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To Get Life Insurance, COVID Survivors Need To Be Fit After Three Months Waiting Period
Writer: Deep Prakash
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India, 12 Jan 2021 11:09 AM GMT | Updated 13 Jan 2021 6:04 AM GMT
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Many corona survivors are expected to deal with ailments related to like heart, kidneys, and lungs, especially those who are admitted in the hospital for more than four weeks after contracting the virus.
Life insurance may reject corona survivors proposal if they are found unfit after the three-month waiting period imposed by an insurance company. This new rule is even more strict for people above 60 years of age.
Many corona survivors are expected to deal with ailments related to like heart, kidneys, and lungs, especially those who are admitted in the hospital for more than four weeks after contracting the virus.
Chief actuarial officer of Aditya Birla Sun Life Insurance, Anil Kumar Singh said, "Cost of life insurance cover will be decided after the three-month waiting period and depends on the effect the virus has had on the individual's health. Additional premium charges are decided based on how many organs are impacted."
However, Singh clarified that if the COVID survivor does not show any complications or long-term effect, then extra charge will not be placed, reported Times of India.
Earlier, when the pandemic was at its peak, corona patients struggled to get money and their insurance company as most of the insurance company denied repaying the treatment of medical bills citing the clause that pandemic is not covered in the insurance.
Anish Kumar, a covid survivor from New Delhi, stayed nine days in a private hospital in August last year. He paid a ₹2.79 lakh to the hospital for his treatment. After filing the hospital bill to his insurance company for reimbursement, he only received ₹1.14 lakh from them. Anish wrote back to the insurance company for the payment of rest amount, instead of money he got a reply that PPE kits, pharmacy and doctor's visit are not included in reimbursement.
Many cases like Kumar's came in the public view last year after which IRDAI (Insurance Regulatory and Development Authority of India) issued guidelines for covid claims.
IRDAI instructed health insurance companies to resolve covid claims on priority and told that the insurer should cover the expenses during the treatment and the quarantine period. The companies are also told to come with new insurance plans that cover treatment, medicines and diagnosis costs of coronavirus infection only.
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