- COVID-19 Insurance

Why COVID-19 Insurance Is a Must-Buy in Today’s Times?

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COVID-19 pandemic has been a huge lesson for us. It taught us the importance of good health. Furthermore, the pandemic brought a huge dent in our pockets. Not many of us could afford medical expenses during COVID 19. It also made us all understand the importance of COVID-19 insurance. People with COVID insurance could afford better medical facilities and save their loved ones.  

Read through the article to understand why you need COVID-19 insurance.

Why do we need COVID-19 insurance?

Let us first understand that the pandemic is not yet over. The vaccines are providing us protection from the virus. But a vaccine is not a cure. Coronavirus is still active, mutating at unprecedented speed. Further, during the pandemic, no individual is safe. Yet our children and parents are at higher risk. Therefore, the importance of COVID insurance for a senior citizen cannot be stressed enough. 

COVID-19 Insurance

Furthermore, COVID-19 is a new disease in the world. There is no cure for the disease yet. Also, the available treatment is still in the developing stage. Apart from this, treating the Coronavirus is also expensive. Hence, in such uncertain times, COVID-19 insurance is a must.

Importance of COVID-19 Insurance

The need for intensive care unit

ICU Treatment - COVID-19 Insurance

The first important reason for health insurance is ICU treatment. Many individuals (respective of their age) need ICU to fight the COVID-19 virus. Apart from this, we also see and hear about people requiring a ventilator for breathing. Both ICU and the ventilator are not cheap. It usually costs around ten lakhs rupees. It is not a small amount that an average person can afford. In such a case, COVID insurance can come in handy.

The fast-spreading of virus

The next reason for COVID-19 insurance in India is the fast-spreading of a virus. Further, the chance of your family contracting the virus from an infected person is high. It is spreading quickly between people living in some quarters. This means that family members would require medical help at the same time. 

Paying for their medical expenses will dry out your pocket. Hence, health insurance is the best bet to afford these medical expenses.

The need for expensive gear

The final reason for COVID-19 insurance for workers is expensive gear. 

Not all COVID patients indeed require ICU treatment. But the cost of treating the virus itself is expensive. It is mainly because medical personnel must wear PPE kits while treating a COVID patient. The cost of a PPE kit, gloves, and other equipment is costly. Hence, even for general treatment, the final bill is usually in lakhs. So, COVID insurance is the best way to afford the treatment.

Furthermore, apart from the above-mentioned three reasons, the coverage is beneficial. Find out the benefits of COVID insurance, India. 

What are the benefits of COVID insurance in india?

The significant benefits of COVID-19 insurance in India are as follows:

Medical Coverage

Medical Coverage - COVID-19 Insurance

Medical emergencies are often unforeseen. The same thing applies to the COVID situation as well. So, investing in COVID insurance will protect our family during difficult times. If you need treatment for COVID, you can do it without worrying about money. 

Compensate the Rising Medical Bills

As mentioned previously in the article, the cost of COVID treatment is not cheap. The medical bills resulting from the treatment are usually in lakhs. But with COVID-19 insurance, you can afford to pay the bills. 

Lifetime Coverage

Lifetime Coverage - COVID-19 Insurance

In recent times, health insurance companies are offering lifetime coverage. The lifelong coverage provided by insurance is something you shouldn’t miss out on.

Tax Benefits

Apart from paying for medical expenses, health insurance has other benefits. One such benefit that COVID-19 insurance for workers is tax benefits. Any premium that you pay towards health insurance is exempted. The exemptions fall under Section 80D of the Income Tax Act. Hence, health insurance is a smart investment that you should make.

Quick Claim Settlement

Claim Settlement - COVID-19 Insurance

The fourth important benefit of COVID-19 insurance is quick-to-claim settlements. The insurance companies with COVID policies are working on getting your claims settled quicker. Further, the companies are following social distance norms. This policy allows for cashless and online settlements. These types of health insurance claim settlements are hassle-free. 

Who needs to buy COVID health insurance?

A straightforward answer to this question is that everyone needs COVID Health Insurance. The virus is transmitted between people without age, gender or race. So, any person who wants to protect himself and his loved ones must buy COVID insurance.

Furthermore, investing in health insurance covering COVID is beneficial. It provides the much-required financial support in times of crisis. Also, it helps you pay for medical expenses without compromising on your plans. 

How to buy coronavirus insurance?

There are two simple ways to buy coronavirus insurance in India. The first method to buy insurance is through contacting an insurance agent. Contact their agent once you decide which insurance company you want to buy from. He can either visit your place or guide you online to buy it. 

Buy Coronavirus Insurance - COVID-19 Insurance

On the other hand, various companies make COVID health insurance online services available. Companies, including insurance companies, are adhering to social distance norms. Hence, they are offering their services online. Visit the official insurance company website, learn the details and buy a policy.

Bottom Line

To sum it up, the need for COVID-19 insurance is unbeatable. The present times are unpredictable; it calls for emergency medical precautions. So, the best way to ensure you are protected is through an insurance policy. Investing in a comprehensive insurance plan will protect you and your loved ones during an emergency. Further, health insurance with COVID-19 coverage will provide you with financial stability.

If you are looking for a holistic health cover with a host of benefits that gives you the liberty to pay premiums every month, then you must check out Vital.

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