Standardised ‘Corona Kavach’ & ‘Corona Rakshak’ health insurance products from July 10
You will be able to buy standard COVID-19 health insurance policies with uniform features, terms and conditions from any insurer from July 10. You can choose between indemnity, or reimbursement, plan – to be mandatorily provided by general insurers – or a benefit-based plan, which can be offered by life insurers too. The premiums will be […]
India: Govt plans medical treatment plan for motor accident victims
The government plans to launch a cashless treatment scheme for road accident victims with a cap of INR250,000 ($3,300) per case, to ensure that victims have immediate medical care. For the scheme, the Ministry of Road Transport and Highways (MoRTH) will set up a Motor Vehicle Accident Fund, reported Press Trust of India. The Fund […]
New COVID-19 insurance covers travel agents against cancellation costs
Considering impending announcements from the UK government on easing travel restrictions, ROCK Insurance Group has launched two new COVID-19 insurance policies to protect travel businesses and travel agents should customers need to cancel or postpone their trips due to coronavirus-related issues. Commenting on the new policies, ROCK Insurance Group managing director Antony Martin said, “There […]
INSURANCE INDUSTRY Instilling hope during Covid-19 times
Covid-19 has impacted all economies very badly. Indian economy has suffered a loss of Rs 10 lakh crores due to Covid-19 . The insurance companies were on the forefront to deal with Covid related issues and have introduced new innovative policies which among others will cover Job losses, revenue losses and short term policies ” […]
India:WhatsApp to launch insurance and micro-pension pilot schemes
Messaging app WhatsApp India is set to launch pilot schemes in insurance, micro-pension and lending in partnership with domestic service providers. Mr Abhijit Bose, head of WhatsApp India, said that the app has already run service delivery pilots with lenders such as ICICI Bank, HDFC Bank and Kotak Mahindra Bank, according to a report by Financial Express. WhatsApp is yet […]
Irdai asks insurers to settle Covid-19 claims for treatments done in makeshift hospitals
The insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI), directed all non-life insurers to settle claims for patients treated in temporary or make-shift hospitals. The regulator told general insurers in circular to consider makeshift or temporary hospitals created/permitted by central and state governments to be considered as a hospital/network provider. IRDAI in the circular said, “Where any […]
Keep it simple, compete on settling claims: IRDAI to insurers
Chennai: Citing the 4.5 lakh lives covered under the stardardised insurance policy like Corona Kavach within 20 days of its launch, simple and standardised health insurance products will grow the health insurance segment, said Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India (IRDAI). Khuntia also urged insurers to come out with disease specific insurance products that will […]
