TIRUCHY: As the number of confirmed cases of COVID-19 increases in India, one of the main questions in people’s minds is if it will be covered by their existing health insurance policies. The answer is Yes.
However, most patients are being treated at government hospitals now.
When people start taking treatment in private hospitals in future, would their expenses be covered? To address these concerns, the insurance regulator IRDAI (Insurance Regulatory and Development Authority) has issued a set of guidelines.
Most insurers have said that their current policies would cover COVID-19 too.
“Our standard health policy is capable of taking care of coronavirus coverage. As of now, we are evaluating if there is any requirement for a specific cover,” said Pankaj Verma, SBI General Insurance. Apollo Munich and Star Health Insurance also said that their current policies would cover COVID-19.
IRDAI stated that insurance companies could design specific policies. In line with this, Digit Insurance and Clinikk Healthcare have launched one. Under Digit policy, you would get full sum insured on being tested positive. If you undergo quarantine in Govt or Military hospital for at least 14 consecutive days, you will get 50% lump sum of Sum Insured.
This is applicable even if COVID-19 is later negative as it covers the screening & treatment costs. The premium for the policy starts at Rs 299 for a sum insured of Rs 25,000 and goes up to a cover of Rs 2 lakh. Clinikk is offering protection of Rs 1 lakh, with a premium of Rs 1,000 for a family and Rs 500 for an individual.
“In our policy you get access to doctors 24/7 and can consult multiple times,” said Dr Suraj Baliga, Clinikk Healthcare.
IRDA guideline
The guideline states that all claims reported under COVID-19 shall be thoroughly reviewed by a review committee before repudiating it. Where hospitalization is covered, insurers shall ensure that the cases shall be expeditiously handled