The coronavirus outbreak has now been declared by the WHO as a pandemic. With this in the background, the IRDAI, recently, counseled insurance companies to make sure that the patients infected with COVID-19 should be swiftly handled. The IRDAI also advised the latter, to design policies for covering the treatment cost for coronavirus. Insurance companies claim that the COVID-19 outbreak has created panic and fear in India.
Claim holders have been inquiring if their respective insurance policy provides coverage for the infectious disease. Most of the insurance companies have notified regarding their products providing coronavirus cover on the websites and issued public statements regarding the same. Taking this into consideration, IRDAI , the regulatory body for Insurance companies has recently advised insurance companies to ensure that the affected patients be thriftily handled and the…
