INSURANCE
IRDAI directs insurers to cover coronavirus disease under health policies
Mar-05-2020

Amid recent outbreak of coronavirus globally and reports of 28 confirmed cases of coronavirus infection in India, the Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to expeditiously settle hospitalisation claims related to coronavirus disease under health policies. It also instructed insurance companies to come out with policies to cover treatment costs for coronavirus infection, which has impacted thousands of people worldwide.

In order to provide need-based health insurance coverage, it said insurers are introducing products for various specific diseases, including vector borne diseases. For the purpose of meeting health insurance requirements of various sections, the regulator said insurers are advised to design products covering the costs of treatment for coronavirus. It said where hospitalisation is covered in a product, insurers shall ensure that the cases related to coronvirus disease (COVID-19) shall be expeditiously handled.

Also, the costs of admissible medical expenses during the course of treatment, including the treatment during quarantine period, should be settled in accordance to the applicable terms and conditions of policy contract and the extant regulatory framework. It further said all the claims reported under COVID-19 shall be thoroughly reviewed by review committee before repudiating the claims.

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