IRDAI asks insurance companies to cover COVID-19 expenses

Hyderabad: In a welcome move, the Insurance Regulatory and Development Authority of India (IRDAI) has asked insurance companies to come up with health insurance policies that cover COVID-19-related medical expenses by July 10. The insurance firms have been asked to offer two health insurance policies – Corona Kavach Policy and Corona Rakshak Policy. They have been asked to cover the expenses for hospitalisation, home care treatment and Aayush treatment, as well as charges towards pre- and post-hospitalisation in both the policies.

The move came at a time when COVID-19 cases in the country are surging at a very fast pace. Tapan Singhel, managing director and CEO, Bajaj Allianz General Insurance has welcomed the move considering the current situation where people are worried about the COVID-19 treatment costs.

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NDTV quoted him as saying, “The policy coverages, terms & conditions are standard across insurers; the USP would be wide network of hospitals for cashless facility. These COVID-19 specific policies will certainly be a good start and an attractive proposition for people to opt for health insurance.”

The total coronavirus cases in India have reached 5.48 lakh-mark, where as nearly 2 lakh COVID-19 patients have recovered. According to government data, 16,475 COVID patients have died so far. India’s biggest single-day jump in cases – 19,906 fresh infections – was registered on Sunday. India is the fourth country worst-hit by the coronavirus pandemic.

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