The world got to a standstill due to the pandemic caused by COVID-19. Although we have started the ‘New Normal’, the virus is still there and can infect us. With the Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy, you can protect your finances in case you are diagnosed positive with Novel Coronavirus and need hospitalization. If you consider the rising bills of treatment in a hospital, you would guess how costly it could be to get the proper treatment during your hospitalization. That’s why having a health insurance policy keeping in mind the threat of Novel Coronavirus is important.
Want to know more about Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy? Well, here we will be talking about some of the important factors related to this Health Insurance Plan from Star Life, such as its features, benefits, and eligibility. So, keep reading!
Before choosing any kind of Health Insurance Policy, individuals like to check the key features of any insurance plan that can be beneficial for them. That’s why we are showing some of the key highlights of the Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy below. Do check to understand them better!
- One of the main reasons you should opt for this policy is the existence of the novel coronavirus even as we have lived with it for more than a year so far. So, if you don’t want to be affected financially because of the emergency hospitalization due to the COVID-19, this plan can be a good choice for you!
- If you choose the Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy, the company will pay the sum insured opted by you during hospitalization due to the contraction and diagnosis of Novel Coronavirus (nCoV) (COVID-19) during the policy period.
- You need to remember that the payment will be made only on Hospitalization and report of positive diagnosis for the Novel Coronavirus from a center authorized by the State or Central Government. Also, your policy will cease to exist after the payment of the lump sum amount.
- Policyholders can also enjoy tax benefits on the premium paid towards their policy. Yes, you can get tax benefits under Section 80D of the Income Tax Act, 1961 for the premium paid. But you will need to pay the premium by any other mode other than cash to get such benefits.
- Wondering if you will be able to renew your policy? Since this policy is introduced on a pilot basis, the renewal of the policy will depend on the time the product is offered. So, the company may withdraw the policy at any time. However, your policy will continue for the fixed policy term.
- With the Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy, you will also get a free look period of 15 days to review the terms and conditions of the policy. If you are not satisfied with this, you can return the policy.
- Star Life also provides a waiting period of 16 days from the inception of this Health Insurance Policy, which means you can make claims only after this period.
For the Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy, the Policy Term can be a maximum of 1 year. It means that an individual can get coverage for a maximum of 1 year when choosing this policy from Star Health.
Is there any pre-acceptance Medical Screening?
Many people ask the question of whether they will need to undergo any medical screening before choosing the Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy. Well, you don’t need to undergo any pre-acceptance medical screening.
What are the Sum Insured and Premium Payment Options?
One of the best things about Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy is that individuals can choose from two different sum insured options – INR 21,000 and INR 42,000 with a premium of INR 299 plus GST and INR 598 plus GST, respectively.
To get the Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy, you will need to meet a few conditions. Check below such conditions.
- The minimum entry age for this policy can be as low as 18 years. However, any individual, who is above 55 years of age at the time of entry, cannot get this Star Life Insurance Policy.
- An individual can only opt for this policy on an Individual Sum Insured basis. There is no Family Floater Basis option with which you can protect your loved ones. However, dependent children who are between 3 months to 25 years can get coverage under this policy along with any one of the parents.
- For every insured person, Star Life only provides One Policy which means you cannot opt for two insurance policies for the same person.
What are the Exclusions?
There are a few things for which you will not get any coverage under the Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy. We are stating them below. Have a look!
- Star Health will not make any payments under this policy if the policyholder is not admitted to a hospital whether quarantined or not.
- You will not get any coverage for any other illnesses, sickness, or disease other than Novel Coronavirus (nCoV) (COVID-19).
- Policyholders will also not get any coverage if the claim is made concerning Novel Coronavirus (nCoV) (COVID-19) contracted or manifested or the onset of the disease before the inception of the policy or during the defined waiting period.