Group health insurance plus personal health insurance: Higher the number of family members, higher the insurance cover.
By Vinay Taluja
The Government of India is taking all possible measures to ensure that Covid-19 does not spread in India like it did in other countries. From maintaining social distancing, sanitising hands, restrictions on public gathering, closing of malls, stores, and cineplexes, etc., the government has ordered lockdown. As a responsible citizen, you must also be following all possible guidelines issued by the Mgovernment to protect yourself and your family against Covid-19.
Nobody knows which way this critical situation will turn. A look at the statistics of other countries show that if the number of recovered cases has risen, at the same time active Covid-19 cases have also risen. We must ensure that we are financially prepared for any medical emergency that comes our way in the coming months.
Health insurance cover can play a big role here, which will allow you to get treatments at the best hospitals. Moreover, this counts for a good tax-saving amount of up to a maximum of Rs 50,000 where you have insured yourself, your family and your parents as well. The deduction can be availed in the current financial year if the policy is taken before March 31.
Policyholders will have a query whether hospitalisation due to coronavirus will also be covered in pa reviously issued health policy. First, remember that all fresh health insurance policies will cover coronavirus cases after 30 days of the initial waiting period cover. There will be no special condition in processing claims for the confirmed cases of coronavirus.
Claims for such cases will follow the normal process. It will be treated as a normal illness such as chikungunya, pneumonia and other viruses. There’s no exclusion marked by insurance companies so far. So in case you have still not insured your family, make sure you contact your insurance agent and get yourself and your family insured with adequate health cover today itself.
The spread of Covid-19 all across the globe has taught us many things, whether it is about basic hygiene factors or maintaining social distancing from people infected by any germ. The one very important thing it has also taught us is that we should not ignore health-insurance any further. It is the need of the hour for every family. Any unplanned private hospitalisation can make a big hole in your pocket. Therefore, in order to create a safety-net around our savings and family members we must ensure that our family is adequately covered so that they can get the best treatment in the top hospitals of India.
Reviewing health insurance
Only group health insurance: Your existing group-insurance cover will lapse in case you change your job. So, buy a separate health policy for your family.
Group health insurance plus personal health insurance: Higher the number of family members, higher the insurance cover. Think from the perspective that if all family members get hospitalised. Buy Super Top-Up plan which is low cost and offers high cover.
Not insured with any health insurance: You may face trouble at the time of unplanned hospitalisation. An insurance cover could help you safeguard your savings and investments and ensure better treatment. Buy personal health insurance policy of at least Rs 10 lakh sum assured per family.
The writer is EVP & National Head Solutions, Bajaj Capital