India urges insurers to offer COVID-specific health policies

A lump sum benefit equal to 100% of the sum insured shall be payable.

The Insurance Regulatory and Development Authority of India (IRDAI) has encouraged insurers to offer an individual COVID-specific standard benefit-based health policy, according to an announcement.

The policy shall offer a policy tenure of three and a half months, six and a half months, and nine and a half months, respectively. A lump sum benefit equal to 100% of the sum insured shall be payable upon a positive diagnosis of COVID-19, which would require a hospitalisation for a minimum continuous period of 72 hours.

The diagnosis shall be from a government authorised diagnostic centre. Insurers should also specify the non-medical limit and relevant details explicitly in the format specified.

The insurer may determine the price keeping, but the premium must be on a pan-Indian basis and no zone-based pricing is allowed.

The policy must comply with the provisions of IRDAI’s 2016 regulations and all other guidelines on standardisation in health insurance. It can also be offered as a micro insurance product subject to sum-insured limits specified in IRDAI’s 2015 micro insurance regulations.

Photo courtesy of Pexels.com.

Also Read

Philippine life insurance sector slated for 5.4% CAGR by 2028

Property insurance industry to exceed $152b by 2028

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit