Offer home-based treatments as add-on in health insurance, says IRDAI
Customers wanting to purchase new policies would get this option in the medical policies.
June 23, 2021 / 04:43 PM IST
The insurance regulator has reiterated that home-care treatments should be offered as an add-on option for customers in health insurance.
In a circular to non-life insurers, IRDAI said that home-care treatments can be offered as an add-on rider for the existing policies. Customers wanting to purchase new policies would get this option in the medical policies.
In 2020 as well, Insurance Regulatory and Development of India (IRDAI) had said that it has advised general insurers and standalone health insurers to make available home-care treatments in the rise of rising COVID-19 cases.
However since this option was not widely available the regulator has sent a circular to the insurers to implement this with immediate effect.
Shankar Bali, Joint MD, Vidal Health said that IRDAI's decision will now allow customers to add Domiciliary cover to their base health policy as an add-on.
"Most policies do not offer a domiciliary cover and the experience during Covid has shown that this could be really helpful. If the underwriters price this well it could get high penetration among the covered population. This could be a great addition to premiums as well as provide peace of mind to customers that even if they get treated at home their policy will cover the expense," he added.
For existing policies, general insurers and health insurers would have to refile their products to include this add-on alongwith the pricing.