Y. Manasa.
"When there's a pandemic, insurance companies cannot keep their hands Off" - Supreme Court of India.
In the wake of the pandemic, healthcare and expenditure on hospitalization has again come under sharp focus. Health insurance has definitely taken the front seat when it comes to return-based instruments, both from the perspective of securing access to quality healthcare as well as investing in healthcare finances.
Health Insurance
Most insurance service providers have now started covering the medical expenses and treatment for COVID – 19 in their policies. In light thereof, Insurance Regulatory and Development Authority of India (IRDA) has issued guidelines for meeting health insurance requirements of various sections and has advised the insurance companies to design products, and provide for specific information, product wise pertaining to the admissibility of COVID – 19 claims to be provided on the website.
Life Insurance
The Circular issued by IRDA directed insurers of Life Insurance claims of COVID – 19 to be settled expeditiously to suit the emergency situation in the affected areas.
Further, IRDA directed the insurance companies to process the claims arising on account of COVID – 19 promptly and efficiently.
Medical Workers
The Ministry of Health and Family Welfare under the umbrella of Pradhan Mantri Garib Kalyan Package, announced an insurance cover of Rs. 50 Lakhs for a period of 90 days to public healthcare providers including community health workers, who may have to be in direct contact and care of COVID – 19 patients and who may be at risk of being impacted by this.
Complaint Redressal
The response time for policyholder complaint redressal is 15 days, and can be done online through IRDA:
a. Call Toll Free Number 155255 (or) 1800 4254 732 or
b. Send an e-mail to complaints@irdai.gov.in
c. Make use of IRDAI's online portal - Integrated Grievance Management System (IGMS):
Register and monitor your complaint at igms.irda.gov.in.
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