The Insurance Regulatory and Development Authority (IRDAI) recently issued guidelines for handling claims of coronavirus, which has brough the country to a standstill.

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Where hospitalisation is covered in a product, insurers should ensure that the cases related to coronavirus disease (or COVID-19) will be expeditiously handled, IRDAI said in a statement.

“The costs of admissible medical expenses during the course of treatment including the treatment during quarantine period will be settled in accordance to the applicable terms and conditions of policy contract and the extant regulatory framework,” according to the statement.

All the claims reported under COVID 19 will be thoroughly reviewed by the claims review committee before repudiating the claims, it added.

These instructions are issued under the provisions of Section 14 (2) (e) of IRDA Act, 1999.

According to Amit Chhabra, head - health insurance, Policybazaar, there are health insurance policies available in the market with adequate cover to tackle pandemics of unknown diseases along with the advancement of treatment and post-hospitalisation care.

One can choose to go with cashless claim facility or reimbursement facility depending upon the policy terms, he said.

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