CoronaVirus, Health Insurance & Facts

In the past few days, I have been asked by a lot of people if they should buy insurance specific to the COVID-19 pandemic. There are quite a few insurance companies that have launched plans specific to the novel coronavirus which, depending on your existing coverage, you can decide to buy. 

Here are some of the questions I have been asked:

Do I need a plan specific to the coronavirus?

If you have retail or corporate insurance which covers hospitalization cost then you need not worry.

The Covid-19 plans, which most insurance companies have launched, pay you a lump sum amount on diagnosis of the illness and have a long list of exclusions that could make you ineligible for a payout, even if you test positive

The Indian insurance regulator has said retail policies that cover hospitalization, must cover Covid-19. The IRDAI has instructed insurers to speedily process claims related to Covid-19. For more, read the article:

I am a Startup or Small Business. Should I protect my employees with such a plan?

As a small business owner you have multiple options in case you have not opted for corporate insurance.

You can choose to buy a company-funded corporate insurance for your entire organization which covers all illnesses from Day 1, even Covid-19.

You can reimburse a percentage of premium paid by your employees for their personal insurance plans.

You can opt for COVID-19 specific plan which can either pay a lump-sum amount on diagnosis or cover hospitalization specific to the novel coronavirus.

I do not have any form of Health Insurance. What should I do to protect myself against hospitalization ?

In case you do not have any Health Insurance plan, I would recommend that you evaluate all retail health insurance plans and opt for one. Take your time to understand the plan, coverage and exclusions. This link will help you understand what to look for in your insurance plan. 

You can opt for a COVID-19 specific plan which can cover a lump sum payment of about Rs 2 lacs for a premium of about ~INR 2,300. Here is the link to a plan from few Insurance companies Godigit , Star Health 

If in case you don’t want to opt for either of the options above, please take care and exercise social distancing. Please follow all the rules and take necessary precaution like wearing a mask and using hand sanitizer and maintaining basic hygiene. 

My request to everyone is to not buy any Health Insurance product impulsively or out of fear or due to peer pressure. Please put adequate thought and ask the correct questions before making any purchase. It will not take you more than 1-2 hours to do your own research. Feel free to reach out to us in case of any query or anything you don’t understand on 

We would be happy to help and clarify all your doubts.

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