IRDAI Asks Insurance Companies To Cover Coronavirus

By Rama Mishra

Amidst ongoing deadly Coronavirus outbreak, Insurance Regulatory and Development Authority (IRDAI) on Wednesday asked insurance giants to come out with policies to cover treatment costs for coronavirus infection.

The virus has claimed over 3000 lives across the globe.

In order to provide need-based health insurance coverage, insurers are introducing products for various specific diseases, including vector borne diseases.

“For the purpose of meeting health insurance requirements of various sections, insurers are advised to design products covering the costs of treatment for coronavirus,” the regulator said in a circular.

There are 29 confirmed cases of coronavirus infection in India.

IRDAI has asked insurers to expeditiously attend to claims for treatment of coronavirus.

“Where hospitalisation is covered in a product, insurers shall ensure that the cases related to Corona virus disease (COVID-19) shall be expeditiously handled,” it said.

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.

“All the claims reported under COVID-19 shall be thoroughly reviewed by the claims review committee before repudiating the claims,” the circular added.

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