With the aim of making ease for policyholders so that they would be able to avail medical covers without any hardships with immediate effect, the IRDAI has directed all health insurance companies in order to provide medical cover for Coronavirus (COVID-19). The regulator has also released guidelines for the same under the provisions of Section 14 (2) of IRDAI Act.
“If coverage is granted for treatment of hospitalisation expenses, in order to alleviate hardships that may be caused to policyholders, all claims reported under Coronavirus shall be handled,” stated IRDAI’s circular.
In accordance with the IRDAI circular, if a policy covers hospitalisation, all Coronavirus cases must be expeditiously handled. The circular also states that flowing the terms and conditions of policy contract, the costs of medical expenses is required to be settled.
As per the circular, the regulator also asked the insurers to conduct a thorough review before rejecting any Coronavirus claims.
