Specialised COVID-19 policies have covered over 15 lakh people: IRDAI chief

Insurance Regulatory and Development Authority (IRDAI) Chairman Subhash C Khuntia on Thursday said that amid the COVID-19 pandemic, companies should think of job-loss insurance so that people are able to sail through difficult times such as this. He emphasised on the fact that more than 15 lakh people have already been covered under the recently launched specialised COVID-19 policies.

Speaking at the industry chamber Ficci's annual insurance conference 'FINCON 2020: India Insurance in the post-COVID World' that took place virtually, Khuntia also said that the insurance sector not only provides job opportunities but also has the capability of preventing job losses. “IRDAI has a cost-prevention committee that can help insurance companies with loss prevention,” he said.

"More than 15 lakh lives have already being covered under these two products --- Corona Kavach and Corona Rakshak --- within a period of about a month and that shows what is the demand of the customers," he said.

He also opined that insurance companies should come up with short-term group insurances as IRDAI has been suggesting. He said there is a need for the rural sector to be tapped in and more micro insurance plans to be brought out.

Talking about the Arogya Sanjeevani Health Insurance Policy, he said that all insurers should provide it as a standard product and not look at it as a competitive one.

He said there is a need for simple and transparent products to cater to the changing needs of the customers, and it will be easier for the distribution channels also to solicit business.

Reiterating on the need of being responsible insurers, Khuntia said that tele-consultancy and telemedical assistance should be provided not just to policyholders but to the general public, too. He also said more call centres should be in place to aide customers. Insurance companies should also have mobile apps to cater to the changing demands of policyholders and cybersecurity was another concern that should be looked into.

The health insurance sector saw a six per cent jump by the end of July, Khuntia added.

(With agency inputs)