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Here are 3 new changes in health insurance that you should know

Here are 3 new changes in health insurance that you should know

Here are 3 new changes in health insurance that you should know
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By Anshul  Jul 17, 2020 4:18:29 PM IST (Published)

The coronavirus pandemic has impacted the economy gravely, insurance industry is no exception.

The coronavirus pandemic has impacted the economy gravely and insurance industry is no exception. There are some significant changes that recently took place in the industry such as launch of new protection products, customers beginning to find comfort in buying products online, among others. The Insurance Regulatory Authority of India (IRDAI) has also announced several relaxations for customers in view of the unprecedented situation prevailing in the country.

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Here are the latest announcements made by IRDAI to deal with the ongoing coronavirus situation:
Cashless Payment Facilities for Treatment of Coronavirus
IRDAI has asked all hospitals to provide cashless payment facilities for treatment of coronavirus. The insurance regulator has asked insurance companies to maintain a communication channel with hospitals for prompt resolution of grievances of policyholders. In case of denial of cashless facility, policyholders can file a complaint by writing to the grievance redressal officer of the insurer.
Launch of Coronavirus Specific Insurance Plans
Insurance companies have launched two standard COVID-19 health insurance policies -- Corona Kavach and Corona Rakshak. While Corona Kavach is a standard indemnity-based COVID-19 policy, Corona Rakshak is a fixed benefit plan. Corona Kavach has been launched to cover the cost of treatment of any co-morbid conditions, including pre-existing conditions, along with the treatment for the coronavirus infection or disease with the tenure ranging from 3.5 months to 9.5 months.
Meanwhile, under Corona Rakshak policy, if someone is diagnosed with COVID-19 and hospitalised for three days, then a fixed amount (which is sum insured) will be paid by the insurers.
IRDAI has also asked the insurance companies to provide a 5 percent discount in premium of Corona Kavach to doctors, nurses and other healthcare workers.
Allowance for Paying Insurance Premiums in Installments
IRDAI has also allowed general and standalone health insurers to give policyholders the option to pay health insurance premiums in installments. This option is available for all health policies due for renewal up to March 31. This development comes in view of the prevailing conditions due to the coronavirus outbreak that has impacted the economic activities. As per the notification, policyholders can now pay their annual health insurance premiums in a monthly, quarterly, or half-yearly basis.
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