Check Credit Score
Check Credit Score
HomeNewsIndia

Insurers to provide 5% discount on 'Corona Kavach' policy to doctors, health workers: IRDAI

Irdai also said it is aware of reports that some hospitals are not granting cashless facility for treatment of COVID-19 despite such arrangements with the insurers.

July 15, 2020 / 10:17 AM IST

Regulator Irdai on July 14 asked insurers to give 5 percent discount on 'Corona Kavach' premium to doctors and health workers, and ensure that hospitals do not deny cashless treatment to insured persons in conformity with the terms of policy. As mandated by Irdai, all the 30 general and health insurers that offer indemnity based health insurance have started offering individual COVID-specific Standard Health Policy called "Corona Kavach".

"As a gesture of acknowledgment of the contribution of healthcare sector in the nation's fight with COVID-19, the insurance companies will provide a 5 percent discount in premium of 'Corona Kavach' to doctors, nurses and other healthcare workers...," Irdai said in a release.

Corona Kavach policies are for three and half months; six and half months; and nine and half months with sum insured ranging from Rs 50,000 to Rs 5 lakhs (in multiples of Rs 50,000).

In another statement, Irdai said it is aware of reports that some hospitals are not granting cashless facility for treatment of COVID-19 despite such arrangements with the insurers.

The regulator further said it has also been brought to the notice of the authority that some of these hospitals are also demanding cash deposits from the policyholders.

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

Therefore, it is clarified that the policyholders are entitled to cashless facility at all network providers (hospitals) with whom the insurance company/TPA has entered into an agreement in accordance to the norms of service level agreements (SLA), it said.

"Insurance companies have been directed to ensure smooth availability of cashless facility with all the network providers (hospitals) empanelled with them by actively interacting with the hospitals," it added.

In the event of denial of cashless facility at any such enlisted network providers (hospitals) the aggrieved policyholders can send a complaint to the concerned insurance company.

As per the provisions, general and health insurance companies are expected to enter into agreements with public and private sector healthcare providers across the geographical spread.

The list of the network providers with whom the insurance company has entered into a service level agreement has to be published on the websites of the insurers and TPAs (Third Party Administrators).

Insurance Regulatory and Development Authority of India (Irdai) said where SLAs are entered with hospitals, it is essential for all such hospitals to provide cashless facility for any treatment to the policyholders, including COVID-19 treatment.

PTI
first published: Jul 15, 2020 10:11 am

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347