Tips to get best insurance policy during covid times

The shortage of resources like ventilators, oxygen cylinders, oximeters, hospital beds, remdesivir and other drugs in the country, further fuel up the treatment cost of COVID-19 in India.

Covid-19 is spreading like wildfire and has proven to be a life-threatening health hazard. Around 147 million people worldwide have been infected with this virus, and so far, 3.11 million death cases have been reported. Nations all across the globe are struggling to contain the spread of the virus.

Even though there was a dip in the number of cases during the last quarter of FY 2020, the world is now witnessing the second COVID-19 wave which seems to be much stronger than the former wave, with more complex mutations.

Ankit Agrawal, Co-Founder and CEO, InsuranceDekho says, “The coronavirus disease is not only highly infectious but is also capable of putting a strain on one’s financial standing as the treatment for the disease involves a hefty expense. Moreover, the shortage of resources like ventilators, oxygen cylinders, oximeters, hospital beds, remdesivir and other drugs in the country, further fuel up the treatment cost of COVID-19 in India.”

In FY 2020, the Indian insurance sector saw a huge uptake with both Health and Life insurance, registering a growth of reportedly 13 per cent for non-life and 18 per cent for life insurance till February 2021, on a y-o-y basis.

The pandemic has forced financial protection to the top of the minds of almost all individuals in an unprecedented manner. With a rise in the sale of term life insurance plans, industry experts say, Indians are moving towards proactive buying amid the growing concerns about the COVID-19 pandemic.

Here is how you can pick the best policy covers during these uncertain times;

Be thoughtful: While buying a plan for yourself, assess what exactly you are exactly looking for. Experts say, one should review a plan’s financial value, along with assessing their own financial needs, as it is important to acknowledge that everyone’s financial needs are subject to change with life stages and will demand different solutions.

To get the best price, buy a plan online: Buying an insurance plan online is almost 30-70 per cent cheaper than purchasing it offline. Agrawal says, “The primary reason behind this is that in the online setup there are no agents involved and thus no commissions or intermediary costs which can inflate your insurance premium unnecessarily.”

Compare policies online: Compare different plans offered by different insurance providers, while purchasing an insurance plan online. This helps not only to get the right plan but also helps to get it for the right worth. Experts say the comparison of different insurance plans also helps one increase their existing knowledge about insurance and get to know if any new features or coverage have come up in the market that needs to be included.

Customise Online buying an insurance plan offers the added flexibility to customise it as per one’s requirements and budget. Policyholders can choose different coverages and add-ons while buying an insurance plan online and tailor it as per his/her convenience.