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How to Buy the Best COVID Insurance Policy in India?

Jul 06, 2020 | 1 month ago | Read Time: 4 minutes | By iKnowledge Team

With more than 5.6 lakh cases in India alone, COVID-19 has permeated the country dangerously. Accompanied by the lockdown, dropping economic values and the shortage of income, the situational pressure has intensified. In such critical times, reliable financial support is the much-needed assistance to tide over emergencies and uncertainties.

best covid insurance

Understanding the demand of the people, several insurance companies have introduced a COVID-19 insurance cover. However, not all plans are worthy, and only an informed selection will provide the best COVID insurance policy.

Need for a COVID-19 Insurance policy

As the COVID-19 situation aggravates towards its peak, the numbers produced are staggering, and the figures are rising each day. Coupled with the financial crunch in the country, the dipping stock markets, and the severe loss of jobs, the situation has further intensified.

More so, the low penetration of insurance in India is causing even more trouble since the entire financial burden has fallen on the family in the hour of need. In such demanding times, only the best coronavirus insurance can be a saviour.

Tips for choosing the best COVID insurance

Due to the increasing demand for funds giving rise to the need for secure insurance, the market has been flooded with multiple players. An analysis based on the below factors can help to choose the best COVID insurance policy:

  1. Adequate cover amount: Insurance providers are offering sum assured ranging from ₹21,000 to ₹2 lakhs. However, while selecting the best coronavirus insurance, analyze if the amount is sufficient to cover treatment expenses or support the family after the demise of the insured. The number of dependents, existing liabilities, income, etc. should also be considered.
  2. Affordable premiums: Buying the best COVID insurance is important, especially for people in high-risk areas. However, the current situation has affected the income stream and thus, buying a cover with heavy premiums is not the right choice. It is important to strike a balance between the coverage amount and affordability of premiums. The best COVID insurance policy premiums should not hurt the pocket and yet provide the needed cover.
  3. Simple process: Another vital aspect to be considered while selecting the best COVID insurance is the process of applying and making the claim. Both aspects should be simple and hassle-free. A person should be able to buy the policy in minimum time and simple steps. On the other hand, the claim procedure should also be hassle-free, quick, and require minimum documentation to avoid burdening the affected family in stressful times.
  4. The credibility of the provider: The most fundamental evaluation to buy the best coronavirus insurance is to check the credibility of the provider. Know the claim settlement and solvency ratios of the company. Expressed in percentage against the total number of claims made, the claim settlement ratio helps define the reliability of the provider, while the solvency ratio expresses if the company is in a financially sound position to pay the claims. This is immensely helpful in COVID-19 cases when multiple claims are made together.
  5. Customer service: To select the best COVID insurance, select a provider that has a positive customer service record. Evaluate various online reviews and also connect with executives. In times of COVID-19, the idea is to engage with a provider who gives exemplary customer service and offers quick redressal of grievances.

COVID Insurance by Aegon Life

COVID Insurance Policy

Aegon Life understands the importance of safeguarding your life and of your loved ones. The company has introduced the best coronavirus insurance, along with a term life plan to offer security amidst such critical times. It is the first and the best COVID insurance India with a life protection plan.

The COVID-19 insurance by Aegon Life offers a base life cover and absorbs expenses up to ₹5 lakh on a minimum of 24-hours of continuous hospitalization on the first diagnosis of the virus. Also, the plan offers death benefit in case of the demise of the insured. Moreover, leveraging its strong digital presence, the best COVID insurance policy by Aegon Life is available on Flipkart. This will allow people direct and instant purchase at a reasonable price from the comfort and safety of their homes.

Flexible COVID Insurance with 4 Different Plan Options

The company provides four flexible and budgeted plans to suit the need of the insured. The policy premiums range from ₹903 to ₹5,669, with exhaustive covers from ₹5 lakh to ₹25 lakh. Additionally, since the policy is digitally available, there is no need for a medical test, thereby eliminating complications. A person just needs to choose a plan, fill in the details, verify the mobile number, and make payment. The cover begins immediately.  

The outbreak of the pandemic has made human lives more exposed than ever before. Thus, the best coronavirus insurance security policy has become more of a necessity than a choice. With an economical and well-covered plan from Aegon Life, one can be sure of best COVID insurance policy and financial security in the most needed times.


iTerm Plan

Life Insurance Plan with 3 Options to Choose from

  • Life Protect (Life cover till age 100 years)
  • Protect Plus (5% Automatic Increase of life cover)
  • Dual Protect (Protection + Regular Income)
iTerm Plus Plan

Life Insurance Plan with 4 Options to Choose from

  • Life Plan
  • Life Plus Plan
  • Life & Health Plan (10 Critical Illnesses covered)
  • Life & Health Plus Plan (36 Critical Illnesses covered)
iInvest Plan

iInvest Plan with 3 Options to Choose from

  • Increases Your Investment
  • Boost Your Fund Value
  • Withdraw Your Investment
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