IRDAI Asks Health Insurance Companies to Cover Coronavirus Illness
Published On Mar 05, 2020, Updated On Jun 23, 2020
Coronavirus Latest News: The Insurance Regulatory and Development Authority of India (IRDAI) has asked health insurance companies to offer medical coverage for Coronavirus infection in India. The regulator has also instructed the insurers to design specific health policies covering the treatment cost of coronavirus disease.
Amid the spread of a novel Coronavirus in India, the IRDAI’s direction to insurance companies to entertain health insurance claims swiftly has come up as a huge relief for policyholders.
Till now, 30 coronavirus cases have been reported in India. In view of this, the IRDAI has urged insurance firms to frame health insurance plans for coronavirus to cover the medical expenses incurred during the quarantine period as well. Although, the insurers are advised to settle claims in compliance with the terms and conditions of the policy document.
The circular issued by the regulator reads, "All the claims reported under Coronavirus disease (COVID-19) shall be thoroughly reviewed by the review committee before repudiating the claims.”
Subramanyam Brahmajoysula, Head (Underwriting and Reinsurance), SBI General Insurance, while commenting on Coronavirus in India, said that “claims for coronavirus treatment will be entertained only if the policyholder stays in the hospital for more than 24 hours.” If the Indian government or WHO declares this illness as a pandemic, then claims might not get settled, as such claims come under the exclusion of various health insurance plans, he added.
In India, more than six lakh people have already undergone the screening for Coronavirus at 21 airports. Over 10 lakh people have also been screened at the open borders of India, which are shared with Nepal, Myanmar, and Bhutan.