IRDAI has asked insurance companies to ensure that policyholders suffering from coronavirus do not face any hardship.
The insurance regulator has clarified that insurers will have to expedite claim settlement where hospitalization is covered. In fact, the regulator has asked insurers to cover costs related to quarantine period.
In addition, insurance companies will have to review claims related to coronavirus thoroughly before repudiation.
IRDAI has further asked insurers to introduce specific policies including coronavirus and other vector borne diseases.
United India Insurance CMD, Girija Kumar said that the regulator is just asking insurers to be more cautious while handling cases of coronavirus.