The COVID-19 pandemic has brought home the significance of health and life insurance like nothing else earlier. Even those who were blasé about these covers in the past are now looking to buy a new policy or want to enhance the sum insured on their existing ones. Meanwhile, the Insurance Regulatory and Development Authority of India (IRDAI) has been issuing a slew of guidelines to health/general and life insurance companies aimed at easing matters for customers.
MEDICAL INSURANCE:
Pay health insurance premiums in instalments: Through a circular dated April 20, 2020, the regulator has permitted companies offering health insurance to allow customers to pay their premiums in instalments. With many customers expected to face financial hardships amid the lockdown, this step will ease customers’ burden. “It is an attempt to provide an affordable option to customers, and encourage more people to buy health insurance," says Prasun Sikdar, managing director and chief executive officer (CEO), ManipalCigna Health Insurance.
Some insurers will charge the same premium under all options. “The premium amount will remain the same irrespective of the mode of payment," says S. Prakash, managing director, Star Health and Allied Insurance. Brokers, however, inform that some companies may charge you an extra amount if you go for any option other than annual.
The burden of paying the premium does get eased in a frequent-payment option. “In some COVID-19 cases, treatment costs have gone as high as Rs 14-15 lakh due to accompanying complications. If the sum insured on your family floater is not adequate, use the monthly payment option to enhance your cover,” suggests Amit Chhabra, business head, health insurance, Policybazaar.com.
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