Coronavirus Insurance in India

coronavirus Insurance in India
Coronavirus Insurance

Healthwise the world is now in a big crisis. All the countries are suffering from this coronavirus. The stats are very frightening. The insurance field also in a dilemma on how to handle coronavirus insurance in India.

I am sure everyone has been following what is going on around the world.

All nations around the world is worried about the same thing “How ready is their health system, how can they handle this situation in their respective countries”.

Our focus will be only on “Is corona virus infection covered as part of health insurance”.

We will discuss what is IRDA guidelines in this regard and what is the insurance industry in India considering this.

What is Pandemic

According to WHO, when a new decease is spread across the world then it is called Pandemic. As we all know coronavirus now spread all over the world not just an area or a single country.

So, WHO – World Health Organisation has declared Covid-19 as pandemic.

This Covid-19 does not have any cure or any vaccine to stop people from getting infected.

Prevention is better than cure. Also, this type of situation again reminds us of the Importance of Insurance.

Insurance and Pandemics

Like any other industry the Insurance industry also affected in large with this corona virus pandemic.

There is so much uncertainty in terms of future business and claims payment.

Before the WHO called the corona virus infection as pandemic some of the insurance companies in india have clarified to their insurers that they will cover this decease as part of health insurance.

Normally insurance companies are not obligated to pay claims for pandemics. The insurance industry in India now looking at the risk of claims made against coronavirus deaths and how to handle these claims.

Health insurance cover

If your health policy covers hospitalization, then as per IRDA guidelines all hospitalization costs should be paid by the insurance company.

The treatment and the quarantine expenses should be covered by the insurance company.

For example, ICICI Lombard is paying out outpatient claims without any waiting period. Also, the hospitalization costs are covered fully if the decease is contracted by the patient after the 30 days of waiting in case of a new insurance policy.

 Here is more details

The Go Digit General Insurance Limited , is providing an insurance policy for just Rs. 1267 per year for corona virus. This covers up to 3 lack.

Life insurance cover

The life insurance is generally covering most/all types of death claims. The corona virus claims also covered by most of the insurance companies as part of life cover.

The Life insurance council of India proclaimed that the ‘Force Majeure’ does not apply to the coronavirus death claims. That means the insurance company should not reject any death claims due to coronavirus.

Force majeure basically acts of God, natural disasters, or War, etc. In this case, the insurance companies can reject the claims for the deaths that are happened due to the above reasons.

IRDA Circular on corona virus claims


Hi,my name is Kiran Gangula. I am an insurance enthusiast. Also very passionate about blogging. I am a certified Insurance seller but I am trying to use my knowledge and skills to educate people about insurance. Hope you all enjoy my posts and get some useful information from them.

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