Buying COVID-19 Insurance? Think Again
The coronavirus (COVID-19) outbreak and panic among citizens is a heaven-sent opportunity for insurance companies, because insurance sells on real and perceived fear. Last week, we wrote, how State-run Bank of Maharashtra (BoM) wanted to use COVID-19 as 'business opportunity' to sell more health insurance policies. The Bank has pulled back its circular after our report. However, there are...
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  • LIC extends deadline for premium payment to April 15
    State-run insurance major Life Insurance Corporation of India (LIC) has extended the dealdline to pay insurance premiums up to April 15 in view of the coronavirus crisis.
     
    In a statement, LIC also requested its customers to avoid visiting its offices to pay premium and stay indoors, saying policy holders can use its online services.
     
    "In view of extraordinary circumstances prevailing in the country on account of COVID-19, LIC of India has announced relaxation to its policyholders on payment of premium due to on in-force policies up to 15th April, 2020," it said.
     
    Due to the increasing spread of novel coronavirus in the country, several states including the national capital have been put under lockdown and both the Central and state governments have asked people to avoid unnecessary travel and stay indoors.
     
    'Janata Curfew' was observed across the country on Sunday, on the Prime Minister's appeal to control the spread of the deadly virus that has left 13,049 deaths across the globe and over 3.7 lakh affected people.
     
    At least seven deaths have been reported from India and the number of confirmed cases is 360.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylif is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
     
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    COMMENTS

    nakkuljain89

    2 months ago

    Abhishek Jain

    IRDA asks Insurers to settle claims related to COVID-19
    Regulator IRDAI has asked insurers to settle all claims related to coronavirus expeditiously under existing health policies that provide for treatment of hospitalisation expenses.
     
    It has also asked insurers to design products covering the cost of treatment of coronavirus that has fast spread across the world and also resulted in increasing number of infections in India. There has been over 3,000 deaths globally and 58 cases tested positive in India. 
     
    In order to provide need-based health insurance coverage, insurers are intro ducing products for various specific diseases, including vector borne diseases. "For the purpose of meeting health insurance requirements of various sec tions, insurers are advised to design products covering the costs of treatment for coronavirus," the Irdai said in a circular.
     
    The regulator said that under existing health insurance policies where hospitalisation is covered, not only the cases related to coronvirus disease (COVID-19) shall be expeditiously handled, but all the costs of admissible medic al expenses during the course of treatment, including the treatment during quarantine period, should be settled in accordance to the applicable terms an d conditions of policy contract and the extant regulatory framework.
     
    This would bring much needed relief to policy holders some of whom were facing difficulty in getting coverage for treatment takers to coronavirus. In th e absence of clear information, a few hospitals were reportedly denying for forward such claims of policy holders to the insurers. 
     
    IRDA has now said that all the claims reported under COVID-19 shall be thoro ughly reviewed by review committee before repudiating the claims. This would prevent blanket rejection of such claims. 
     
    But to get full claim for treatment of coronavirus, industry experts said, a person should be hospitalised at least for 24 hours. Most insurers do not c over outpatient treatment.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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