Should you buy Bajaj Capital's covid policy that has no cool-off period?
Premium- The company has partnered with Go Digit General Insurance to offer customized covid-19 health insurance policy exclusively to clients of the company
Bajaj Capital Financial Services Ltd has rolled out its covid-specific health insurance policy that mainly covers persons who have recovered from covid-19. Such persons can buy this health policy on the basis of a self-declaration. Unlike most other health insurance policies, this policy has no waiting period, or cooling-off period of 90 days between the last covid-19 negative report and buying this policy.
The company has partnered with Go Digit General Insurance to offer customized covid-19 health insurance policy exclusively to clients of the company. This is a covid-specific group health policy that will cover cost related to coronavirus treatment only. Hence, hospitalization expenses not related to treatment for coronavirus disease will not be covered.
MORE FROM THIS SECTIONSee All
Sanjiv Bajaj, joint chairman and managing director, Bajaj Capital, said the group insurance policy aims to provide not just hospitalization expenses, including ICU rent and room rent, but also pre- and post-hospitalization and even the ambulance charges (1% of sum insured) for any individual tested positive for covid-19 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 conditions such as hypertension and diabetes can also purchase this policy but only covid-19 related expenses will be covered. The group insurance plan has been devised to specifically meet the requirements arising in the treatment of coronavirus infection. The charges for a maximum 1 PPE kit per day shall be allowed subject to the limit of ₹1,500 per day, provided that such PPE kit is used by the treating medical staff while the patient is undergoing treatment in the hospital.
You can buy this cover with home care treatment option. In such a case, the premium will increase compared with the policy bought without home care treatment option.
View Full Image
GST inclusive
The home care treatment expenses will cover reasonable and customary costs of treatment of covid-19 infection incurred by the insured member on availing treatment at home for a maximum period of up to 14 days provided the medical practitioner advises the insured person to undergo treatment at home.
Should you buy?
The policy comes with several limitations. For instance, hospitalization expenses not related to treatment for covid-19 and all the strains will not be covered. Moreover, domiciliary hospitalization expenses will not be covered if the home care treatment expenses cover is not opted in the policy. Besides, treatment taken outside India will not be covered.
According to financial experts, the policy is suitable for those who may not want to wait for cool-off period and want to get covid coverage health policy immediately.
Besides, Mrin Agarwal, founder and director, FinSafe.in, said the policy is mainly suitable for those who have recovered from covid-19 after testing positive. However, as per current data, re-infection rate is very low.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!