Why Should I Buy a COVID-19 Plan?

In the current pandemic situation, it is important for everyone to be adequately insured as life has become even more uncertain. Moreover, it is important to consider the high cost of treatment in private hospitals if suffering from Coronavirus. Even if you have a life insurance policy or a health insurance plan, it may not be adequate considering the rise in number of critical cases and deaths due to COVID-19.

Here are reasons why getting a COVID-19 specific insurance plan is a good idea:
 

• Life Cover : An insurance plan that covers COVID-19 claims, protects the policyholder’s family in case of a demise due to coronavirus-related complications.

• COVID-19 Treatment Expenses : If diagnosed with Coronavirus and hospitalized, the treatment expenses can go up to lakhs of rupees. This can be a big burden on the family’s finances. A COVID-19 protection plan will take care of all medical expenses incurred due to COVID-19.

• Rampant Spread of Virus : Unfortunately, the fact of the matter is that Coronavirus is aggressively spreading across all major cities in the country. There are news of family, friends and neighbours being infected all the time. Even after taking utmost safety precautions, people are getting tested positive with Coronavirus. In such a situation, being mentally and financially prepared is the wisest thing one can do.

• Age Does Not Matter : During the early onset of COVID-19, it was believed that the disease largely affects seniors. However, over the course of the past three months, it has been observed that Coronavirus can affect any age group and can also prove to be fatal in some cases. It is best to be protected against such a disease, irrespective of your age.

• Long Time Financial Impact : In the current situation, there are many economic instabilities being faced. Lay-offs, pay-cuts, loss in business have become a common occurrence. If a person suffers from COVID-19 this will lead to further losses as recovery may take more than a month. Having a backup plan that can cover for expenses during such a time is important.