The ongoing global coronavirus pandemic is a testing phase for all – be it individuals, states, countries, or the world. With the virus constantly mutating and churning out more fatal strains with high transmission rates, the COVID-19 pandemic is unlikely to end anytime soon. Moreover, many countries worldwide, including India, are experiencing a second or third COVID-19 wave.
The second coronavirus wave has been particularly destructive in India, with many succumbing to the virus daily. Moreover, the increasing caseload is putting massive pressure on our healthcare system. Hence, protecting yourself and your family with the right health insurance plans is the pressing need of the hour.
However, not every health insurance plan will provide you adequate coverage against all kinds of medical emergencies. So, let us understand some tips to identify the right family health insurance plans during COVID-19 in consecutive paragraphs.
Tips for choosing the right family health insurance plan
Extent of coverage
The extent of coverage and sum assured varies from plan to plan. Hence, it is suggested that you read the policy documents well. A comprehensive health insurance plan will usually cover treatment costs of pre-existing health conditions, transportation charges, pre-hospitalization expenses, and pharmaceutical bills. It will also provide add-ons in personal accident cover, term insurance, critical illness cover, etc.
Like Bajaj Finserv offers many health insurance policies with the benefits mentioned earlier and your individual needs. Moreover, with Bajaj Finserv health insurance plans, you can avail of cashless treatments at 5700+ network hospitals across India.
With Bajaj Finserv family health insurance plan, you can get a sum assured of up to Rs 50 lakhs to meet your healthcare expenses. Moreover, this plan also reimburses ambulance charges up to Rs 20,000 in a policy year. A striking feature of this policy is that you can insure your entire family with a single premium payment. It also covers additional medical expenses like bariatric surgery, organ donor fees, etc.
Bajaj Finserv’s special COVID-19 health insurance plan reimburses pre and post-hospitalization expenses for a minimum hospitalization period of 24 hours up to a maximum of 30 days. Moreover, you can claim treatment bills of not only coronavirus but also of comorbid medical conditions. Besides, you will be reimbursed up to Rs 2,000 towards ambulance charges for every hospitalization instance.
Suppose you or your family member suffers from critical illnesses like stroke, cancer, paralysis, etc. In that case, a conventional health insurance plan will not cover the exorbitant treatment costs of these conditions. Plus, individuals with critical illnesses are at greater risk of contracting COVID-19 as their overall immunity might be low. Thus, you can always consider a critical insurance plan as a protection cover against life-threatening health conditions and take COVID-19 insurance cover as an add-on.
An ideal family health insurance plan allows you to add family members to the plan easily. Online policy applications, easy renewability, trouble-free claims process, quick claims disbursements, etc., are some other features that add to the flexibility quotient of a health insurance policy.
The Bajaj Finserv family health insurance plan allows you to add family members at will. Moreover, you can easily buy or renew health insurance plans online from the comfort of your home, with minimal documentation. The claim amount is disbursed within 7-30 days from claim submission as per policy terms, provided all the requisite criteria are met.
Every health insurance plan allows you to file a claim only after the lapse of the said waiting period. For example, Bajaj Finserv family health insurance plan has a waiting period of 3 years for covering pre-existing conditions like joint replacement, PIVD, etc. Health conditions like hernias, piles, etc., will be covered after a 2-year waiting period, and newborn & maternity care will be covered after a 6-year waiting period.
Based on the medical insurance plan you have chosen, you will be entitled to many other value-added benefits too.
For instance, some health insurance plans allow you to claim a 10% cumulative bonus for every claim-free year. They also provide a child education bonus of 10% of the sum assured or Rs 5000 per child, whichever is lower than 2 dependent children. Some plans give you a daily allowance of Rs 1000 per day up to 30 days of hospitalization.
Most family health insurance plans offer family discounts up to 10% for 2 family members and 15% for 3 family members. Moreover, you can get long-term policy discounts of 4% for 2 years and 8% for 3 years. Plus, you and your loved ones are entitled to free medical check-ups every 3 years.
Bajaj Finserv health insurance plans are among the best in the country, offering comprehensive coverage at competitive premium rates. Moreover, their health insurance plans also compensate you for alternative forms of treatment like Ayurveda, Unani, Homeopathy, etc. If you are aged below 45, you may be exempted from medical tests too. Thus, you can consider adding this health insurance plan to your insurance portfolio during COVID-19.