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Articles 1760 views March 13, 2020
With the onset of Covid-19 across the globe claiming more than 4500 deaths, thousands of people have become vigilant to protect themselves from the deadly disease. In India, the Insurance Regulatory and Development Authority of India (IRDAI) has set out a directive asking all the insurance providers to design an insurance plan to cover the cost of treatment of the Covid-19. Coronavirus has affected people all across the globe therefore this advice from IRDAI to introduce new insurance plans specifically for Covid-19 is a relief for thousands of people in India. In addition, the IRDAI, India’s apex Insurance regulatory body, has issued guidelines on the claim handling process for cases reported under coronavirus. The guideline issued on 04th March 2020 has put forward clarity for all insurance providers in India regarding the handling of claims.
The circular issued by Mr DVS Ramesh, General Manager, IRDAI states the following guidelines must be observed by all insurance providers handling health insurance claims related to coronavirus:
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IRDAI is the apex regulatory body that has the authority to ensure that the interest of the insurance investor is protected. The authority has laid down these guidelines to promote insurers to design specific health insurance plans that will cover the hospitalization and treatment cost of coronavirus affected policyholders.