- Covid-19 Health policies have become very popular among the people in a short time after the launch of IRDA’s permission. According to IRDA’s chairman Subhash Kunthia, 60 lakh such policies were sold till September.
- Insurance regulator IRDA has taken an important decision in the interest of customers. It has allowed insurance companies to give policyholders the option to renew, migrate and port Corona Health Insurance policy. These policies were launched in June.
- These standard health insurance policies include corona protectors and corona armor. Their duration is 3.5 months, 6.5 months and 9.5 months.
- IRDA has issued a circular on Tuesday. In this he said, “Policies of any period can be renewed for more time. The renewal will be subject to the underwriting policy of the insurance company.
- The corona epidemic has had an impact on the economic condition of the people. Insurance penetration in the country is low. The cost of treatment in hospitals is increasing. In the midst of all these things, IRDA has taken this step. Gurdeep Singh, head of retail underwriting at Bajaj Allianz General Insurance, said that this is a welcome move. The vaccine of Covid-19 is yet to come. The purpose of these policies is to cover the treatment of corona. Due to the epidemic, there is a danger of this.
- Shortly after launch, Covid-19 health policies became very popular among the people. According to IRDA chairman Subhash Kunthia, 60 lakh such policies were sold till September.
- Amit Chhabra, head (health business) in the policy market, said that the step of the regulator may encourage policyholders to take more comprehensive health cover. They can switch to comprehensive health cover. Chhabra said that apart from renewing existing policies, customers who are willing to switch to comprehensive plans can avail migration facility. This step will bring more people under the purview of insurance. They will also be able to get treatment for major diseases like cancer, heart disease.
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Viibhor Agarwal is a Business & Brand Consultant as well as he is a Financial Expert his area of specialization is to guide Entrepreneur, Start-up’s and SME’s to build the brand value of business financially & legally. He has 8 year extensive experience in this sector