Homepersonal finance News

    Will getting COVID vaccine impact your insurance coverage? Check here

    Will getting COVID vaccine impact your insurance coverage? Check here

    Will getting COVID vaccine impact your insurance coverage? Check here
    Profile image

    By Anshul   IST (Published)

    Mini

    According to Rakesh Goyal, director, Probus Insurance – an insurtech broking company, the direct answer to this is - there would be no impact on the insurance coverage on getting the COVID vaccines.

    The ongoing COVID-19 pandemic situation has infected several across the country and the globe. Owing to the critical situation, a lot of panic was noticed amongst the people and numerous queries about the coverage of the insurance plan for both new or existing customers were flooded.
    Now that the vaccines are already out and people are getting themselves vaccinated, there has been another common query that is coming along - Would getting this vaccine impact the coverage of the insurance?
    According to Rakesh Goyal, director, Probus Insurance – an insurtech broking company, the direct answer to this is - there would be no impact on the insurance coverage on getting the COVID vaccines.
    If a person has taken a health policy before getting vaccinated then he/she will be entitled to avail the claim in case he/she catches the virus post the vaccination.
    However, as Naval Goel, founder and CEO at PolicyX.com explains further, if people take a health policy after getting vaccinated then they will have to follow the pre-requisite procedure stated by the insurance companies.
    "The person will have to furnish the negative report at the time of buying a health policy to ensure the health condition. Also, he/she will have to follow the waiting period to make the claim such as 15 days or 30 days. In case the person gets infected with the COVID19 virus during the waiting period, then the insured will not be entitled to the claim,” Goel elaborates.
    Going further, Ankit Agrawal - CEO and co-founder of InsuranceDekho believes that insurance companies can play a major role by covering side effects of vaccination, providing differential pricing of insurance for vaccinated people and covering new diseases which might arise in the future.
    Talking about vaccination drive's impact on the insurance sector, Goel tells that vaccination may cushion the claims settlement of health insurance companies as the vaccine is aimed at controlling the spread of the virus.
    "If the complexity of the case diminishes with the help of the vaccine then the claims ratio and cost will also reduce for the insurance companies eventually benefitting them," he opines.
    Disclaimer:
    The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng