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What makes Health Insurance one of the most important covers that you should buy in 2020?

ET Spotlight|
Last Updated: May 20, 2020, 12.59 PM IST
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In the last few months, the COVID-19 pandemic has drastically changed lives across the globe. Most countries have implemented various forms of lockdowns and restrictions to curb the spread of the coronavirus, leaving citizens homebound. This has brought about a complete transformation in the way we live, work, shop, and interact, making it quite difficult to predict how the world will look like in the near future. India is currently in its fourth phase of lockdown but despite the vigilance, the country’s coronavirus curve remains steep. While many states have relaxed lockdown restrictions to revive economic activities, several others are contemplating extending the lockdown till the end of this month. This gives us a clear picture of the severity of the crisis and puts the limelight on one of the most pivotal things that we should be worried about right now- our health.

Why is health insurance important?

With national and global health agencies continually stressing on the need to keep the immune system strong during the COVID-19 outbreak, the world has slowly started prioritizing health. Most people are now maintaining heightened hygiene, exercising more, increasing their water intake, and eating clean so that they can get through these unprecedented times, strong and healthy. While a clean diet and regular workouts are indeed important to stay healthy during the current crisis, one extra health measure that many people have taken is buying health insurance.

The pandemic has been an eye-opener for most people, reinstating why a health insurance cover is indispensable at all times. While many people are already covered under some form of health insurance or another, it is vital for them to go through the offerings of their policy to understand how beneficial it will be if unfortunately, they have to seek treatment for coronavirus. Most basic health protection plans are likely to cover the expenses incurred on treatment but it is important to verify if the plan is strong enough to meet other costs like testing, hospitalization, quarantine, etc.

Does your health insurance plan cover all your requirements?

Currently, coronavirus vaccine research and development is going on across the globe in full force. But despite a countless number of scientists involved in this process, the timeline for vaccine availability seems far and stretched. Thus, amid a crisis like this, an all-round health insurance cover is the need of the hour for people across every age group. In India, the cost of healthcare is steep, and the longer the recovery period, the more is the cost of treatment. Coronavirus treatment is a prolonged process where a patient might have to be put in an ICU and/or on ventilation in case of severity, and if it is a private hospital where one is seeking treatment, the cost can blow a hole in one’s savings. This is why financial preparedness is the most important step that one can take to stay protected from coronavirus and the best way is to take a health insurance plan with an appropriate sum insured. Many insurers across the country have comprehensive health insurance covers that people can opt for at a time like this. Most of the products offered by these insurers cover hospitalization and inpatient treatment for COVID-19, while it is also advisable to check on the coverage and exclusions before choosing a policy.

Why opt for RGI’s HealthGain Health Insurance plan ?

Keeping in mind the current COVID-19 crisis, Reliance General Insurance, one of India’s leading insurance companies, has taken a step to offer a holistic health insurance for coronavirus to people. RGI’s HealthGain Health Insurance plan that provides a slew of benefits to buyers is now also covering medical costs for coronavirus during hospitalization. The plan that can be availed in four easy instalments, ascertains that insurance buyers get the required financial support when they need it the most, apart from coming with tax benefits, no-claim bonus benefits, cashless hospitalization, and other discounts. RGI is also providing buyers with a variety of options to choose from such as a family floater mediclaim policy, individual health insurance plans, cashless health insurance, and senior citizen health insurance. This top-up of coronavirus cover with the existing features on the HealthGain Health Insurance plan is a substantial step taken by the insurance company to provide a health cushion to policyholders at a crucial time like this.

Various factors like age, medical history, body mass index, occupation etc. go a long way in affecting one’s health insurance premium. This is why it is important for young people as well to be covered with an appropriate health insurance plan. RGI stresses people to buy the HealthGain Health Insurance plan when they are young as that enhances the tax benefits, decreases the premium, provides optimum health coverage, and above all, turns it into an investment tool. Some other important features that the HealthGain Health Insurance policy offers are:

Hospitalization expenses in case of:

  • In-patient treatment for covered illnesses /injuries, where the insured person is hospitalized for more than 24 consecutive hours.
  • Day-care treatment for surgeries /procedures, where the insured person requires less than 24 hours of hospitalization due to advanced technology.
Pre-hospitalization coverage for:

  • Medical expenses incurred before hospitalization. Under the HealthGain policy, there is coverage for 60 days.
Post-hospitalization coverage for:

  • Medical expenses incurred after hospitalization. Under the HealthGain policy, there is coverage for 60 days.
Domestic Road Ambulance:

  • Expenses for domestic-road ambulance services to the nearest hospital in case of life-threatening emergencies.

Donor expenses:

  • This refers to expenses incurred by the organ donor where RGI covers up to 50% of the base sum insured, subject to a maximum of Rs. 5 lakh/-.
Domiciliary hospitalization:

  • Sometimes it is not possible to move the patient to a hospital because of their condition or lack of accommodation at the hospital. In such cases, the patient can be treated at home. Domiciliary hospitalization for such cases will be by RGI if the treatment continues for a minimum of three days.
Reinstatement of base sum insured:

  • If you exhaust your entire sum insured & cumulative bonus (if any) and still require further hospitalization for any related or unrelated illness, RGI refills the full sum insured at no extra cost.
Accidental death cover for no claim renewal:

  • RGI offers an accidental death cover of Rs. 1 Lakh/- at the end of every claim-free policy year and the cover is valid for one year. This is applicable only if the policyholder is also the insured person in the policy.
Health Insurance Renewal:

  • You can renew your medical insurance policy for free if the person insured in the policy is diagnosed with a 'named critical illness. This benefit is provided once in the lifetime.
Wellness Solutions:

  • Discounts on various, value-added wellness services and choice of various online solutions through our wellness program.
Considering the spread of the COVID-19 pandemic might take time to contain, it is also important to strictly adhere to the Do’s and Don'ts to avoid the virus. Many institutions and communities are now beginning to reopen and people should take adequate measures to avoid being exposed to the virus. Apart from maintaining the best hygiene habits and maintaining social distancing as much as possible, it is important to keep one’s immunity at peak and take care of the vulnerable around us.
(This article is generated and published by ET Spotlight team. You can get in touch with them on etspotlight@timesinternet.in)
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