With complaints of life and non-life insurers not selling or renewing standard coronavirus specific health insurance policies Corona Kavach and Corona Rakshak, the Insurance Regulatory and Development Authority of India (IRDAI) has advised the former not to deny the risk cover.
In a softly worded letter to the life and non-life insurers, the IRDAI advised them saying it is not correct to deny such coverage to the customers in this crucial time when the second wave of Covid-19 is spreading fast.
“All insurers are advised to ensure that wherever Corona-specific standard products have been filed and approved by the Authority, the same should be offered to the customers according to the insurer’s underwriting policy,” the IRDAI told the insurers, IANS said.
The regulator also told the insurers to renew such policies subject to their underwriting policy.
The IRDAI also told insurers to develop the much-needed trust and goodwill of the general public by promoting protection through health insurance during the pandemic period.
In April, Finance Minister Nirmala Sitharaman asked IRDAI chairman S C Kunthia to “act immediately” to address the complaints of denial of cashless claims by insurance companies. The regulator had promptly issued a letter pulling up general and health insurers.
Sitharaman had said reports are being received of some hospitals denying cashless insurance. The Insurance Regulatory Development Authority of India (IRDAI), she added, has asked insurance companies to prioritise settlement of COVID claims.
She further said: “As on 20/4/21, over 9 lakh COVID- related claims have been settled by insurance companies for Rs 8,642 Cr. Even tele-consultations can be covered. IRDAI shall direct companies to prioritise authorisations and settlements of COVID cases.”
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