Covid-19: IRDAI steps up to the plate, but is it enough?

In a series of recent moves, the Insurance Regulatory and Development Authority of India (IRDAI) and courts have shifted their focus towards Covid patients with an aim to mitigate their difficulties during these unprecedented times. The insurance regulator recently clarified that all insurers are mandated to offer and renew Corona Kavach and Corona Rakshak policies. The notice was issued after several policyholders and advisors complained that insurers are not renewing their Covid-specific policies.

In another move aimed at providing relief to consumers, the regulator directed hospitals to approve cashless claims within 60 minutes so that there is no delay during discharge and hospital beds do not remain unoccupied. The notification followed a Delhi High Court order which said insurance companies cannot take 6-7 hours for approving bills of Covid-19 patients during this time of crisis.

IRDAI has also joined the battle against the Covid-19 pandemic by nudging insurance companies to get proactive in facilitating eligible policyholders to get vaccinated. Taking cue, Reliance General Insurance made a very attractive offer by giving 5 % discount on new and renewal premium to those who are taking the jabs. Similarly, InsuranceDekho, a leading insurtech startup, recently launched ‘Covid-19 Vaccination Slot Finder’ – a platform to help citizens across the country to check the availability of Covid-19 vaccination slots near them, as part of the company’s effort to fight the coronavirus pandemic. In case of non-availability of a vaccination slot, it enables the user to receive a prompt notification regarding the slot availability.

The slew of measures taken by IRDAI and courts have come as a major relief for Covid patients and their kin. However, a lot more needs to be done in order to boost insurance penetration in the country.