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Kovid explained to people the importance of insurance, you can also save money by taking Corona Guard Policy


New Delhi . Corona virus has wreaked havoc once again in the country. The number of infected is increasing rapidly. Nearly three lakh infected are exposed every day. The treatment of Kovid-19 is quite expensive. At this time not only a large number of Kovid-19 patients are increasing in the country, but death from this disease is also happening. In such a situation, people are once again understanding the importance of health insurance. It is often reported that hospitals for the treatment of Corona have made a bill of 8 to 10 lakh rupees. In such a situation, your existing corporate policy or individual family floater policy may not be enough for this treatment. Therefore you should also take corona armor or corona protector policy. You can take them for just 2 to 4 thousand rupees.

Only 15 days grace period-
The Insurance Regulatory and Development Authority of India (IRDAI) had last year asked all insurance companies operating in the country to bring a standard Kovid-19 health insurance policy. After this, many companies have come up with policies related to Kovid-19 only. The good thing is that in such policies, the grace period is only 15 days. That is, if you become infected with the corona virus 15 days after taking an insurance policy, then you will get a claim. These policies are also of two types – Corona Armor and Corona Guard Policy.

This is the corona armor –
The Corona Armor is a standard Kovid-19 policy. It is a short term policy. It treats corona virus infection. The sum insured in it ranges from 50 thousand to 5 lakh rupees only. The good thing is that this policy can be taken for short term i.e. from 3.5 months to 9.5 months. Premium for this is also given only once.

This is Corona Guard Policy-
This is a fixed insurance plan. If a person is undergoing treatment for infection with Kovid-19 and is admitted to the hospital, the insurance company pays a fixed amount for this treatment. Under this, the sum assured is given from 50 thousand to 2.5 lakh rupees for the insured person. This is also a single premium policy. Its duration is from 3.5 months to 9.5 months. After that you will have to take a different policy again.

IRDAI has given instructions –
The Insurance Regulatory and Development Authority of India (IRDAI) had directed in April 2020 that treatment of Kovid-19 would also be covered under all health insurance products. Meaning that if you have a health insurance policy, then the insurance company cannot refuse the claim for treatment of Kovid. Generally, such a policy provides for the cost of treatment after hospitalization for more than 24 hours. The same will happen in the Kovid case. But if you have taken a policy which has special schemes like Cancer, Hort Disease, Critical Illness Cover, then it often does not cover the treatment of Kovid-19.

Most people in India are uninsured-
Area – Percent
Urban – 80.9
Rural – 85.9

Big companies are earning
Company – Health Premium Share (Percentage) – Growth in premium on annual basis (Percentage)
New India Assurance – 18.8 – 4.8
Star Health Insurance – 13.8 – 45.6
United India Assurance – 11.3 – 57.9
National Insurance – 10.2 – 2.8
Oriental Insurance – 8.6 – 19.6
ICICI Lombard – 5 – 1.2
HDFC Ergo Health – 3.5 – 3.4
IFFCO-Tokyo – 3.4 – 28.8
(Note: figures till September last year)

These companies reduced the premium-
Company – Health Premium Share (Percent) – Decrease in premium on annual basis (Percentage)

Care Insurance – 3.7 – 0.3
Bajaj Allianz – 3.5 – 14.8
(Note: figures till September last year)


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