Monsoon insurance: Save it for a rainy day

Every year, the monsoon brings with it several infections and rain-related mishaps. Largely owing to factors such as potholed roads, poor visibility, waterlogging, and slick surfaces, the risk and number of accidents witness a marked increase during this season.

Apart from road accidents, this season is also the time when falls become quite prevalent. Senior citizens and the aged especially are prone to falling due to slippery roads and pathways.

Also, mosquitoes, ticks, and other disease-transmitting parasites breed in this weather, posing significant problems to public health. These health issues – known as vector-borne conditions – along with monsoon-related injuries, can lead to prolonged medical treatment, making it pivotal for individuals and families to safeguard their health, and finances, with the appropriate monsoon insurance covers.

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No age limitation

Monsoon insurance policies extend coverage for pre-hospitalisation and in-patient hospitalisation expenses due to vector-borne diseases like dengue, malaria, accidental injuries, and non-communicable diseases.  Most of these policies offer coverage without any age limitations.

Speaking to The Federal, Amjad Khan, Executive Director, Employee Benefits Practice and International Business, Anand Rathi Insurance Brokers Pvt Ltd, says, “The monsoon insurance policy was introduced in the year 2019 as a standalone cover. It is an individual cover provided by a few insurance companies, namely Bajaj Allianz, Acko General, and Aditya Birla Health, among others. These pocket insurance plans cover all medical expenses arising from monsoon-related diseases and injuries, at relatively low premium costs.”

“These policies frequently include transportation by ambulance, outpatient visits, and follow-ups after hospitalisation, and diagnostic procedures. They have a waiting period of 30 days, post which the risk is covered. The policies extend the benefit up to a limit of Rs 50,000, at a low premium of Rs 649 per annum. They have a room rent limit of Rs 1,000, and also provide Rs 2,000 for treatment in the Intensive Care Unit (ICU),” he adds.

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Option to upgrade

If a person’s health deteriorates further, some plans can be upgraded.

These policies do not include the treatment of any pre-existing medical illnesses, aesthetic procedures like plastic surgery or dental surgery, self-inflicted injuries or ayurvedic therapies.

Khan emphasises the importance of buying a monsoon insurance plan. He says, “The monsoon brings with it a number of unwanted situations, like the growth and spread of various disease-causing organisms. Frequent rainfall and humidity leave behind puddles of stagnant water, where mosquitoes and other vectors can increasingly breed. On top of that, the constant fluctuations in temperature can easily make someone ill at least once during this season. Thus, this micro insurance cover can secure us and our loved ones. Apart from protection from contagious diseases, monsoon insurance can safeguard us from injuries caused by accidents. Recently, disease-specific plans have been designed to provide the most customised insurance services for the monsoon, with many useful benefits.”

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Word of caution

A Mumbai-based insurance professional adds a word of caution. He says, “Everyone should have a basic health insurance policy that takes into account all their health parameters. However, they should also think about getting supplementary monsoon coverage. With burgeoning medical inflation, I believe everyone should buy a monsoon insurance cover to protect against escalating medical costs in case of any ailment or injury specific to the season.”

“When buying a monsoon insurance cover, make sure you check all the terms and conditions carefully before finalising it. Pay special attention to the diseases covered, the waiting period – the time it takes to receive coverage after buying an insurance policy, and the sum insured, among other clauses. Only trust a reputable company when buying a new policy, with a proven track record and a high claim settlement ratio,” he adds. A waiting period is the time it takes to receive coverage after buying an insurance policy.