Health insurance companies working towards launching COVID-specific products: Officials

KOLKATA: Health insurance companies are working towards launching COVID-specific products for giving financial leeway to those affected by the virus, officials said on Saturday.

Speaking at a webinar organised by the Bengal Chamber of Commerce and Industry, MD & CEO of ICICI Lombard Bhargava Dasgupta said coronavirus treatment at hospitals is now covered by indemnity policies.

Many companies are making efforts to launch COVID- specific products with provisions for home care, he said.


Dasgupta also said traditional health insurance covers only big-ticket hospitalisation, while smaller cases are left out.

CEO of Aditya Birla Health Insurance, Mayank Bathwal, said indemnity policies cover 95 per cent of the health insurance business in India.

He said regulator IRDA also allows flexibility to create new products.

Mahesh Balasubramaniam, MD & CEO of Kotak General Insurance, said the health insurance industry will start facing increased number of claims due to rising COVID-19 cases.

However, the balancing factor will be lesser pre- planned hospitalisation unless it is an emergency, he added.