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IRDAI: Offer discounts on policy renewal for people with 3 doses of COVID-19 vaccine

COVID-19 News

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

According to sources, the Insurance Regulatory and Development Authority of India (IRDAI) has also requested that both life and non-life insurance companies expeditiously resolve COVID-related claims and minimize paperwork.

In New Delhi: The insurance regulator IRDAI has requested insurers to consider offering discounts on the renewal of general and health insurance policies to policyholders who have received three doses of the COVID-19 vaccination in light of an increase in coronavirus outbreaks in numerous countries.

According to sources, the Insurance Regulatory and Development Authority of India (IRDAI) has also requested that both life and non-life insurance companies expeditiously resolve COVID-related claims and minimize paperwork.

Sources claim that the regulator underlined the importance of insurers providing incentives to policyholders for undergoing RT-PCR tests through their wellness network during a conference to raise awareness of COVID-19 last week. It prompted insurers to use social media outreach to promote COVID-appropriate behaviour.

Regarding travel insurance abroad, IRDAI requested that underwriters of such plans disseminate information regarding the various nations’ COVID testing requirements.

According to sources, the regulator instructed insurers to ensure that empanelled hospitals are forbidden from accepting deposits for COVID-19 hospitalisation. Some hospitals allegedly engaged in this practice during the first and second waves of the disease despite having a cashless policy.

The regulator requested the industry add that data should be presented in a specific manner so that there is no discrepancy and that the insurers establish a war room for COVID-related support to all stakeholders for the worst-case situation.

On the other hand, the insurers requested that the regulator looks into standardising the treatment methodology to reduce the number of fraud cases. Until March 2022, insurance firms paid out over 2.25 lakh COVID-related death claims, according to IRDAI’s annual report, published last week.

It added that it made significant COVID treatment-related claims to general and stand-alone health insurers. The sector handled “very promptly” and settled for Rs 25,000 crore. According to the data, 26,54,001 health insurance claims were resolved.

Over 2.25 lakh death claims resulting from the pandemic were resolved by insurance companies, who paid out Rs 17,269 crore up till March 31, 2022.

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