Hyderabad: Even as coronavirus continues to take a heavy toll and is making lives miserable across the globe, including in India, the one critical wing that is facing testing times is the insurance sector, especially those pertaining to health insurance.

The one doubt that is worrying insurance firms, and those having health insurance policies, is whether amount could be paid if one goes through treatment in the isolation wings of hospitals or at home.

Some insurance companies have made it clear that one cannot claim only for daycare and the individual should be admitted in hospital for at least 24 hours, besides receiving other medical services to claim the insurance amount.

Once coronavirus is declared pandemic, no health insurance policy will work.

In order to reduce the haplessness of families already in distress, the Insurance Regulatory and Development Authority (IRDA) has been trying to find a solution that if a corona positive patient claims insurance amount, he should personally fix the claims. If one does not agree to it, they should take it up with the review committee and then make the point clear.

Meanwhile, insurance companies are also contemplating exclusive policies to cover coronavirus. The sandbox process, introduced by IRDA, looks convenient, in this regard. That way, insurance companies will get some flexibility to design the new policies.

The ‘Only Digital’ insurance services being offered by Go Digit General Insurance Ltd is a step forward as it has introduced a limited period ‘Cover against Coronavirus’ policy. People who opt for this will get ‘Fixed benefit cover”. Under this, the insurance company will give Rs two lakh to patients, who test positive. If it is a quarantine case, 50% compensation will be given.

Of course, the policy comes with a rider. It makes it clear that those who were recently in China, Japan, Singapore, South Korea, Thailand, Malaysia, Hong Kong, Macau, Taiwan, Italy, Iran, Kuwait or Bahrain will not be eligible to take the insurance cover.

Newsmeter Network

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