The value of the 1 crore health insurance cover during Covid-19

The coronavirus outbreak was a bolt from the blue, and people were affected globally. It completely changed the way we functioned and forced us to adapt to a ‘new normal’. Though we are still grappling with the disease that is claiming thousands of lives across the globe every day, it has also reminded us of some basics like the importance of washing hands before eating and covering our mouth and nose while coughing sneezing. Another basic that many people have hitherto ignored was buying health insurance because, despite all our efforts to stay fit and healthy, the fear of contagion looms large. Now people are not only buying health plans with COVID-19 cover, but they also want a bigger sum assured. Keeping in mind the needs of policy buyers, we have launched a One Crore Health Insurance plan called my:health Koti Suraksha. Loaded with many features, it aims to remove all your financial woes in case of medical emergencies.

Do you need a health insurance cover of Rs 1 crore during this Pandemic?

Mr Gupta lost his job in the recent layoffs in his company and its medical cover that the company used to provide. Now, he has ageing parents and small kids; all of them are quite vulnerable to infection. Being the sole breadwinner of the family, he needs to find a job quickly and need the best healthcare facility to get back on his feet faster. His wife assesses the situation and asks him to get my:health Koti Suraksha for the family. She knows the 1-crore policy’s feature-loaded coverage will ensure that the family can avail of the best healthcare facilities when required.

If you still think that the one crore health insurance coverage is too much and not meant for you and your family, here are some facts that will help you decide:

• The Pandemic is far from over : The Pandemic that began in China’s Wuhan city last year quickly spread worldwide. The worldwide death toll eclipsed 1 million in September end, and India continues to be one of the worst-affected countries. Yes, cities are coming out of lockdown and travel restrictions are being lifted, but that does not mean the Pandemic is nearing its end. We still have to stay alert.
• The pressure on public healthcare : Our public healthcare system was overwhelmed by the massive number of cases, and a lot was found wanting. Without a comprehensive health plan, affordable quality treatment at good private hospitals would mean inviting financial debt.
  
• People have lost their jobs : Besides the direct impact on health, the Pandemic and the subsequent lockdown have affected livelihood. The economy was severely affected, and millions of people either lost their jobs or had to pay cuts. When you lose your job, the health insurance provided by the company also ceases to take care of your medical needs. In case of pay cuts, your savings start to deplete, which makes it even more crucial that no medical emergency should put an additional financial burden on you.
• People with co morbidities are vulnerable : Coronavirus is highly contagious. Aged people and those with preexisting conditions like respiratory problems, heart disease, hypertension, or diabetes are at greater risk.
• The risk of other critical illnesses remains : The coronavirus pandemic is a matter of enormous concern, but that’s not the only ailment that should worry us. Factors like our stressful schedules, sedentary lifestyles, pollution, food contamination, hereditary reasons, etc., cause many severe health hazards. Critical illnesses like cancer, heart attacks not only require quality medical treatment but are also a time-taking process. It means it can take many months for the patient to recover, and till then, the medical expenses will continue to add up. The situation gets dismal when the patient is the sole breadwinner of the family and is forced to remain out of work and ultimately lose his/her source of earning.
• The cost of quality treatment: While we should celebrate the technological advancements made in the medical field, we can’t ignore its flipside. Today, getting some simple tests done can cost a few thousands and that’s just in the consultation phase. You can now imagine what will happen once the person gets hospitalized.

The above-mentioned reasons should give you an idea about the gravity of the situation and help you understand the importance of a higher sum assured. Normally, policyholders believe that sum assured of anything between INR 10-25 lakhs is more than sufficient, but that perception is changing. The rising cost of healthcare, coupled with the Pandemic’s perils, has shown that inadequate coverage can lead to financial pressure and unnecessary mental stress. A smaller sum assured can get used up early and after that, one would have to pay from his pocket.

Conclusion

my:health Koti Suraksha is not only offering a considerable sum assured but also comes with many other benefits. You can get it by paying pocket-friendly premiums and that too in easy instalments. Along with COVID-19 treatment, our my:health Koti Suraksha policy has been designed to cover other Major illnesses and major surgeries. You can opt for it even as a family floater plan and get your family an insurance cover of one crore. It will give you the luxury of opting for the best possible treatment in your vicinity. Call us today, and we will help you choose the best plan!

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

HDFC ERGO General Insurance Company Limited. Registered & Corporate Office: 1st Floor, HDFC House, 165-166 Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai – 400 020. Trade Logo displayed above belongs to HDFC LTD and ERGO International AG and used by HDFC ERGO General Insurance Company Limited under license. For more details on the risk factors, terms and conditions, please read the sales brochure/prospectus before concluding the sale. UIN: my:health Koti Suraksha - HDFHLIP21131V012021 IRDAI Reg. No.146 CIN: U66030MH2007PLC177117. UID No. D2-34Terms and conditions applied