Insurance alert! Soon you be able buy policies for dengue, malaria and chikungunya too - Check latest development from IRDAI

Insurance Regulatory and Development Authority (IRDAI) has come out with an exposure draft on Standard Vector Borne Disease Health Policy under which general and health insurers will be encouraged to offer insurance policy for treatment of vector-borne diseases like dengue, malaria policies for one year. What it means is - Health and general insurers will soon be permitted to offer specific insurance cover to the public for treatment of vector-borne diseases like dengue, malaria and chikungunya.

Objective?

The objective is to make available a standard product addressing the needs of the public for getting health insurance coverage to specified vector-borne diseases, the Insurance Regulatory and Development Authority of India (IRDAI) said.

Term?

As per the proposal, the product shall be offered for a fixed term of one year with a waiting period of 15 days.

Coverage?

- The insurance policy will cover treatment of dengue fever, malaria, filaria (Lymphatic Filariasis), kala-azar , chikungunya, Japanese Encephalitis and Zika Virus , it said, adding the stakeholders can send their comments on the exposure draft to IRDAI by November 27.

-Besides hospitalisation cover, the product would cover AYUSH treatment, and pre and post hospitalisation.

- Also, the base covers of standard product should be offered on indemnity basis and optional covers should be offered on benefit basis, the proposed guidelines said.

Vector Borne Disease Health Policy

The draft said the nomenclature of the product should be Vector Borne Disease Health Policy, succeeded by name of insurance company. It would be 'single premium' product.

Age: Eligibility

-"Minimum entry age shall be 18 years for principal insured and maximum age at entry shall not be less than 65 years for all the insured members including principal insured," the draft said.

- Also, dependent children should be covered from day 1 of age to 25 years.