Should you buy Bajaj Capital’s covid policy that has no cool-off interval?

Bajaj Capital Financial Services Ltd has rolled out its covid-specific medical insurance policy that primarily covers individuals who’ve recovered from covid-19. Such individuals can buy this well being policy on the premise of a self-declaration. Unlike most different medical insurance insurance policies, this policy has no ready interval, or cooling-off interval of 90 days between the final covid-19 adverse report and shopping for this policy.

The company has partnered with Go Digit General Insurance to supply personalized covid-19 medical insurance policy completely to purchasers of the company. This is a covid-specific group well being policy that will cover price associated to coronavirus remedy solely. Hence, hospitalization bills not associated to remedy for coronavirus illness won’t be lined.

Sanjiv Bajaj, joint chairman and managing director, Bajaj Capital, mentioned the group insurance coverage policy goals to supply not simply hospitalization bills, together with ICU lease and room lease, but in addition pre- and post-hospitalization and even the ambulance fees (1% of sum insured) for any particular person examined constructive for covid-19 an infection. “The idea is to help investors focus on their long-term goals, without having to worry about medical bills,” he added.

People with co-morbid situations resembling hypertension and diabetes can even buy this policy however solely covid-19 associated bills might be lined. The group insurance coverage plan has been devised to particularly meet the necessities arising within the remedy of coronavirus an infection. The fees for a most 1 PPE equipment per day shall be allowed topic to the restrict of 1,500 per day, offered that such PPE equipment is utilized by the treating medical workers whereas the affected person is present process remedy within the hospital.

You can buy this cover with residence care remedy choice. In such a case, the premium will enhance in contrast with the policy purchased with out residence care remedy choice.

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GST inclusive

The residence care remedy bills will cover affordable and customary prices of remedy of covid-19 an infection incurred by the insured member on availing remedy at residence for a most interval of as much as 14 days offered the medical practitioner advises the insured particular person to bear remedy at residence.

Should you buy?

According to monetary consultants, one ought to desire shopping for a complete medical insurance policy, particularly a household floater plan, with a minimal sum insured of 10 lakh.

Mrin Agarwal, founder and director,, mentioned the policy is especially appropriate for many who have recovered from covid-19 after testing constructive. However, in line with present knowledge, the re-infection rate may be very low. Besides, the policy additionally comes with a number of limitations. For occasion, hospitalization bills not associated to remedy of covid-19 and all of the strains won’t be lined. Moreover, domiciliary hospitalization bills won’t be lined if residence care remedy bills cover is just not opted within the policy. “Hence, if one needs to buy a well being policy post-covid, one ought to go for a complete medical insurance cover, which additionally consists of remedy price associated to covid-19,” she mentioned.

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