Main menu


Covid19 and health insurance: confiscating 3 important myths

The chaos over purchasing a Coronavirus health insurance coverage was resolved after the insurance regulator issued a specific protection policy for covid 19. However, there are still some doubts about the purchase of the policy renewal current health insurance by people who are currently under attack. The virus or those who have contracted the virus and have now recovered. We spoke with two prominent players in the insurance industry to get answers to the three most common questions about buying health insurance, the effect on premium rates, and the change in policy duration at renewal. of the policy by those who had contracted the virus previously. .

Rakesh Jain, CEO and CEO of Reliance General Insurance and V Suryanarayanan, CEO of Chola MS General Insurance, answered questions to curb the myths. This is what they said:

  • Myth 1: Buying a new health insurance plan or renewing an existing health insurance policy will be difficult for people who have suffered but successfully recovered from Coronavirus now.

Rakesh Jain, Reliance General Insurance: Coronavirus is a viral but very serious disease and it is not a lifestyle disease like diabetes, high blood pressure, liver disease, etc. The sickness lifestyle will always have an effect on your regular health insurance premiums. If a Corona + five patient has already recovered from the illness, there will be no effect on the purchase or renewal of a new individual health insurance policy.

V Suryanarayanan, Chola MS General Insurance: COVID-19 infection will not affect the renewal of the health insurance policy. Until Covid 19 is clinically proven to affect humans in other long-term ways, it will not be considered a pre-existing disease, and in this sense it is similar to the case of a vector-borne infection.

  • Myth 2: Those with a history of coronavirus infection will have to pay higher premiums now, even if they make a full recovery.

Rakesh Jain, Reliance General Insurance - Per individual health insurance policy regulatory guidelines, at the time of policy renewal, insurers cannot apply claims-based charges, they only follow charges that were applied at the time of the new purchase.

V Suryanarayanan, Chola MS General Insurance: With the exception of price adjustments related to changes in age panels and medical inflation which, in India, ranges from 10% to 12% per year, it is possible that people with a history of coronavirus do not have to pay a higher premium. However, if Covid 19 is medically proven to affect the human being in the long term and makes the individual vulnerable to hospitalization after the effects, the recurrence assumptions related to the hospitalization could change and cause a revaluation of the premium of the health insurance.

  • Myth three: The experience of buying or renewing a health insurance policy by those who have contracted the Coronavirus at some point will not be the experience of the general public.

Rakesh Jain, Reliance General Insurance: Since insurers do not apply charges based on claims, there will be no change. Insurance companies will charge the premium based on the current seniority premiums that have already been submitted. Depending on the age renewal premium, it will be calculated and the insured will be able to pay it to renew the policy.

V Suryanarayanan, Chola MS General insurance: nothing changes if individuals / families buy basic health insurance now. In fact, this is the right time to ensure effective health coverage for an adequate insured amount.