Finance

Standardised insurance cover for vector-borne diseases in the work

India’s insurance regulator has floated draft guidelines for a standardized medical insurance policy that will cover vector-borne diseases such as Dengue, Malaria, Chikungunya and Zika Virus among others.

The proposed product will be available at all health and general insurers once the guidelines are finalized following a consultation process. As per the draft norms, the product is being envisaged as an annual, single premium policy with optional riders.

“In order to make available…health insurance product addressing the needs of insuring public for getting health insurance coverage to specified Vector Borne Diseases, the Authority encourages all general and health insurers to offer…policy,” the Insurance Regulatory and Development Authority (IRDAI) said in the draft guidelines issued on Friday.

The base hospitalization cover can be for a sum insured between Rs 10000 and Rs 2 lakh with a daily room and ICU limit prescribed under the ‘Use and File’ procedure. The proposed standard product also could have a 15-day waiting period.

Stakeholders have been asked to submit their comments on the draft norms by November 27, IRDAI said, especially on whether the product can be for shorter tenure and on the 15-day waiting period before the benefits kick in.

“…stakeholders are requested to examine and furnish comments with specific reference…Whether the proposed standard vector borne disease product shall be offered for a shorter term (less than one-year policy duration) as these vector-borne diseases are generally seasonal,” IRDAI said.

The insurance regulator has already launched standardized covers for health called the Aarogya Sanjeevani, and a coronavirus cover as well earlier this year. IRDAI has also floated draft terms for a standardized life insurance policy as well.

Vector-Borne Diseases are those ailments that result from an infection transmitted from blood-feeding arthropods, such as mosquitoes, ticks, and fleas and include among others Dengue, Malaria, West Nile Virus, Lyme disease.

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