How to Choose the Right Health Policy for COVID-19?
Updated On Dec 22, 2020
With a rise in Coronavirus positive cases across the globe and in India, the demand for health insurance plans is increasing in a bid to combat Covid-19. Apart from lockdowns and precautions, the right health insurance plan is the best way out to safeguard people from the pandemic. However, many insurance firms have launched Covid-19 insurance covers, but only an informed insurance selection process will make you get the best health insurance plan to deal with the disease.
Factors To Consider While Selecting Covid-19 Insurance Plan
Although all the health insurance products provided by different insurers give coverage for inpatient treatment, it is considered prudent to keep a few tips in mind while choosing the best Covid-19 insurance policy. Let’s discuss the factors to consider for selecting a perfect Covid-19 insurance plan in detail:
1. Adequate Coverage Amount
The health insurance companies provide a sum assured amount ranging from Rs. 21,000 to Rs. 2 lakhs. However, while finalising the best coronavirus insurance policy, you should consider as if the coverage amount is adequate to cover your medical treatment costs or for supporting the family members, in case of demise of the insured person. You can analyse the coverage amount of the insurance plan based on the number of dependents, the income of the family, existing liabilities, etc.
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2. Affordable Premium
When it comes to Covid-19, it just has not affected people’s health but also their income across the world. In such a situation, to purchase a health insurance cover with a hefty amount of premium will not be the right choice. Hence, you should try to pick a plan which could strike a balance between the amount of coverage and affordability of insurance premiums. The best insurance policy for Covid-19 should be the one with a premium that provides sufficient coverage without hurting your pocket.
3. Ease and Simplicity of the Buying Process
Another crucial element to be considered while choosing the best insurance for the Covid-19 is the insurance process. The process of applying for a health insurance plan and making insurance claims should be simple as well as fast. In simple terms, find a policy that allows you to purchase a health insurance policy with simple steps in minimum time. Besides, the health insurance claim process must require minimum paperwork to prevent burdening the affected family in difficult times.
4. Reliability of the Insurance Company
Another factor to evaluate the best insurance plan for Coronavirus is to check the credibility of the insurance company. You can analyse the reliability of the insurer by knowing Claim Settlement Ratio (CSR) and Solvency Ratios of the company. The former denotes the claim settlement ability of the health insurance provider, while the latter signifies the financial position of the firm to pay the claims. This factor helps in finding the best performing health insurance provider.
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5. Customer Service
To choose the best Covid-19 health insurance policy, you must select an insurance provider which holds a positive customer support record. You can evaluate various online reviews as well as contact customer executives to experience the health insurance customer service. In the times of Covid-19, it is a great idea to be associated with an insurance provider renowned for its exemplary customer service and provides fast redressal of grievances.
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Conclusion
The best Covid-19 insurance policy is an ultimate solution to defeat the pandemic. With the effects of the coronavirus on the world, it has become more of a necessity than merely a choice. Above mentioned are some factors to choose the right Covid-19 insurance plan for you and your family and get financial security 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 not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
