Should you buy specific insurance policy for vector-borne diseases?

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This is the part of the year when monsoon gives respite from scorching heat but at the same time brings health woes with the increasing menace of mosquitoes. Apart from the joy of rain it also brings in the fear of the spread of vector-borne diseases such as dengue, malaria, chikungunya, among others. According to World Health Organization, Malaria causes more than 400 000 deaths every year across the world. Moreover, the major vector-borne diseases constitute around 17% of all infectious diseases.

In such a situation, a health insurance policy can come to your rescue. There are several plans available in the market that cover these vector-borne diseases at a very low cost. These policies offer both inpatient and outpatient treatment depending on the type of your insurance policy. Similarly, there are two types of policies available that reimburse your hospitalisation expenses or pay a lump sum amount on diagnosis of the covered vector-borne diseases.

Keeping in view with the growing number of vector-borne diseases, the Insurance Regulatory and Development Authority (IRDAI) has also asked all general and health insurance providers to offer a standard vector-borne disease health cover – Mashak Rakshak, starting from April 1, 2021. The standard policy offers a lump sum amount on the diagnosis of the disease.

Vector-borne insurance plans

Vector-borne diseases are illnesses are caused by viruses, bacteria, and parasites that are transmitted by mosquitoes. These insurance plans pay you the sum insured in case the policyholder gets hospitalized for a continuous period of 24-72 hours due to Dengue fever, Malaria, Filaria, Chikungunya, Japanese Encephalitis, Zika Virus, among others. These policies generally cover children from Day 1 of age to 25 years. These policies offer coverage to you and your family members consisting of spouse, parents, and parents-in-law.

Sum insured and premium rates

These policies generally offer cover between Rs 10,000 and Rs 20 lakh and are considered to be very affordable policies where premium rates do not depend on the age. The premium rates for the standard vector-borne plans are not available as no company seems to have launched it yet. But in general, for the sum insured of Rs5000 the basic premium for an individual is around Rs40-50 for one year, and for the sum insured of Rs1 lakh the premium is around Rs800-900.

Should you buy it?

There are many options available in the market for vector-borne plans. They offer wider coverage and greater flexibility. Having said that you should always buy a comprehensive cover first as the first layer of protection. Basic comprehensive plans cover hospitalisation costs from all illnesses and are not limited to specific diseases.