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Forge agreement on coronavirus treatment rates: Irdai to insurers

However, the insurers should make efforts to have agreement with health providers on rates for treatment of Covid-19 similar to other diseases

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IRDAI | Insurers

Press Trust of India  |  New Delhi 

Opting for EMI on health insurance premiums? You may end up paying more
The regulator had asked the insurers to come out with Corona Kavach and Corona Rakshak, standard Covid-19 specific covers.

Regulator on Wednesday advised general and health to have agreements with health providers on rates for treatment of Covid-19 on the lines of other diseases.

In a circular, the regulator said in case of 'cashless claims' under a health insurance policy, the claims should be settled as per the tariff decided by the parties in compliance to provisions of the regulation concerned.

However, the should make efforts to have agreement with health providers on rates for treatment of Covid-19 similar to other diseases for which rate agreements are in place, the Insurance Regulatory and Development Authority of India (Irdai) said.

"Also, while entering into such agreements, the reference rate of GI (general insurance) council can be kept in view for guidance alongwith rates fixed by State Governments and Union Territory administration, if any and as relevant," it said.

It further directed all the to ensure that the 'reimbursement claims' under a health insurance policy are settled as per the terms and conditions of the respective policy contract.

"Hence, the insurers shall honor all the health insurance claims as per the terms and conditions of the policy contract," the circular said.

Earlier, the regulator had asked the insurers to come out with Corona Kavach and Corona Rakshak, standard Covid-19 specific covers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, January 13 2021. 23:49 IST
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