Irdai focuses on consumers’ convenience during pandemic

NEW DELHI: From Corona Kavach to Corona Rakshak, the Insurance Regulatory and Development Authority of India (Irdai) made intense efforts throughout the pandemic-disrupted 2020 to ensure adequate choice of insurance policies for individuals that cover treatment costs for coronavirus-related health issues.

This year, the regulator’s noteworthy initiatives include introduction of standard products with a view to enhance con“The sumer confidence as well as easier know-your-customer (KYC) norms. As Covid started spreading in March, the watchdog asked insurers to expeditiously settle hospitalisation claims concerning treatment related to coronavirus infections.

The Irdai also told insurers to design specific products to cover the cost of Covid-related treatment. Soon, short-term Corona Kavach policy was launched.

In the last six months, Irdai introduced several new insurance products, including Arogya Sanjeevani, Corona Rakshak and Corona Kavach.

“The insurance regulatory body maintains that introduction of standard insurance plans will make it easier for consumers to select services owing to the standardisation of the process and easy availability of offered services,” Tarun Mathur, chief business officer of Policybazaar.com said.

In an attempt to make insurance affordable and available for all sections of the society, Mathur said Irdai issued a circular to all life insurers directing them to come up with a standard individual term life insurance product named ‘Saral Jeevan Bima’.