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Hidden gems of health insurance you must know during COVID-19 pandemic

The following article is an initiative of Bajaj Allianz General Insurance and is intended to create awareness among readers

March 31, 2020 / 05:23 PM IST

The world is under lockdown. The Coronavirus or COVID-19 is tightening its grip and has so far killed over 16,000 people across the globe, forcing countries to close their borders, suspend air travel and ban its citizens from leaving their homes.

The outbreak of the virus, which began in Wuhan, capital of Hubei province, China, has created a havoc across the globe including India, with at least 640 confirmed cases, forcing 1.3 billion Indians to practice social distancing by staying indoors.

That’s not it.

India is and has been historically grappling with other health-related problems such as diabetes, cardiovascular diseases, cancer, etc. In 2018, the country saw nearly 1.16 million new cancer cases and 784,800 cancer deaths. Moreover, as per a National Health Profile 2019 report* released by the health ministry of India, there is a steep rise in cardiovascular diseases, diabetes, chronic obstructive pulmonary diseases, etc.

And, the medical costs associated with treating the aforesaid diseases are also spiralling as the rate of retail inflation related to hospital and nursing charges was the highest during 2018-19 at 9.4%, as compared to 6.5% a year before, as per the Economic Survey.

Therefore, in case of an unfortunate event, a trip to the hospital can leave you financially dry as the diagnosis and treatment of any type of disease or ailment can drill a hole in your pocket. To avoid dipping into a financial mess, it is better to safeguard yourself from medical emergencies well in advance. One of the things that you can do early to tackle any medical emergency is by securing yourself financially.

Here, the importance of health insurance cannot be emphasised enough.

Health insurance- a necessity

Imagine a scenario where you have been hospitalised for a week and your hospital bill amounts to Rs 3 lakh. How will you pay the bill in the absence of a health insurance policy? Obvious answer: Dip into your savings, dilute your investments or even take a medical loan to pay the bill. All of this could be avoided through a health insurance policy, as the entire cost would have been borne by the insurer, saving you from financial stress.

There is no denying that an effective health insurance policy saves you from a major financial slip-up. Besides hospitalisation costs, it covers a host of other charges such as medicine costs, doctor’s consultation fees, ambulance charges, medical tests, etc., which form a major chunk of the hospital bill.

Also, you don’t have to worry about quality treatment as majority of the reputed insurers have a huge network of hospitals which offer cashless settlement facility. Thus, you can expect the best treatment without any financial hassles.

Hidden gems of health insurance

A lot of Due diligence is required when buying a health insurance policy. Important points such as sum insured, premium, individual or floater, extent of coverage, waiting period for pre-existing diseases, sub-limits, etc., must be considered thoroughly while purchasing a policy.

Besides, you can also assess other inclusions such as OPD coverage, treatment of mental illness, alternate treatments like Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy (AYUSH), disability, second opinion on illnesses, riders for accidents, vector-borne diseases, organ donation, and even attendant allowance.

Apart from the above, other important factors that should be considered while choosing an insurer are- claim settlement ratio and market/industry reputation.

Trusted partner

It is important to choose a reputed and trusted insurance company as they prioritise and understand your needs and requirements during emergencies. A reputed insurer will always provide tailor-made policies, provide 24X7 service, and will have a host of features to give you and your family full coverage. For instance, through its Health Infinity Plan, Bajaj Allianz Health Insurance is able to cater to all the requirements of an individual and even settles claims on-the-go.

Bajaj Allianz Health Infinity Plan

Bajaj Allianz General Insurance’s special Health Infinity Plan provides comprehensive benefits for you and your family in case of an unfortunate event of hospitalization due to an illness/ injury.

Besides coverage for family members, preventive health check-ups, road ambulance expenses and many such other expenses are also covered under this policy.

For instance, the Health Infinity Plan does not have any limit on sum insured.

Under this plan, one can avail Indemnity Health Insurance Plan without any limit on Sum Insured

In addition, the plan covers day-care procedures, per day room rent options, no pre-policy medical tests of up to 45 years of age, etc.

In case you wish to avail the plan, the minimum and maximum entry age for proposer or dependents are 18 and 65 years, whereas the minimum entry age for dependent kids is three months.

Moreover, Bajaj Allianz Health Infinity Plan offers wellness discount, family discount, 5% online discount and 4-8% discount on opting for a long-term policy.

Apart from saving you from spiralling medical costs, the health insurance policy also saves you tax under Section 80D of the Income Tax Act.

In a nutshell

We live in uncertain times where unfortunate events such as COVID-19, cancer, cardiovascular diseases can occur any time, frustrating us mentally and financially. Hence, it is important to cover yourself with adequate health insurance to avoid plummeting into a financial mess. Select appropriate coverage and evaluate your premium rates with an online health insurance premium calculator .

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Tags: #Features
first published: Mar 31, 2020 05:22 pm
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