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Expert Speak: Health Insurance In Times Of Coronavirus

Insurance expert, Amit Chhabra shares insights about the need for health insurance amidst the global pandemic.


The Policy Bazaar Show is a series that decodes the grey areas of purchasing insurance. Through the 26-episode series, the show will highlight and discuss a magnitude of topics essential to everyone trying to secure their future. From purchasing the right cover to switching policies while shifting jobs, to ensuring a comprehensive child cover, insurance experts deliberate, simplify and, shine a light on the complexities of purchasing insurance in India.

In this week's episode, one of the industry's leading insurers, Amit Chhabra- Business Head, Health Insurance, Policybazaar.com talks to Vivek Law about the global pandemic spread through the COVID-19. They also discuss the various insurance plans available during the corona outbreak

IRDAI recommending ‘Customer is the King’

India has been lacking in terms of insurance penetration for a long time. The outbreak of coronavirus has managed to increase the general awareness around the need for health insurance. There has been a steady rise in the demand for health insurance in the country. There is an unexpected jump in the number of queries related to health insurance.

Many insurers have launched COVID-19 specific health plans. These plans cost less than any comprehensive health cover. However, they only cover the conditions that fall under COVID-19 symptoms. Comprehensive health plans are better investments as they are an umbrella cover for all kinds of conditions. These covers are beneficial both during emergencies like the present and also serve as a long term health plan.

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The IRDAI and major insurers suggest that there is a need to invest in covers of at least 1 crore. The current situation makes it crucial to have a comprehensive health cover with a high sum insured. Fixed benefit policies are also beneficial during a loss of income that is a common result of hospitalization.

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Digitalization has made the process of onboarding, medical check-ups, and claims easier. Medical check-ups are also done online through tele-underwriting – an interaction between the consumer and a doctor. The consumer needs to share his/her medical history. Insurance companies have adapted to the need for digitalization. They are also promoting the need to buy health insurance at an early age to avoid all the challenges faced by post-retirement policyholders.

Watch the episode for more insights about health insurance policies.

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