Those taking all three doses of Corona vaccine will get big discount on insurance premium! Know what is the preparation of IRDA.

Corona Vaccines Those who take all three doses can get a big discount on insurance premium. In fact, insurance regulator IRDA has asked insurance companies to consider giving a discount on renewal of general and health insurance policies to people who have taken all three doses of the Kovid-19 vaccine. Sources said that along with this, the Insurance Regulatory and Development Authority of India (IRDAI) has also asked the companies providing life and general insurance to pay Kovid related claims as soon as possible and reduce paper work. In a meeting held last week to create awareness on COVID-19, the regulator said insurance companies should encourage policyholders who get RT-PCR tests done through health centers in their network.

Do not take deposit on hospitalization

According to sources, IRDA asked insurance companies to encourage the behavior to be adopted for the prevention of Kovid epidemic through publicity on social media. In the context of foreign travel insurance, the regulator also asked policy makers to disseminate information about the need for COVID testing in various countries. Sources said the regulator also urged insurers to ensure that empaneled hospitals do not take deposits for hospitalization due to COVID-19. Despite having a cashless policy, some hospitals demanded deposits for Covid treatment during the first and second wave.

Ease of entry norms for insurance business

Recently, insurance regulator IRDA decided to ease entry norms for insurance business and include reduction in ‘solvency margin’. The ‘Solvency Margin’ refers to the excess assets of the insurer after removing the fixed liabilities. The decision is aimed at increasing the spread of insurance in the country and achieving the goal of ‘Insurance for All by 2047’. The Insurance Regulatory and Development Authority of India (IRDAI) in its board meeting allowed private equity (PE) funds to invest directly in insurance companies. Apart from this, the regulator has also allowed subsidiaries to become promoters of insurance companies.