Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines for the general insurer and health insurers on the handling of claims reported under coronavirus.
Where coverage is granted for the treatment of hospitalization expenses, in order to alleviate the hardships that may be caused to the policyholders, all claims reported under coronavirus shall be handled as per the following norms.
- Where hospitalization is covered in a product, insurers shall ensure that the cases related to Coronavirus disease (COVID-19) shall be expeditiously handled.
- The cost of medical expenses incurred during the course of treatment including the quarantine period shall be settled in accordance with the applicable terms and conditions within the policy contract and regulatory framework.
- IRDAI has asked insurers to thoroughly assess the claims reported under COVID 19 to be reviewed by the claims review committee before repudiating the claims.
IRDAI has asked insurers to design products covering the treatment cost of coronavirus. It said “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 Corona Virus.”