Design policy to cover treatment, IRDAI tells firms

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.

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.