The virus outbreak has had a massive impact on the market. It has been almost more than six months since Coronavirus has been in the news. The COVID-19 pandemic is not just a health crisis; it is more than that. It has affected the societies and economies to the core. The impact of the virus outbreak varies from country to country, but what remains similar here is the escalation of the global poverty rate economic crisis. Evaluating the effects of the worldwide health crisis on the society, economies, and few vulnerable groups, it is essential to keep the citizens well informed and be prepared to recover the losses due to the pandemic. Immediate responses for the development are undertaken to ensure a secure future.
IRDAI allows Insurers to Offer Short-Term Health Policy for COVID-19 treatment
The Coronavirus health Insurance policy covers the entire medical expense required for the treatment of COVID-19. The Coronavirus health policy is available from the day the insured person is diagnosed with the disease. The IRDAI allows the insurers to offer a short-term health insurance policy solely for the treatment of Coronavirus. This short-term insurance policy will be provided for a period of a maximum of 3-11 months. The circular issued by the IRDAI stated,
This short-term health policy is allowed to offer only health insurance to cover coronavirus disease specifically. The plan will have a waiting period, which is not supposed to exceed 15 days. The insurers are not allowed to offer any separate add-ons on the policy. There is no lifelong renewability, migration, and portability applicable to the short-term health policy.
What are the Health Insurers Offering?
The Insurance Regulatory Development Authority of India (IRDAI) issued a circular earlier this month that states that the coronavirus treatment will be taken into consideration as any other illness. The insurance companies have now come up with extraordinary health insurance policies for COVID-19. Apart from this, the government of India will also provide a medical insurance cover worth Rs 50 lakh per person. This policy by the government is exclusively for the front-line workers fighting to combat the virus spread. Here is what few of the insurers are offering:
Aditya Birla Health Insurance
Currently, Aditya Birla Health Insurance is covering all indemnity products that comprise the treatment of the patient, pre-hospitalization, post-hospitalization, and ambulance cover that helps the policyholders fight against the odds of the pandemic. Apart from that, the company is working on launching an exclusive product for Coronavirus.
Edelweiss General Insurance
The company offers an innovative and modular product structure with its “Group Total Protect.” Under this policy, the company forms customized solutions to provide customers a cover against a wide range of illnesses, which includes pandemics and vector-borne diseases. The plan works for quarantined patients, as well as covering the entire quarantine period.
Max Life Insurance
As death claims are rising day by day due COVID-19, the Max Life Insurance team is working on treating such events sensitively. The company is offering Hospitalization benefits under Medicash and Medicash Plus claims for the coronavirus treatment. According to their Director and Chief of operations, Manu Lavanya, ”there are no exclusions for death benefits arising out of epidemics.”
Focusing on the medical and business insurances for the ones affected due to the pandemic, the insurance regulators have asked the insurers to cover the COVID-19 cases in the existing policies. It is not just about COVID-19; a proper health insurance plan can help to cover financial setbacks due to medical expenses in general.