3 Most Popular Standardized Insurance Plans Launched Amidst the Pandemic

by kumar rahul Best Insurance Deals

The Insurance Regulatory and Development Authority of India (IRDAI) has taken a number of steps to ensure that insurance policies meet your needs in the wake of the pandemic. IRDAI introduced the idea of uniform insurance policies to address the challenge of contrasting insurance plans due to differing benefit arrangements. Standardized insurance policies are those that have a consistent package of coverage benefits for all insurance providers. The rates, on the other hand, are set by the insurance companies.

The advantage of standardized insurance policies is that they enable people to choose a basic level of coverage at a low cost. Furthermore, since the policies have the same benefits, you can compare premiums from different insurers and purchase the most cost-effective coverage.

After the outbreak of the pandemic, IRDAI has offered a variety of standardized insurance plans. The following are 3 of the most popular policies:

Aarogya Sanjeevani Policy

If you're looking for a low-cost health insurance plan, the Aarogya Sanjeevani Policy is a good choice. This policy would be appropriate if you don't have health insurance and want to start with a simple level of coverage. The policy would pay for the most common medical expenses incurred during hospitalization.Most coverage benefits, however, have sub-limits; you should review these sub-limits when purchasing the package.

This is a health insurance policy that offers basic health benefits at a very low cost. The following are the policy's features:

• The policy is available as an individual policy or as a floater policy.
• The maximum sum insured is limited to INR 10 lakhs.
• Inpatient hospitalization, pre- and post-hospitalization care, daycare treatment, AYUSH treatments, and current surgeries are all covered.
• Per year of claim-free service earns you a 5% bonus, up to a maximum of 50%.
• The waiting period for pre-existing conditions is 4 years.

COVID-specific Health Insurance Plans

You should invest in these policies if you want a specific health plan to cover potential COVID infections and their consequences. Their premiums are modest, and they cover COVID-related claims with no deductibles and only a 15-day waiting period.

However, keep in mind that COVID is covered by the standard indemnity health plan. As a result, these policies cannot be used in place of an indemnity plan. These policies can be purchased in addition to an existing indemnity health insurance policy.

IRDAI launched 2 regular COVID-related plans – Corona Kavach and Corona Rakshak – in response to the increasing cases of COVID-related hospitalization. These plans have the following features:

• Only COVID-related claims are covered by both plans.
• Corona Kavach is an indemnity health plan that pays for direct medical bills incurred during COVID hospitalization. Corona Rakshak, on the other hand, is a fixed-benefit policy that pays a lump sum benefit in the event of COVID-related hospitalization.
• The Kavach sum insured is up to INR 5 lakhs, while the Rakshak sum insured is limited to INR 2.5 lakhs.
• Rakshak is only accessible on an individual basis, while Kavach policy can be taken as a floater.
• Coverage is available for 3.5 months, 6.5 months, or 9.5 months.
• COVID claims have a 15-day waiting period.
• Both plans cover COVID claims without a deductible or a cap.

Saral Jeevan Bima

This is a term insurance policy is important for your loved ones' financial protection in the event of your death. SaralJeevanBima, as a result, offers financial stability at a low cost. This is a good option if you want an easy plan that just protects you from danger.

This is a typical term insurance policy that offers financial stability. In the event of death during the policy's term, the plan provides a death benefit. Here are some of the plan's highlights:

•  There are a variety of premium payment options available with this plan. You have the option of paying a single premium, a limited premium, or a regular premium.
• You can purchase the plan between the ages of 18 and 65, with coverage available until the age of 70.
• The sum assured begins at INR 5 lakhs, with no upper limit.
• There is no maturity benefit in this plan.

The bottom line

Many of these insurance policies are straightforward, providing basic coverage at a reasonable price. They even offer you the option of comparing premiums to find the best price. So, evaluate your coverage requirements and then invest in these policies to protect your finances.

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Created on May 28th 2021 01:39. Viewed 219 times.

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