How does a Coronavirus Health Insurance Cover help in critical times?

Coronavirus health insurance cover

The sudden outbreak of Covid-19 lately in the previous year has now become a huge threat to the whole world. The death toll as well as the number of infected persons are increasing each day with high density. More than 4.5 lakh people have already died due to this life taking virus. People with respiratory problems, children and old age people are at high risk of infection through coronavirus. Obvious people take complete measures to protect themselves from this disease. They are maintaining social distance, washing hands regularly, wearing masks, sanitizing surfaces, avoiding traveling, and keeping adequate cleaning. Believe it or not, anyone can get infected from this coronavirus. It is completely unpredicted and not in your hands to remain safe from this. So, a Coronavirus Health Insurance Cover will help you to deal with this unexpected situation.

However, a health insurance plan is sufficient to cover your coronavirus treatment expenses. You don’t need to waste money by purchasing an extra Coronavirus Health Insurance Cover. All the insurance companies are providing COVID-19 treatment facilities with the existing health insurance plan. As we know that coronavirus is a new disease hence it does not fall in the category of pre-existing disease.

Certain conditions and exclusions to avail benefit under your existing policy.

  • Health insurance policies provide similar benefits as they do with another ailment. So, customers can take treatment of this disease after completing the normal waiting period.
  • Your existing health insurance policy will not cover your coronavirus testing expenses. If you want to make a claim for coronavirus treatment, then it is important to get hospitalized for a minimum of 24 hours.
  • Any standard insurance policy will not cover your Quarantine or any non-hospitalization expenses. 
  • With your existing health policy, you don’t have to hold the coronavirus treatment due to the waiting period. 

Important facts and Benefits of purchasing a Coronavirus Health Insurance Cover

Everyone wants to protect themselves from sudden financial risks. So, Coronavirus Health Insurance Cover is the best thing to purchase in these critical times of the epidemic. The WHO already declared coronavirus as a pandemic. So, it is better to keep yourself protected with COVID cover instead of paying high hospital expenses later. Here we have provided some facts and benefits of a COVID cover that customers should know.

  • Sum insured:

    Lots of people are dying in the world due to this coronavirus. If you are suffering from respiratory disease or other breath related ailment then it is important to take high sum insured. Opting for a high sum insured is appropriate to cover high medical bills.

  • Waiting period:

    When it is about a rapidly spreading disease like coronavirus, it is important to look for the waiting period. A policy with a too-long waiting period will not help you in an emergency. So, make sure to check for the waiting period of the plan.

Most insurance companies are providing 30 days waiting period. But there is a certain insurance provider who is allowing a waiting period of fewer than 30 days.

Also, if you already have an existing health insurance policy then you don’t have to serve any waiting period. Your entire hospitalization expenses will be covered from the very first day of the treatment. On the other hand, if you purchase a policy after getting infected with the coronavirus. Then the treatment will cover after the waiting period gets over.

  • Coverage:

    Whatever policy you are purchasing, checking for the coverage option is a vital part of purchasing an insurance plan. Accidently if you miss reading any clause, later it will create a problem for you. So strictly check the coverage provided by your insurance provider. Whether the policy is covering your ICU charges, in hospitalization expenses, ambulance charges, and other required coverage.

Exclusion under Coronavirus Health Insurance Cover:

  • A Coronavirus Health Insurance Cover will not cover your pre and post-natal expenses. Though you can talk to your insurance agent and purchase additional coverage for this.
  • Health insurance policy will not cover the treatment of a pre-infected person. Apart from this, if the insurance company found any symptoms of coronavirus in you prior to 6 weeks of purchasing the policy then you will not be able to make a claim.
  • The insurance company will not approve your claim if you take the treatment of corona without doctor recommendation or prescription.
  • Coronavirus health insurance policy will not cover home quarantine cases.
  • Treatment taken in any non-recognized hospital or quarantine center is not allowed to make claims.

Ways to make claims under the coronavirus health insurance policy:

Like other health insurance plans, coronavirus covers are also eligible to take both cashless and reimbursement claims.

  • Cashless claims for coronavirus plans:

    In cashless claims, the hospital authorities contact directly with the insurance company to settle claims. Before getting admitted to any network hospital, you have to inform them on call. After hospitalization, you need to contact the TPA desk and inform them about your health conditions. If you won’t take treatment in a network hospital then you will not be able to take benefit of cashless treatment.

  • Reimbursement claims for coronavirus plans:

    In case if you don’t find any hospital in your nearby location then you can take treatment at any hospital. Obviously, you have to pay the medical bills from your pocket. But later the insurance company will reimburse the complete expenses to your bank account. All you need to make a reimbursement claim by filling up the claiming form and submitting the documents to the insurance provider.

Customers can check for coronavirus health insurance plans on online websites. as all the insurance companies are providing high sum insured at low annual premiums. 

6 Important FAQ’s Related to Personal Property Insurance

property insurance

To make our lives sorted and simple in financial terms, there is the availability of various insurance policies. Right from life to medical, there are many different insurance plans that we buy to keep ourselves protected financially during an emergency. Similarly, there is an important insurance plan that helps your home and personal properties financially protected against any sort of theft or damage. This insurance is known as property insurance that protects you financially for any climatic or man-made events. You can get various benefits while buying this insurance. To understand this insurance in-depth, here are a few important questions and their answers. Let’s check them out in a well-detailed manner:

What personal property insurance is all about?

There is no doubt that there no one can predict what is going to happen in the next moment. Therefore, it is always advised by insurance experts to get property insurance. It is always essential to buy this policy so that the insured person can get complete coverage against life’s uncertainty. The main objective behind buying this insurance is to make the policyholder strong in terms of finances following a loss. An insurance policy for the property is a financial instrument for your home, factory, office insurance, and other important things. 

With a small fee or premium to your insurance company, you can protect your properties from uncertain losses in the future. Apart from this, you can also buy some add-ons with this insurance plan.

Why buy property insurance? 

Many times, people just don’t understand the usefulness of Property and casualty insurance. Have you ever thought of theft in your home? How would you deal with the damage caused by earthquakes? Any damage or loss to your property can be very stressful both financially and emotionally. Therefore, this insurance is important to purchase for the same reason that you buy car insurance or life insurance. Let get into depth by looking at some of the benefits of buying this insurance:

  • There are various natural calamities such as cyclone, flood, earthquake, and many others that create havoc when occurs. This kind of calamity can hit you anytime without giving you any prior notice to be prepared. All these natural perils can create huge losses for your home, offices, and other personal property. As you cannot control and protect your property from these calamities, it would be better to buy a property insurance plan. In this way, you can protect yourself financially against all sorts of natural calamities. 
  • Have you ever thought how serious a man-made risk can be for you? Some of the man-made threats against which your property will get protected include theft, burglary, riots, terrorism, and strike. If your property gets damaged because of any sort of manmade problems then you will also get coverage for this. In case you have an office, you will get protection against theft. 

What does property insurance cover?

This insurance policy mainly protects the entire physical goods of the home as well as the equipment of the business. This protection of the property is against any kind of loss that the policyholder will get from theft, fire, and any other natural calamities. If you have personal property insurance then the items that will come under this insurance are furniture, appliances, and clothing.

This property insurance covers all the items through a single policy. In addition to this, it includes the shopkeeper’s policy, homeowner’s policy, and office insurance. The personal belongings in this insurance are covered from various perils such as wind damage, vandalism, hail, and many more. Some insurance providers can lower down the off-premise coverage limit. This can reduce by 10-15% of your total property limit. So, you must always check the coverage limits for off-premise items from your insurance company.

How much coverage for property do I need?

When buying a home insurance policy, the one question that comes to mind is coverage. For this, a better way would be estimating the inventory of your home. Right from your clothing to furniture and appliances to garage items, all these are considered as the inventory at home. The policy buyer can use the number of inventory to determine insurance coverage one should get. Well, this is confusing and time confusing but you can at least get an idea of coverage with this. 

Also don’t forget to read our blog Incredible tips to follow when buying home insurance

What are the tips for selecting the insurer for property insurance?

Choosing this insurance can be sometimes tedious for you as you can see several features and aspects. Every insurance plan comes with different features. Go through these tips that will help you in finding a reliable insurer:

  • The first thing that you need to do is to check the coverage as well as the premium of the policy. Apart from this, you also need to check whether the premium on the policy suits your budget or not. You can check the premium quotes of different insurers by using a calculator that is available online these days.
  • Now, you also need to check the claim settlement ratio of the insurer before buying the property insurance.
  • Make sure to get an idea about the area in terms of natural calamity. This will help you to evaluate the coverage that you will need. 
  • Insurer’s reputation in the market also matters a lot thus focus on it when buying insurance from them.

What does property insurance cost?

There are various factors and aspects on which the cost of the insurance depends. You will not find any standard cost as it depends on the location and the insurance provider. The overall cost of insurance will also increase if you are buying add-on policies. Other factors that will decide the insurance cost is the value of the items and deductible.

What is Insurance policy?

Insurance policy

Every person works hard to earn money so that he can arrange a house, feed his family, start a business, buy a car or other costly items for use. After spending so much money on a costly thing, if it gets damaged then your whole earned money will go in vain. To save yourself from this financial risk you can take an Insurance Policy. The insurance policy will provide compensation for your loss. You have to deposit a small amount of money in the company and at the time of loss it will handle your expenses or provide compensation for the expenditures. You can ensure your shops, house, building, car, bike, mobile phone and all other things that you have purchased for money. All the movable and non-movable things available on the earth can be insured.

How many types of insurance policies are there?

You can find insurance policy for each and every item you are seeing near you whether it is any living thing or non-living thing. There are mainly two types of insurance  

Life insurance policy: Under this policy, the insurance company will insure your life by taking a small amount of money annually. As you all must have heard the proverb “If there’s life, then there’s the world”. So according to this, life is the most important thing anyone can have whether it is the life of your parents, wife, children or yours. Death is uncertain and having life insurance will provide financial security to the family of the policyholder after his demise. These are two types of life insurance:

  1. Term Life Insurance Policy: In this you will get coverage for a specific period of time. If the insured person dies when the policy is in active state, then only you will get the benefit of term life insurance.
  2. Whole Life Insurance Policy: In this you have to pay a premium till your death and after your demise, your family can claim for the benefits of the policy.

Whole life insurance policy is much better and costly than the term life insurance policy. The premium of the policy depends on the age, health and gender of the person. For females the premium amount is low and they can afford to pay that easily. 

Non-life insurance policy: All the non-living things are covered under this policy. Non-life insurance policy includes health insurance, car insurance, shop insurance, liability insurance, travel insurance, business insurance, social insurance and the list is too long. This insurance will provide the coverage for damaged property, reimbursement of hospital expenses or the cost of repairing charges.

What are the common non-life insurance policies available in the market?

  • Health Insurance: Medial emergence can happen with anyone as it is not predefined. Health insurance will take care of your medical expenses if you fell ill or go through a serious disease. It will pay the bills of your hospital, medicines, room rent, ambulance charges and surgery charges. Health insurance also covers your critical illness and long-term diseases, such as diabetes, cancer and Tuberculosis. Many companies also provide the facility of cashless treatment in-network hospitals.
  • Auto Insurance: This insurance basically provides security to your car, bike, scooter or any other vehicle from damage. The damage may be caused due to any natural disaster, accident, riot or burglary, it will protect you from the expenses of repairing. Apart from this, auto insurance will also pay for the medical bills if someone gets injured due to that accident. It will also protect you from litigations and penalties.
  • Accidental Insurance: You are walking on the road and suddenly a car hits you, then you should have to go to the hospital for taking first aid in case you get some minor injuries. But it might be possible that any serious injury can happen. So, at that time accidental insurance will help you in paying the hospital bills. As it is insurance with a low premium, so it has its limitations and clauses which the policyholder has to follow. Certain types of major accidents are excluded from this insurance, as it will cost too much according to the premium.
  • Home Insurance: Home is among the most vital things that a person could need for shelter. If something will happen to your house then it will create a major problem for you to search for a shelter for too long. This insurance will provide you financial security if your home is damaged due to burglary, fire or any natural disaster like flood, cyclone and hailstorm. The insurance company will also provide the expenses for the interiors and electronics items as per the availed coverage.
  • Business Insurance: This insurance is taken by the people who are running a business and provide employment to others. In this insurance you can insure your property, machinery, employees related risks, fall in business due to the operating environment of the business or factory.

What is the procedure for insurance to work?

The insurance company is just like a bucket where people can put their money on a regular basis. So that if any mishap happens with anyone then they can withdraw a limited amount of money to manage their financial loss.

The mishap can be with your home, shop, business, car or any other thing. You can only take money from the bucket for the predefined cause that is mentioned in the contract and not for any personal cause.

The insured person has to claim the reimbursement with the images of damaged property or death certificate in case of life insurance and other related documents that are mentioned in the clause. The insurance company will also investigate the claims whether they are genuine or not.

In what cases you will not be able to take successful claims?

At the time of purchasing any insurance policy you have to provide correct information to the company. It will help you with successful and hassle-free claim settlements. If you will provide the wrong information and it further gets detected by the insurance company at the time of investigation then it may cause a problem for you. The insurance company can also take a legal step on you for forgery and providing bogus information.