Health and general insurers will soon be allowed to offer specific insurance coverage to the public for the treatment of vector-borne diseases such as dengue, malaria and chikungunya.
Regulator IRDAI on Friday issued an exposure draft on the standard health policy for vector-borne diseases under which general and health insurers will be encouraged to offer such policies for one year.
The aim is to make available a standard product that meets the needs of the public to obtain health insurance coverage for certain vector-borne diseases, said the Insurance Regulatory and Development Authority of India (IRDAI).
According to the proposal, the product will be offered for a fixed period of one year with a waiting period of 15 days.
The insurance policy will cover treatment for dengue fever, malaria, filariasis (lymphatic filariasis), kala azar, chikungunya, Japanese encephalitis and Zika virus, he said, adding that stakeholders can send their comments on the exposure draft to IRDAI by November 27.
Commenting on the project, Amit Chhabra, HEALTH Insurance Manager, Policybazaar.com said that the premium for this product will be on a pan-Indian basis and that no geographic location or area-based pricing is allowed.
“The cost of treating dengue can range from Rs 25,000 to Rs 70,000. Therefore, having a vector-borne disease control plan in place will help clients protect themselves against vector-borne disease.” , did he declare.
Chhabra further said that it is important to have a vector-borne disease insurance policy so that one does not end up losing financial stability and health in an emergency.
The project indicated that the product nomenclature should be the vector-borne disease health policy, replaced by the name of the insurance company. It would be a âsimple premiumâ product.
“The minimum entry age will be 18 for the main insured and the maximum entry age will not be less than 65 for all insured members, including the main insured,” he said. he declares.
In addition, dependent children should be covered from the first day up to the age of 25.
In addition to hospitalization coverage, the product would cover AYUSH treatment, and pre and post hospitalization.
In addition, basic coverages for the standard product should be offered on an indemnity basis and optional coverages should be offered on a benefit basis, according to the proposed guidelines.
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