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The Insurance Regulatory and Development Authority of India (IRDAI) has said Arogya Sanjivani, a newly launched standard health insurance product, will cover hospitalisation charges to treat coronavirus infection.
The regulator has also approved 29 general and health insurance companies to market Arogya Sanjivani. These include Raheja QBE General Insurance, New India Assurance, Bajaj Allianz General Insurance and United India Assurance, among others.
“…the product Arogya Sanjeevani, offered by the above general and health insurers, also covers the hospitalisation treatment costs of Covid-19,” it said.
Expedited settlement
In a recent statement, the IRDAI also said that indemnity-based health insurance products that cover the treatment costs of hospitalisation offered by all general and health insurance companies shall also cover the costs of hospitalisation treatment on account of Covid-19. “All insurers have been advised by the Authority...to expedite the settlement of Covid-19 related claims,” it said, adding that they have also been advised to display FAQs on Covid-19 claims on their respective websites.
The insurance regulator had earlier this year cleared Arogya Sanjivani, issuing final guidelines on the health policy. The product, rolled out on April 1, provides basic health cover of ₹1-5 lakh.
IRDAI has also been closely monitoring how insurance companies are handling the coronavirus outbreak and any claims arising out of it. It has issued a number of circulars and advisories directing insurers to expedite all claims arising out of the infection
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