Bajaj Capital Covid-19 Health Insurance Plan – Should you opt?
Corona virus is spreading fast in India. Currently India has 14 lakh+ corona virus confirmed cases till last week in India. Many of us are scared about this virus, if tested positive, one need to spend huge hospital expenses. Insurance companies are coming up with unique corona virus health insurance plans to attract customers now. Bajaj Capital Finance in collaboration with Reliance General Insurance has come up with Corona virus health insurance (covid-19) policy which has unique features and several other benefits. Should you opt or Bajaj Finance Covid-19 (Coronavirus) Health Insurance Plan? What are the hidden factors in this health insurance policy?
About Bajaj Capital Coronavirus Health Insurance Plan
Bajaj Capital in collaboration with Reliance General insurance has come up with this corona virus health insurance plan. This health insurance policy is offered to all clients of Bajaj Capital. Means you need to go through Bajaj Capital to purchase this health insurance plan.
Features of Bajaj Capital Covid-19 Health Insurance Plan
Here are the features.
1) This health insurance plan covers all hospital expenses if diagnosed as covid-19 positive.
2) Pre-hospitalization cover the Medical Expenses incurred up to 30 days prior to date of hospitalization within the hospitalization Sum Insured limits.
3) Post-Hospitalization Cover the Medical Expenses incurred up to 60 days post discharge from the hospital within the hospitalization Sum Insured limits.
4) This plan comes with base cover and add-on cover.
5) It also comes with two plans a) Diamond and b) Diamond plus. If opting for Diamond Plus, one can get travel exclusion waiver.
6) Any individuals in the age group of 3 months to 65 years can take this plan.
7) This policy is issued for 1 year period.
8) There is 15 days waiting period under this plan.
9) Pre-existing diseases are not covered under this plan
What is covered under Bajaj Capital Coronavirus Health Insurance Plan?
It offers two variants and here are the expenses that covered under these plans
A) Base Cover
- Hospitalization expenses
- Pre hospitalization expenses up to 30 days prior to hospitalization
- Post hospitalization expenses upto 60 days after hospitalization
B) Add-on cover – This has Diamond plan and Diamond Plus plan
i) Diamond Plan
Here are additional expenses are covered for secondary add-on beyond the base cover.
- Quarantine cover expenses – Medical Expenses during Quarantine, starting from the 4th day of Quarantine for a maximum of 15 days during the Policy Period. Covered up to 50% of the sum insured.
- Ambulance coverage – Covers expenses of availing road ambulance Services in relation to hospitalization of insured Person due to presence of COVID-19. Covered up to Rs 3,500 per hospitalization.
- Daily cash benefit – An opted Daily cash (3) payout to the insured Person for each 24 hours of hospitalization starting from the 2nd consecutive day of Hospitalization Hospitalization excluding Quarantine. Paid 1% of sum insured per day up to Rs 3,000.
- Convalescence Cover – A Lump sum amount (4) is paid to the surviving insured Person offer his/her discharge from minimum 14days of hospitalization. The cover will be paid post discharge. 10% of Sum insured of a maximum of Rs 30,000 is paid.
b) Diamond Plus Plan
- All features of Diamond plan are covered
- Travel Exclusion Cover – Waiver of travel restriction exclusion. Insured Person shall be eligible to claim under hospitalization Cover even if he/she has travelled to the travel-restricted countries 45 days immediately preceding the Policy Period Start Date.
How much premium to be paid under this Bajaj Capital Coronavirus Health Insurance Policy?
Here is the premiums chart excluding GST.
What are exclusions in this health insurance plan?
The exclusions are again divided for base cover as well as add-on cover.
A) Exclusions for base cover
- Treatment taken for any Preexisting Disease
- Cohabitation with an existing Covid-19 patient
- Travel to any restricted countries
- Diagnosis done at Unauthorized testing centers
- Diagnosis/Treatment taken outside India
B) Exclusions for Add-on cover
- Quarantine advised by any Unauthorized testing center
- Quarantine/Isolation at any Unauthorized center
- Cluster Containment operations carried out by the State or Central Govt
- Domiciliary or OPD Treatment
How to claim in case diagnosed as Covid positive?
Here are the ways you can reach to claim in case tested as covid positive.
1) You can whatsapp on 74004 22200
2) You can mail them at firstname.lastname@example.org
3) You can call on their toll free no. 1800 3009
Positive Factors in Bajaj Capital Covid-19 Health Insurance Plan
Here are some positive factors
1) Base cover provides protection in case tested positive for covid-19.
2) Add-on cover provides additional benefits. One can take them if required
3) One can get up to Rs 30,000 after discharge from hospital as a cash benefit beyond hospitalization expenses.
Limitations or Hidden Factors in this Health insurance plan
Here are some negative factors or hidden factors in this plan
1) Add on features come with extra premium.
2) No coverage of pre-existing diseases. This policy is only for covid-19 treatment expenses.
3) There is a waiting period of 15 days. In case one is diagnosed with covid-19 before this waiting period, they cannot claim hospitalization expenses.
4) Hospitalization expenses for covid-19 treatment is very high. If you are taking policy below Rs 5 Lakh, such coverage would be low and inadequate.
5) The premiums are very high. For a family of 2 adults (< 55 years) and 2 children, the total premium comes to approx. Rs 14,000 per annum. If there are elder members in the family beyond 55 years of age, it would even cost more.
6) Exclusions for base cover and add-on cover makes such plan unattractive.
Bajaj Capital Covid-19 Health Insurance Plan – Should you opt?
Bajaj Capital corona virus health plan offers base cover and also add-on where it has unique features. When India is struggling to face covid-19 such health insurance plans offer protection if diagnosed as covid-19 positive. One should consider high premium, exclusions and certain other risk factors indicated in this health insurance plan. Beyond these negative factors, this is a good health insurance plan to consider.
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Bajaj Capital Coronavirus Health Insurance Plan Review
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