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Till 21st September 2020, around 31 million cases of coronavirus have been reported worldwide. In India too, the number of coronavirus cases is increasing at an exponential rate. Approximately 5 million confirmed cases have been reported in India till date.

However, as no cure for coronavirus is available yet, one should avail precautionary measures to avoid getting infected as well as prevent the spread of the virus. However, before that one should gain a better understanding of what is coronavirus and its health impacts.

What is coronavirus?

Coronavirus is a family of viruses known for causing illnesses such as Middle Eastern Respiratory diseases (MERS) and Severe Acute Respiratory Syndrome (SARS). Recently, a new strain of coronavirus was discovered in China in 2019, which is known as COVID-19. Some of the common symptoms of this virus include fever, cough, shortness of breath, chest pain etc.

One can consider opting for a coronavirus insurance plan to cover expenses for the required medical treatment of COVID-19. Accordingly, every individual should have an idea regarding the overall application procedure required for purchasing such an insurance plan.

The application process for a coronavirus cover

Individuals can follow the steps below to apply online for a COVID-19 insurance cover – 

Step 1: Visit the official web portal of your insurance provider.

Step 2: Select the online application form for COVID-19Insurance plan.

Step 3: Click on ‘apply now’ tab and enter all the requisite information in the application form.

Step 4: An OTP will be sent to your registered mobile number for identity verification. Enter the number to complete authentication.

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Step 5: After authentication, applicants can pay the premium through any online payment mode of their choice, such as credit, debit card, UPI, mobile wallets, NEFT etc.

Claim procedure 

Individuals can complete coronavirus insurance policy claim process to avail financial aid through any of the following methods – 

  • They can write an email at the address specified by the insurance company.
  • The beneficiary can also place a call on the toll-free number mentioned on the insurance provider’s official website.

However, to avail financial compensation for hospitalisation and pre-hospitalisation expenses from the coronavirus insurance plan in India, individuals must submit all the essential documents within 30 days after being discharged.

For example, COVID-19 Protection Cover provided by Bajaj Finserv under Pocket Insurance & Subscription requires a beneficiary raising a claim within 15 days of completing the post-hospitalisation treatment, in case they want reimbursement for the concerned expenses.

Documents required

While claiming reimbursement under a coronavirus insurance cover, one should submit the following documents – 

  • Correctly filled and signed claim form.
  • Receipts for payment.
  • Original bills.
  • A photo identity proof of the applicant.
  • A cancelled cheque and details of NEFT.
  • KYC Documents such as Aadhaar, Voter ID card, PAN, driving license as proof of identity and address.
  • Laboratory test reports of the insured beneficiary from a government laboratory or an ICMR-certified private laboratory.
  • A physician’s prescription in case of admission to a hospital.
  • A copy of the surgeon’s certificate which contains details of all surgeries performed.
  • Discharge certificate carrying the patient’s medical history.
  • A certificate stating the legal heir (if applicable).

The insurance provider can also ask for other relevant documents apart from the ones mentioned above.

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Additionally, a coronavirus insurance plan provides coverage in the following circumstances –

  • Hospitalisation – 

One can avail reimbursement for hospitalisation expenses incurred to receive COVID-19 treatment under this plan. The best coronavirus insurance cover will provide financial assistance for the following things – 

  1. Coverage for the cost of ambulance for every hospitalised case due to COVID-19.
  2. Expenses such as operation theatre charges, anaesthesia, ventilator, oxygen, PPE kit, gloves, mask, etc.
  3. Expenses due to room rent, nursing, ICU/ICCU etc.
  4. Fees for physician, surgeon, medical consultant, etc.

However, Individuals can consider opting for a hospital cash cover plan as well, under which they can avail daily cash to pay for each day of hospitalisation.

  • Pre and Post Hospitalisation charges

Individuals can also avail expenses incurred during the pre and post hospitalisation period of up to 30 days if it is followed by a hospitalisation period.

  • AYUSH treatment

Policyholders can also avail coronavirus insurance plan coverage for expenses incurred for treatment of alternative medicines. This includes Ayurveda, Yoga, Naturopathy, Siddha, Unani, homoeopathy etc. 

Moreover, individuals can add other insurance plans, such as waterborne diseases cover to extend the financial cushioning available. Such policies provide necessary financial backing to tackle diseases that mainly spread during monsoon seasons.

However, individuals must read the coronavirus insurance policy carefully to understand the terms and conditions specified by each financial institution. For instance, some insurance providers only offer coverage only after a positive diagnosis of COVID-19 at a government laboratory or ICMR-approved private laboratory.