Amid the Coronavirus pandemic, which has spread its tentacles all over the world, the Indian government has made some changes for health insurance policyholders, which are important. These changes will benefit both the existing holders and new buyers against COVID-19 protection.
The IRDAI (Insurance and Regulatory Authority of India) has issued numerous guidelines in favor of the consumers in the past few months to make the process of insurance and claim settlement smooth. Along with them, certain special features are also introduced in these new norms.
From “Corona Kavach” and “Corona “Rakshak”, to extension in payment of premium, here are the top financial changes in health and insurance care policies that you should know.
Introduction of “Corona Kavach and “Corona Rakshak” Policy
The IRDAI has announced the introduction of the “Corona Kavach” health plan and “Corona Rakshak” fixed benefit plan for all Indian citizens. Under the introduction, IRDAI has mandated 30 general and health insurers to offer the plan and address the basic health insurance policy in the country.
For the policy, companies including ICICI Lombard and Bajaj Allianz have come forward to deliver various budget-friendly plans to accommodate their customers. The policies will cover medical bills, personal protective equipment (PPEs), and other hygiene-related consumables.
Provision of cashless facility to the Policy Holders
During the last three months, the country saw a huge spike in the cashless transactions taking place. While there was a major hike in numerous sectors, the IRDAI noticed that there were few hospitals and healthcare centers that denied cashless transactions for policyholders for the treatment of COVID-19.
To assess any further disregard, the IRDAI has advised insurance companies to ensure that the policyholders are allowed a cashless facility at the hospitals. The authority also asked the health care administrations to provide a complaint service to regulate the flow of the new message.
Discount in premium in “Corona Kavach” Policy to Healthcare Workers
As a sign of gesture towards the uncounted work of the healthcare workers, the IRDAI has assigned to give out an account for a discount in the premium of the “Corona Kavach” insurance policies. Under the offer, a discount of 5% is to be given to doctors, nurses, and other healthcare workers for the new policy.
According to Centre, 548 doctors, nurses, and paramedics have been infected with the Coronavirus. This discount will, therefore, benefit them in a harsh situation. However, the data does not include field workers, ward boys, sanitation workers, security guards, lab attendants, peons, laundry, and kitchen staff.
Relaxation for the collection of Health Insurance Premium
In a bid to support the country with the liquidity of financial terms during the lockdown, the committee has decided to allow relaxation for the collection of Health Insurance Policy premiums. Under the new rules of IRDAI, a consumer can avail to pay health premiums on an installment basis.
These installments are to be exercised on a monthly, quarterly, or half-yearly basis. The IRDAI body has also made it mandatory that the frequency of each premium is to be kept constant. The policy company nor the holder will be allowed to make changes in the installments.
Extra time to pay insurance premiums
The IRDAI body has assured the policyholders an extension period of payment. Thus, all policyholders are liable to get extension in life and health insurance renewal premiums during nationwide lockdown for March and April. This is to ensure continuity of life and health insurance policies in the country.
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