Insurance Firms Ordered To Cover Coronavirus Treatment; This Startup Is Already Offering Coronavirus Cover
The coronavirus is causing havoc not only in China but now also in India!
Insurance Regulatory and Development Authority of India (IRDAI) on March 4, asked insurance companies to come out with policies to cover treatment costs for coronavirus infection, which has impacted thousands of people worldwide.
Digit Insurance has a unique insurance offering for suspected people orpeople testing positive for Coronavirus!
Read to find out more…
IRDAI Takes Action Regarding Coronavirus Insurance!
There are 28 confirmed cases of coronavirus infection in India.
IRDAI has asked insurance companies to diligently and speedily attend to claims for treatment of coronavirus.
The regulator said in a circular, “For the purpose of meeting health insurance requirements of various sections, insurers are advised to design products covering the costs of treatment for coronavirus.” In order to provide need-based health insurance coverage, insurers are introducing products for various specific diseases, including vector borne diseases.
The circular read, “Where hospitalisation is covered in a product, insurers shall ensure that the cases related to Coronavirus disease (COVID-19) shall be expeditiously handled.”
The costs of admissible medical expenses during the course of treatment along with the treatment during quarantine period, should be settled in accordance with the applicable terms and conditions of policy contract and the extant regulatory framework.
In addition the circular read, “All the claims reported under COVID-19 shall be thoroughly reviewed by the claims review committee before repudiating the claims.”
Fear Not! The Cure Might Not Be Here But Insurance Is!
An insurance product for individuals who have been impacted by the coronavirus in India was recently launched by a Bengaluru based insurance startup as the treatment cost associated with the outbreak is being said to be very high. This unique proposal is brought by Digit Insurance and the product is called ‘Digit Health Care Plus.’
Insurance coverage of INR 25,000 to INR 2,00,000 can be opted for by customers under this new product offered by the company. The insurance offers INR 299 per month as the minimum premium.
The company has also claimed that to encourage insurance providers to launch and test innovative products for the Indian market, they have filed this coronavirus-related insurance product under IRDAI’s sandbox regulations.
Digit has said that a 100% of the claim amount will be reimbursed by the company once a user has been diagnosed coronavirus positive from any of the authorised centres of ICMR – National Institute of Virology. The company reportedly said that the user won’t have to wait for the completion of the treatment to get this claim. Additionally, if quarantine is advised by a government or an army hospital, for a consecutive 14 days period, the company will provide 50% of the claim even if the user is later declared coronavirus negative.
The company further added, medical bills needn’t be submitted to the company for setting claims. A certificate from a government medical officer can simply be sent to the company, to begin with the Covid-19 treatment.
The company Digit Insurance has reportedly raised $84 million funding from A91 Partners, Faering Capital and TVS Capital at a post-money valuation of nearly $870 million last month prior to launching this coronavirus insurance product.
Besides Digit, many insurance providers from other countries have come up with similar offerings. The US-based startup LogMeIn is now offering access to governments, municipalities, educational institutions, healthcare organisations, and nonprofits, its collaboration and remote access software to help fight the epidemic. Acoer, Georgia-based software development company is helping the healthcare sector easily track and visualise the coronavirus outbreak using the blockchain technology.