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Defined benefit vs indemnity type health insurance policy for coronavirus: Here's how to choose one

A benefit-based policy will ensure a fixed and guaranteed lump sum amount equal to the sum insured if one tests positive for Covid-19 and is hospitalised. An indemnity health policy, on the other hand, will reimburse the cost of medical expenses during hospitalisation.

By Navneet Dubey, ET Online |Updated: June 25, 2020, 10.06AM IST
Since the number of coronavirus cases is increasing across the country, it is becoming important for one to buy a health insurance policy if one doesn't already have one. Therefore, if you are planning to purchase a policy, make sure you buy enough cover to protect yourself and family, given the high treatment cost of Covid-19. Besides, it is
with exclusions such as excluding applicants with travel history to a list of countries after 1 December 2019. Policies generally come with a waiting period of 15 days. Further, if you are having symptoms such as cough, fever, and shortness of breath then you may not be eligible to buy these policies. The policies may also not cover pre-existing disease.

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