Irda for vax boost to policy renewals

The regulator also urged insurers to ensure that empanelled hospitals are prohibited from taking deposit for Covid-19 hospitalisation

New Delhi: Amid a surge in coronavirus cases in several countries, regulator Irdai has asked insurers to consider giving discount on renewal of general and health insurance policies to policyholders who have taken three shots of Covid-19 vaccine.

The Insurance Regulatory and Development Authority of India (Irdai) has also asked both life and non-life insurance companies to settle Covid-related claims at the earliest and reduce paper work, sources said. During a meeting to create awareness about Covid-19 last week, sources said, the regulator also stressed that insurers should offer incentives to policyholders on getting RT-PCR tests done through their wellness network. It asked insurers to encourage Covid-appropriate behaviour through the social media outreach.

With regard to overseas travel insurance, Irdai asked underwriters of such policies to spread information about Covid testing requirements of various countries. The regulator also urged insurers to ensure that empanelled hospitals are prohibited from taking deposit for Covid-19 hospitalisation, sources said, adding, some of the hospitals indulged in asking for deposit for Covid treatment during the first and second wave despite having cashless policy.