India has witnessed the outbreak of coronavirus in late January 2020. Since then, the global pandemic has ravaged the entire nation taking the number of cases to 3.46 crore and the number of deaths to 4.74 lakh.
Furthermore, due to the frequent lockdowns, the unemployment rate has surged. According to the Centre for Monitoring Indian Economy CEO, the unemployment rate was estimated to hover around 12% at the end of May 2021. Moreover, the income of 97% of households has declined since the outbreak of COVID-19.
Also read:5 Habits to Implement in 2022
Thus, it is evident that the pandemic has changed an individual’s life with respect to priorities, finance, and values of life.
Things to Learn from the Ongoing Pandemic
The pandemic has taught a number of things that individuals might have preferred learning less harshly. However, as they are inching closer towards reopening the economy, it is vital to consider the past experience and stay better prepared for any similar situation in the future.
Here are certain things to learn from the coronavirus pandemic:
Make the most of Arogya Sanjeevani Policy
If you are looking for a health insurance policy that can cover the financial crisis faced even against Covid 19, Arogya Sanjeevani is the best health insurance policy. It is known the be the most affordable policy, with budget-friendly premiums altogether with extensive coverage as well.
The Insurance Regulatory and Development Authority of India (IRDAI) introduced the Aarogya Sanjeevani Health Insurance Policy in April 2020 that offers coverage up to Rs. 5 lakh. Among all the other medical coverages, it majorly comes with a COVID-19 coverage policy as already mentioned. Thus, one can secure life and finances by opting for this insurance policy. Even new-age treatments are covered under this policy, some of which are:
- Balloon sinuplasty
- Intravitreal injections
- Stereotactic Radio Surgeries
- Stem cell therapy
- Vaporisation of the prostate, etc.
Some other benefits of this policy include a lower co-payment option, a cumulative bonus of up to 5% for every non-claim year on the total insured sum, and the option for lifetime renewability.
Planning Budget Efficiently
A proper budget in place can help an individual overcome challenging periods of job loss and other uncertain occurrences. Therefore, one can consider making an emergency corpus beforehand that will help pay for the basic amenities over 3 -6 months.
To create an appropriate emergency budget, one needs to factor in daily expenses and total income. By keeping track of expenses, one can cut back on some spending and gather funds for a substantial emergency corpus.
To Manage Priorities
One important thing to learn from this pandemic is the necessity of managing priorities. Individuals have witnessed the devastating loss of their family members, lost contact with relatives and friends due to the lockdowns and more.
Thus, one can say that because of the pandemic, the definition of social life is different now. Along with this, a number of other perspectives regarding spending time with loved ones, jobs and more have changed since the outbreak of the virus.
Nevertheless, one can prioritise and choose to value life today, make time for loved ones in these uncertain times and leave no room for regrets.
Also read: How To Find The Best Life Insurance Quote
To Secure Life by Opting for Insurance
The foundation of India’s healthcare system is transforming due to the COVID-19 pandemic. Due to the introduction of new medical technologies, procedures and more, individuals have to bear high treatment costs. Consequently, the ones belonging to the BPL families do not get access to healthcare services. Regardless, one needs to be a tad more careful and opt for a health insurance plan on time.
One of the most important benefits of a health insurance policy is that it covers hospitalisation charges. It can be inclusive of accidental hospitalisation, illness-related hospitalisation, ICU room rent as well as pre-and post-hospitalisation costs. Other than that, such plans might also cover transportation costs reimbursed with ambulance covers, complimentary annual health checks, and maternity benefits as well. Therefore, it is essential that one leverages the benefits and opts for a proper health cover at affordable premiums.
To Apply for Emergency Cash & Loans
Individuals might be in dire need of funds during an emergency such as COVID-19. In addition, the high treatment costs for this disease can affect the daily living expenses for a number of people. Considering this, one must opt for financial instruments such as loans.
However, borrowers must choose a loan amount wisely before making any commitment. Over-borrowing can increase their repayment burden. Thus, an ideal way to keep sufficient funds in hand would be to create a reserve for emergency cash from one’s income.
To Face Crisis Without Anxiety
As the nation has been grappling with fear and anxiety, the COVID situation went from bad to worse over the past year. The fear instilled in them has resulted in communal riots, political wars and more.
This is a learning opportunity for the entire mass that anxiety and fear can only cause greater havoc in times of a pandemic such as COVID-19. Therefore, an individual must face a crisis without anxiety and look for ways that will keep him and his surroundings safe.
Furthermore, there are numerous other causes that contribute to the rise of anxiety in India. Some of them include loss of pay, job insecurity, unemployment and health-related concerns. Overcoming such concerns may seem difficult. However, mental health workers and policymakers address these facets and ensure individuals can handle anxiety better.
Keeping in mind the above crisis that we have all faced in the past. We must also remember to not make the pandemic worse by escaping to follow the guidelines. May we never see such days again, but make life more lively by following precautionary measures. Let us avoid such occurrences in future, by following social distancing, and other Covid related guidelines. Despite the fact, if we succumb to the attack of the virus, let us remember to never give up and fight the virus together, by planning financially, or by keeping our bodies healthy and by also opting for the right insurance plan. A health insurance policy will keep us safe from getting a financial crunch. By offering medical assistance with extensive benefits that cover illness and accidents that can incur high treatment costs.
Also read: Why a car loan is a good idea for students
To conclude, there are several things to learn from the pandemic and act accordingly in future to avoid crises. One of the crucial aspects to focus on is financial stability. Considering the uncertainty, one needs to secure finances by obtaining insurance and building an emergency corpus.