It is amazing to see the kind of risk that people take with medical insurance! Or rather the kind of insurance that people take! Let me enumerate them..

  1. I know of couples who gave up their own medical insurance when their son / daughter joined a big company which covered them. Now the son/daughter have left that job and have zero insurance. His age is 73 and she is 69. Both of them have some complications and are uninsurable.
  2. I know of people who have taken a lot of cancer cover – but not enough medical insurance. How is one to know that one will not have other problems – like Covid-19, liver failure, kidney failure, etc.? A general big insurance is much better than Cancer cover.
  3. Not knowing how to buy medical insurance – people go and buy a big (its relative, is it not?)
  4. People who have general medical insurance run the risk that their claim will be paid only partially. This is because of the room rental restrictions, not paying for the PPE that the doctor and other staff wear, etc. So in a bill of Rs. 22 L you may find that only Rs. 6L was eligible – and if you had a Rs. 5L cover, the claim settled could be in full, but that may not be good enough.
  5. It makes sense to take the Covid-19 kavach, for Rs. 5L (max) for a period of 285 days. Remember that the policy comes into play only after 30 days, so only 255 days.

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