Consider discount on policy renewal for those with 3 doses of COVID-19 vaccine: Irdai to insurers

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New Delhi: In the midst of an upheaval Corona virus In many countries cases, the regulator forgive me It has asked insurers to consider offering a discount on renewal of general and health insurance policies to policyholders who have taken three rounds of the Covid-19 vaccine. The Insurance Regulatory and Development Authority of India (Irdai) has asked life and non-life insurers to settle Covid-related claims faster and reduce paperwork, sources said.

In a meeting to raise awareness about Covid-19 last week, the regulator also urged insurers to provide incentives to policyholders to get RT-PCR tests through their health network.

It asked insurers to promote Covid-appropriate behavior through social media outreach.

For foreign travel insurance, Irdai has asked the underwriters of such policies to disseminate information about the Covid testing requirements of various countries.

The insurer urged insurers to ensure that hospitals empaneled for Covid-19 hospitalizations are barred from taking deposits.

The regulator asked the industry that insurers should create a war room for Covid-related assistance for all stakeholders in a worst-case scenario, and that data should be reported in a set format so that there is no inconsistency.

On the other hand, insurers have asked the regulator to look at standardization of treatment protocol so that fraud cases are reduced. Over 2.25 lakh death claims due to Covid have been settled by insurance companies till March 2022, Irdai said in its annual report released last week.

Public insurers and individual health insurers have received a large number of claims related to Covid treatment, which the industry has handled “very efficiently” and Rs. 25,000 crore worth of claims settled.

According to the data in the report, a total of 26,54,001 health insurance claims have been settled.

Insurance companies have settled over 2.25 lakh death claims due to the pandemic and paid Rs 17,269 crore for claims till March 31, 2022.


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