BackMashak Rakshak: IRDAI issues guidelines on Standard Vector-Borne Disease health policy
The minimum sum insured under Standard Product shall be ₹10,000 wherein the amount can be increased in the multiples of ₹10,0000 and maximum limit can go up to ₹2 lakh
PremiumIn order to convince public for getting health insurance coverage to specified Vector-Borne Diseases, the Insurance Regulatory and Development Authority of India (Irdai) has encouraged all general and health insurers to offer Standard Vector-Borne Disease health policy. This health policy can preferably be available by 1 April 2021.
Vector-borne diseases generally happen from an infection transmitted to humans and other animals by blood-feeding insects like mosquitoes, ticks, etc. For instance, vector-borne diseases can include Dengue fever, Malaria, etc.
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Gurdeep Singh Batra, Head – Retail Underwriting, Bajaj Allianz General Insurance said, “This is a good product introduced well in time considering the upcoming monsoon as that’s when people suffer the most from vector-borne diseases and with the fear of Covid-19 still around, I believe it will be a good offering for all."
According to the Irdai guidelines issued on 3 February 2021, "The Standard health policy shall have coverage as specified in these Guidelines which shall be uniform across all General and Health Insurers. The policy shall be offered both on individual and floater sum insured basis." Also, the tenure of the policy will be one year. You will be required to pay premium via single premium mode only.
Policy framework
The minimum sum insured under Standard Product shall be ₹10,000 wherein the amount can be increased in the multiples of ₹10,0000 and maximum limit can go up to ₹2 lakh. Besides, the 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.
As per the release, the nomenclature of the product shall be the name of the insurance company followed by “Mashak Rakshak". No other name is allowed in any of the documents. The insurer shall also endeavour to mention the meaning of “Mashak" in vernacular i.e Mashak (Meaning in vernacular) depending on the region where policy is sold. Wherever English is used for promoting the product, the name of the product shall be “Mashak (Mosquito) Rakshak".
Policy coverage
The Standard Product shall offer the following:
1. Hospitalization Benefit: Lump sum benefit equal to 100% of the Sum Insured (excluding the amount paid under-diagnosis cover) shall be payable on a positive diagnosis of any of the following vector-borne disease (s) requiring hospitalization for a minimum continuous period of 72 hours. The diseases include Dengue fever, Malaria, Filaria (Lymphatic Filariasis), Chikungunya, Japanese Encephalitis and Zika Virus.
2. Diagnosis Cover: 2% of the sum insured shall be payable on positive diagnosis (through laboratory examination and confirmed by the medical practitioner) of every covered vector-borne disease on the first diagnosis during the Cover Period, subject to policy terms and conditions. The Policyholder is entitled to payments under “diagnosis cover" payment for each disease only once in the policy year, the Irdai guidelines said.
On payment of 100% of sum insured the policy shall be terminated. In case where a policy is issued to a family with an individual sum insured for each member, the policy will continue for the rest of the members, the Irdai guidelines said.
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