Covid 19 insurance against financial loss
Does your insurance cover Covid19? How much risky it is to travel in public transport? How to ensure the high-risk people like children and elderly remain safe and healthy? There are numerous questions picking our brains every now and then.
It is more than 90 days that India is under lock-down, various sectors are gradually opening up for business. We are all more alert than ever, taking hygiene and precautions on priority. I visited the office other day, our coffee machine is closed. We didn’t use the microwave to heat our food, used the water dispenser shakily. Yes, it is taking lot of efforts to do normal activities without being afraid. However, we will move on.
Given all things, Covid-19 still doesn’t have any medicine and it remains highly infectious. Various work will force will take us out of comfort and safety of home, exposing us to Covid19. Least we can do is prepare. Apart from the usual hygiene and safety related guidelines, following are additional things we need to ensure
Most of the health insurance policy covers Covid19, still check with them
Keep equivalent of atleast 3 months expense safe in a deposit account/ liquid fund/ at home for a few months
Came across this policy and found it very useful in days like these. That is Reliance General Insurance’s Covid19 policy, specially designed for YES Bank Customer.
This is not a mediclaim or health insurance plan. This plan aims to cover the financial loss which may arise upon diagnosis or official quarantine by medical authorities.
It covers a possible financial loss, which may occur due to detection or quarantine . The policy covers babies from 3 months till 60 years adult. The premium for Sum insured of Rs. 1,50,000/- for a period of 1 year is Rs,2213 . The premium for sum insured of Rs. 2,00,000/- is Rs. 2950 Diagnosis Cover – Full sum assured
Quarantine Cover – Half of sum assured
Policy Period – 1 Year
Who should Take this policy?
This should be taken by earning member of the family especially if you have ongoing loans like – Car loan/Home loan/having high expenses. If you are staying in Mumbai, where healthcare cost is going out of hand, it would be good idea to protect against abnormal cost/ financial loss may happen on diagnosis/ precautionary quarantine. This is highly recommended for sole earner with many dependants, who don’t have adequate health insurance or have a job loss risk or have to visit other cities/ states/ countries soon. Highly recommended who have less contingency fund with dependent children or senior citizen parents.
What this Covid19 Insurance policy doesn’t offer?
This is mainly a cash benefit policy, doesn’t cover medical expenses, it just offers lump sum benefit. It doesn’t offer any tax benefit under section 80D. It doesn’t cover new born babies upto 90 days and anyone over 60 years. It doesn’t cover if you are any of your family member or close associate is currently suffering from Covid 19 or under quarantine. Won’t cover anyone who have met any Covid-19 affected person in last 15 days. Policy Won’t cover anyone who have traveled to international destination in 45 days immediately preceding this Insurance Cover Period Start Date. The applicant should not be currently living with and sharing the same address as that of person(s) who is/were Diagnosed with COVID-19 or Quarantined
There is one more Covid-19 Cover for YES Bank DEPOSITORS
YES Bank has also launched a facility for Fixed deposit holders of YES Bank. On a Fixed-deposit of Rs. 1 Lakh and above for a tenure more than a year will get an cash benefit insurance. With no-extra premium, the cover is Rs. 25,000/-
Covid 19 is here to stay for a while and create chaos until we get a proper vaccine. So, stay safe, stay healthy and keep learning wealth management.
Want to be financially literate? Try these books. Have been very helpful to me.
1. Let’s talk Money – Monika Halan – https://amzn.to/37lTpIs
2. Rich Dad Poor Dad – Robert Kiyosaki – https://amzn.to/2Y170kk
3. Cash Flow Quadrant – Robert Kiyosaki – https://amzn.to/2MRd4Xr
Cheers!!
Covid19 protection gear at Amazon – https://amzn.to/37OQZCD
