In an effort to give relief to policyholders, IRDAI has asked insurance companies to settle claims related to covid-19 within 2 hours.
With this, general insurance companies and standalone health insurance companies will have to convey their decision on covid-19 claims within 2 hours of receiving the discharge letter from hospital administration. However, the insurance regulator has clarified that insurance companies can take a call if they want to settle or reject such claims based on their assessment.
Further, IRDAI has asked insurance companies offering health insurance policies to intimate policyholders if they have cashless arrangement with a particular hospital within 2 hours of admission of patient.
Earlier, IRDA had asked insurance companies to expedite claim settlement related to coronavirus. In fact, the insurance regulator has asked them to set up a mechanism to ensure quick claim settlement process to deal with rising cases of coronavirus.