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Insurers seek cooling off period before underwriting new policy for Covid survivors They want to ensure the health condition of the member is good from a risk assessment standpoint
Insurers both life and general are insisting on a cooling off period and physical check-ups before underwriting a new policy for individuals affected by Covid.
Cooling off period is the time taken or the deferment period that is required for a person to completely recover from an ailment and, thereby, fit to be insured.
“Insurers are often asking for a three-month waiting period for a term life cover from the time the survivor has a negative report and they may also have to do a physical check-up. From an underwriter’s perspective, the second wave
How you can breathe easy on Covid insurance claims
Bavadharini KS
BL Research Bureau |
Updated on
May 08, 2021
Insurer needs to give cashless claim approval to the concerned hospital within 60 minutes now
Apart from the physical and emotional strain brought on by Covid, unnecessary stress from the paper work and processes for making insurance claims related to the illness is best avoided. Thanks to the lockdown and other control measures put in place by the Centre during the first wave last year, health insurance claim procedure has almost entirely moved online.
While many insurers do settle cashless claims within a maximum of 24 hours, given the severity of the situation, IRDAI, the insurance regulator recently issued norms to the insurers on settlement of Covid health insurance claims. Accordingly, all the general and health insurance companies have been asked to communicate their cashless approvals to the concerned hospitals and establishments within a maximum time period
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