Benefits of Having Covid-19 Insurance Policies

COVID-19 is a highly infectious virus that shows symptoms comparable to those of ordinary flu. In this connection, Covid-19 Health Insurance Policy is a personalized insurance policy aimed at covering hospitalization, pre-hospitalisation and post-hospitalization expenditures, and other medical expenses arising due to the treatment of COVID-19. Insurance Regulatory Development Authority (IRDA) introduced the new Corona health insurance policies namely Corona Rakshak and Corona Kavach policy and comprehensive Health Insurance policies that also covers the Coronavirus among other illnesses, diseases and healthcare benefits. Corona Rakshak Policy is an affordable Health Insurance policy that offers lump sum uses to the insured if diagnosed with COVID-19. The coverage starts from the day people get diagnosed with COVID-19 infection. Corona Kavach Policy is an affordable Health Insurance policy that protects you and your family against hospitalization expenses due to COVID-19. The coverage starts from the day the patient gets diagnosed with COVID-19 infection. It is always good to have insurance to keep ourselves and family to keep our family safe.


Introduction
Novel Coronavirus (COVID-19) is a cluster of viruses that assault the immune system of a human being that results in diseases as gentle as the common cold to as severe as Acute Respiratory Syndrome (SARS). It is a transmittable disease that originated in China's Wuhan in late December 2019. COVID-19 is an extremely infectious disease that shows symptoms comparable to ordinary influenza. These incorporate fever, dry cough, tiredness, and sore throat. However, the disease affects dissimilar populace in dissimilar behavior. As acknowledged beyond, it is innovative damage of the disease that does not have any treatment. In this connection, Covid-19 Health Insurance Policy is a customized insurance policy covering hospitalization, pre-hospitalization and post-hospitalization expenses, and other medical expenditures arising due to the treatment of COVID-19. Almost all health insurance policies now offer cover for the treatment of Coronavirus in India. The envelope is accessible from day one after the insured is experienced Corona virus-positive. Since COVID-19 is a new disease, it does not reduce under pre-existing diseases. All the infected patients with Coronavirus are treated in hospitals and the treatment expense are very high. But, they we have comprehensive health insurance, they can easily avoid the financial burden and take care of hospitalization expenses.

Disease and Economic Burden
From an Economic perspective, the unfold of COVID-19, the ever-increasing variety of patients, and the sickness issues have imposed high direct medical and indirect costs on patients, the health system and the authorities. As a long way as the monetary burden of direct clinical expenses is concerned. However, the prices differ with the variety of the contaminated people, the severity of the disease, suggest the size of remain in the hospital, suggest the size of remain in the ICU, and different elements, worldwide research confirmed that systematic cost of the sufferers with COVID-19 had been drastically greater than these of different infectious illnesses due to the greater likelihood of hospitalization and mortality. These situations are additionally appropriate concerning the need for COVID-19 victims for one of a kind be concerned assistance and the connected charges. Therefore, related to the unnecessary price of the organization of the victims with COVID-19 and its consequent financial trouble on the physical condition device and the country usually, and due to the impending monetary crisis, it appears fundamental to calculate direct medical and indirect cost of treatment of the disease.

COVID 19 Insurance: A Literature Review
Sakshi Chatterjee, Dr. Arunangshu Giri, et al., (2018) made a study on the Health insurance sector in India: The study is descriptive and explains various health insurance products offered in India. It tries to analyze the insurance models of healthcare in selected other countries as well. Nonamalgamation between public and private companies is identified as a major hindrance in developing the health insurance sector in the countries. Health insurance is regarded as an unsaturated promotion in India. The focal point income comes together, i.e. the targeted population of this diligence will create an explosion in health insurance in years to come. Predictably, the overall insurance area will value in the order of USD 280 billion by the end of 2020. The health insurance zone is essential to be complete worldwide irrespective of the income level and environment of human beings and relatives.
According to Pius Baubuna et al., 2020, The impact of COVID-19 on the insurance industry with a parallel comparison to previous pandemics such as SARS-CoV, H1N1 and MERS, have developed outlines for simulating the collision of the deadly disease on the insurance industry. The study used qualitative and quantitative interviews to approximation the collision of the epidemic. Presently, the tendency is an economic depression with declining profits but rising claims. Due to the termination of travels, proceedings and other economic losses, the insurance industry witnesses a defeat. Their comparison and forecast predict the normalization of economic indicators from January 2021. In the intervening time, while the plague persists, insurers should adapt to working from a distant location, train and equip staff to work underneath social distancing conventions, augment cyber security protocols and make simpler claims/ premium processing using e-payment channels. It will require the collaboration of the Ministry of Health, Banking Sector, Police Department, Customs Excise and Preventive Service, other relevant Ministries and the international community to bring the pandemic to a stop. K Swathi and R Anuradha (2017), submitted a report entitled Health insurance in India-An overview. This study highlights the concept and benefits of health insurance besides presenting an overview of the health insurance sector in India. A brief of several persons covered under different schemes such as government-sponsored, group insurance, family insurance, individual policies is portrayed in this study. Sector-wise health insurance policies along with several persons covered by public, private and specialized insurers are depicted in this study. Suggestions of the revision are for the administration to introduce new health insurance schemes for the interests of the ordinary populace. The Insurance Regularity and Development Authority (IRDA) is recommended to endorse struggle in health insurers as available in telecom service providers. The government is also advised to conduct awareness campaigns to inform people about the benefits of taking health insurance policies, particularly during pandemic times.

COVID 19: Health Insurance Policies in India
A Coronavirus health insurance is a customized health insurance policy dedicated to covering hospitalization and treatment prices of the covid-19. There are various kinds of covid-19 Health Insurances in India, such as the Corona Rakshak cover, Corona Kavach policy, and comprehensive Health Insurance policies that also cover the Coronavirus among other illnesses, diseases and healthcare benefits.

Corona Rakshak Policy
Corona Rakshak Policy is an affordable Health Insurance policy that offers lumpsum benefits to the insured if diagnosed with COVID-19. The coverage starts from the day people get diagnosed with COVID-19 disease. However, this health insurance has a standard waiting time of 15 days. All the infected patients with Coronavirus are treated in hospitals & the treatment expense are very high. But, if the patients have comprehensive health insurance, they can easily avoid the financial burden & take care of hospitalization expenses.

Exclusion of Corona Rakshak Policy
All endless exclusions shall apply individually for each insured person under the Corona Rakshak Policy and claims shall be assessed accordingly. • The treatment is taken for any pre-existing disease • Travel to any restricted countries • Diagnosis is made at the unauthorized testing center • Diagnosis/Treatment taken outside India

Corona Kavach Policy
Corona Kavach Policy is an affordable Health Insurance policy that protects you and your family against hospitalization expenses due to COVID-19. The coverage starts from the day the patient gets diagnosed with COVID-19 infection. However, this health insurance has a standard waiting period of 15 days. Corona Kavach Policy is an affordable Health Insurance policy that protects the patient and your family against hospitalization expenses due to COVID-19. The coverage starts from the day they get diagnosed with COVID-19 infection. However, this health insurance has a standard waiting period of 15 days.

Conclusion
Health Insurance policies are one of the best policies available to help us through the pandemic. It is always good to have insurance to keep ourselves and family to keep our family safe. With a Corona Kavach and Rakshak Policy, we can easily find and avail of the best treatment for Covid-19 near our area of residence. It promises cashless hospitalization and quality medical care at the time of need. All standalone and general insurance companies in India offer this plan to ensure prompt treatment and financial security during the novel Coronavirus crisis.