Health Insurance: Payment of more than 150% of the premium received in Corona Insurance policies, now companies are reluctant to give Corona Armor policy

When Corona arrived last year, many insurance companies took it as an opportunity to earn and launched special Kovid Mediclaim policies. But the estimates of the companies turned out to be wrong and they had to pay more than 150% of the total amount of premium received. Only 25% of the policy holders had made a medical claim and the companies were terrified by that. Due to this, now insurance companies have pulled out of the Kovid policy. In such a situation, now those who were planning to take a new policy or renew an old policy, they may have to face trouble.

Most companies stop doing special coved mediclaim policy
Most companies have discontinued the Special Covid Mediclaim Policy. Not only this, companies have also increased the premium of General Mediclaim Policy. When the corona infection began to increase in March last year, insurance companies introduced the Corona Armor Mediclaim Policy to protect against the costs of treating a corona patient.

Under this policy, the security of treatment of corona was given at a nominal premium ranging from 500 to 5500 rupees every month. These policies ranged from 3 and a half to 9 and a half months. The insurance amount in this range is from 50 thousand to 5 lakh rupees.

Companies stop renewing old policy
The companies did not realize at all that they would have to bear the loss. After this, the companies stopped renewing the old policy. Also discontinued the special Covid Mediclaim Policy. Now Kovid does not have a separate mediclaim policy. There is a company that is plucking the courage to start a Corona Special Policy.

This condition of companies in 25% claim only
Only 25% of the Kovid Mediclaim Policy holders claimed. While 75% claimed no claim. Despite this, the companies incurred losses. In order to avoid large payment to the policy holder, the insurance companies have closed the policy itself.

In such a situation, what should people do now?
Insurance Ombudsman, Mumbai’s Insurance Ombudsman Milind Kharat says that if a company is not giving you an insurance policy or is unwilling to renew your old policy, you can complain to the Insurance Regulatory Irda (IRDAI). On Irda’s website you will find the phone number and email ID. You can tell your problem on these. After this, IRDA will solve your problem.

Apart from this, you can also complain to the zonal officer of the insurance company. If he does not listen then you can also complain to the Insurance Ombudsman of your state. Although this may take a little longer.

Demand increased due to cheap
Due to the expensive treatment of Corona, people were attracted to Mediclaim. In the initial phase of Corona last year, insurance companies launched a special policy for Corona patients at the behest of IRDA. Now that the corona situation was out of control again, the companies stopped renewing special covid policies and offering new policies. However the corona risk was included in the General Mediclaim. But these are much more expensive than special Kovid policies.

Their 1 lakh policy has to pay an annual premium of 1250 to 6000 rupees. In comparison, the Corona armor is available at a lower premium. In this, for a cover of up to 5 lakhs, you have to pay a maximum premium of only about 5500 rupees. This is why people are getting attracted towards it.

You can also buy the policy online
Mahavir Chopra, the founder and expert of online insurance solutions firm ‘Nirbhay’, says that many companies are offering to buy Corona Kavach policy online. Along with getting information about policies of all insurance companies on many websites, you can also buy policies from here. You can also buy a policy through them.

What is the difference between Corona Special Policy and Common Insurance Policy?
Mahavir Chopra says that corona special policies like corona armor only cover the cost of treatment if there is corona. At the same time, in general health insurance policy, you get cover even if there is other disease along with corona. That is why the premium of the General Health Insurance policy is higher than that of the Corona Armor policy.

2 to 5 lakh cover is sufficient
Mahavir Chopra says that the average cost of treatment for corona is approaching 2.50 lakh. In such a situation, an insurance cover of 2 to 5 lakh rupees is enough for the treatment of corona. In this case, the corona shield can help you get the right treatment if you have corona.

General Mediclaim premiums increased by 30%
Piyush Rawal of Bajaj Allianz says that the one who had more demand during the Corona period is the Mediclaim Policy. This policy has become expensive now. In Corona’s policy, the company had to pay a lot of money. For this reason, the premium of the general policy was also increased by up to 30%.

At the same time, Bhavesh Chhajra, Advisor at Star Health, says that the Corona Special Policy sold well initially, but claims increased during the corona. Therefore, the companies did not have funding to pay the claim.