conclusive in nature. Readers should research further or consult an expert in this regard.

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