June 15, 2024

IRDAI outlines standard vector-borne disease-specific health insurance

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  • The insurance regulator has published regulations for a regular vector-borne disease-specific health insurance product.
  • The smallest amount insured under Standard Product shall be ₹10,000 while the highest limit will be ₹2 lakh.

THD NewsDesk, New Delhi: The insurance regulator has published regulations for a regular vector-borne disease-specific health insurance product. As per the guidelines supported by the Insurance Regulatory and Development Authority of India (IRDAI) today, the smallest amount insured under Standard Product shall be ₹10,000 while the highest limit will be ₹2 lakh.

The regulator stated in a circular, “In order to make available vector-borne disease-specific health insurance product addressing the needs of insuring public for getting health insurance coverage to specified vector-borne diseases, the Authority encourages all general and health insurers to offer Standard Vector-Borne Disease Health Policy.”

The insurer may determine the price keeping in view the cover meant to be granted, subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations, 2016 and Guidelines notified thereunder.

The Coverage of Standard Product should be granted on a defined profit basis as specified in these regulations. The total amount payable in respect of, the coverages offered should not surpass 100 per cent of the sum insured through a policy period.

The Standard Product shall allow policy tenure of one year and will cover any one or a combination of dengue fever, malaria, filarial, kala-azar, chikungunya, Japanese Encephalitis and Zika virus.

Two per cent of the total amount insured shall be payable on positive diagnosis (through laboratory examination and confirmed by the medical practitioner) of each covered vector-borne disease on the first diagnosis during the Cover Period, as per policy terms and conditions.

The policyholder is approved to payments under “diagnosis cover” payment for every disease once in the policy year.

Gurdeep Singh Batra, Head – Retail Underwriting, Bajaj Allianz General Insurance stated, “This is a good product introduced well in time considering the upcoming onset of monsoon as that’s when people suffer the most from vector-borne diseases, and with the fear of Covid-19 still around, I believe it will be a good offering for all.”

 

Source – The Hindu Business Line 

Tags: Health insuranceIRDAI

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