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IRDAI releases exposure draft on standard vector borne disease health policy

Yash Ved, Mumbai
Friday, November 20, 2020, 08:00 Hrs  [IST]

The Insurance Regulatory and Development Authority of India (IRDAI) has released an exposure draft for a standard vector-borne disease health policy  addressing the needs of insuring public for getting health insurance coverage to specified vector borne diseases, which will have a minimum sum assured of Rs. 10,000 and a maximum of Rs. 2 lakh.

As per the proposal, the product shall be offered for a fixed term of one year with a waiting period of 15 days proposing to permit insurers to offer the product.

The insurance policy will cover the treatment of dengue fever, malaria, filaria (lymphatic filariasis), kala-azar, chikungunya, Japanese encephalitis, zika virus.

“Under the cover, the hospitalization expenses incurred by the insured person for the treatment of vector borne diseases will be covered, where room, boarding and nursing expenses of upto 2 per cent of sum insured for the sum insured above Rs. 20,000 and a fixed amount of Rs. 500/day for sum insured up to Rs. 20,000 will be provided,” stated IRDAI.

This will also cover costs related to medicine, diagnostic imaging modalities, PPE kits, gloves, and masks among other things.

Also, expenses on hospitalization for a minimum period of 24 hours will be admissible. For intensive care unit, cost upto 5 per cent of sum insured above Rs. 20,000 and a fixed sum of Rs. 1,000/day for the sum insured up to Rs. 20,000 will be covered and ambulance charge of a maximum of Rs. 2,000 will also be covered.

The minimum entry age shall be 18 years for principal insured and maximum age at entry shall not be less than 65 years for all the insured members including principal insured.

The medical expenses incurred on hospitalization under Ayush (as defined in IRDAI (Health Insurance) Regulations, 2016) system of medicine for the treatment of specified vector borne diseases on positive diagnosis and on recommendation of hospitalization by a medical practitioner shall be covered up to the Sum Insured without any sub-limits. The product would also cover pre and post hospitalisation.

IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by the Government of India. IRDAI's mission is to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.


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