NEW DELHI: With an increase in confirmed coronavirus cases in the country, the Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to expeditiously attend to claims for treatment of Coronavirus.
To alleviate the hardships that policyholders may face to get coronavirus claims settled, IRDAI has asked insurance companies to come out with products to cover treatment costs for epidemic infection.
The regulator has said in a circular, "For the purpose of meeting health insurance requirements of various sections, insurers are advised to design products covering the costs of treatment for coronavirus."
There are 75 confirmed cases of coronavirus in the country.
"Where hospitalisation is covered in a product, insurers shall ensure that the cases related to coronavirus shall be expeditiously handled," the circular stated.
“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,” it said.
"All the claims reported under COVID-19 shall be thoroughly reviewed by the claims review committee before repudiating the claims," it added.