Corona insurance policy issue directed to continue in India

News Desk: India’s insurance regulator IRDA has directed to continue the issue of health insurance policy related to Covid-19 or Corona virus. All non-life and health insurance companies have been instructed to do so in the wake of recent complaints from insurance customers.

According to the Insurance Regulatory and Development Authority of India, insurance companies have been issuing two short-term standard health insurance policies, Corona Armor and Corona . But recently some insurance companies have been accused of blocking these insurance policy issues.

The Corona Armor Policy is a standard Covid-19-specific indemnity-based health insurance policy that provides insurance coverage for Covid-19 related medical expenses or medical expenses. According to this insurance policy, the customer has to be hospitalized for at least 24 hours.

In this case, whatever the hospital bill is, it is paid from this policy. The customer can also take out this insurance for his entire family. A maximum coverage of Rs 5 lakh can be taken. In addition, all expenses before and after hospitalization are covered by this policy.

Coroner protection policy, on the other hand, is a standard benefit-based health insurance policy. According to this policy, the customer has to be hospitalized for at least 72 hours. Up to two and a half lakh rupees are covered under this policy.

Here too all the expenses of the hospital are included. However, Corona policy does not have the opportunity to take daily hospital cash coverage with extra premium, which is in Corona policy. In addition there is a condition in this policy. That is, the customer has to get tested from a valid test center.

Insurance companies introduced these two standard policies in July last year. These are primarily targeted at people who have no health insurance coverage. Initially, they were allowed to be issued till March 31, 2021.

However, with the second wave of Covid-19 hitting the country, the Insurance Regulatory and Development Authority (IRDA) has allowed insurance companies to issue and renew these standard Covid-19 policies until September 30, 2021.

According to a report in the Times of India, a source in the country’s insurance industry said that no one had verified the visibility of these numbers when insurance policies were priced and released in the market.

Besides, no one could have predicted that the number of these insurance policies would be so high within a year. Last year we suffered a setback and it is difficult to continue like this. That is why many insurance companies no longer want to continue this policy.

According to insurance companies, as of January this year, the country has issued 12.7 million policies for corona-related insurance schemes. From these insurance policies, a premium of 10 billion rupees or 136 million US dollars has been collected.

Source: Times of India,

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