Discount On Health Insurance Premium: Covid vaccinated can now get a discount on this health insurance policy, Health News, ET HealthWorld

Covid vaccinated can now get a discount on this health insurance policy

New Delhi: Reliance General Insurance is now offering a two and a half per cent discount on health insurance premium to those customers who have received the COVID-19 vaccine. The offer is available to customers of Reliance Health Infinity insurance policy. Both, new policyholders and those who are renewing their existing health insurance policies will be eligible for the discount, the company said in a press release on December 29, 2022. Those who have received other vaccines like the human Papillomavirus vaccine or Pneumococcal vaccine can also avail the discount, the company added.

“Taking into consideration the unpredictable weather events such as the current cold wave in the northwest, the persisting threats of COVID-19, augmented by the recent surge in the COVID-19 cases, and other viruses, the company aims to encourage its customers to get vaccinated as a preventive measure. By rewarding those who have already taken both the jabs or the booster dose, Reliance General Insurance hopes to ensure better customer health and wellbeing,” the insurer stated in the release.

“Vaccinated customers who are in the process of either buying new or renewing their Health Infinity insurance policy can avail this discount over and above the other discounts applicable at the time of policy purchase/renewal,” it added.

Amid the rising number of coronavirus cases in several countries, Insurance Regulatory and Development Authority (IRDAI) has asked insurance companies to consider giving a discount on the renewal of health and general insurance policies to policyholders who have taken COVID-19 vaccines, PTI reported earlier.

The regulator also stressed that insurers should offer incentives to policyholders on getting RT-PCR tests done through their wellness network, sources told PTI. IRDAI asked insurance companies to encourage COVID-appropriate behaviour through social media. Irdai has also asked both life and non-life insurance companies to settle COVID-related claims at the earliest and reduce paperwork, sources said.

Over 2.25 lakh death claims due to the COVID-19 pandemic were settled by insurance companies up to March 2022, the Irdai said in its annual report. It further said the general insurers and stand-alone health insurers received a huge number of COVID treatment-related claims which the industry handled “quite efficiently” and settled claims approximating Rs 25,000 crore. Irdai said insurance companies settled over 2.25 lakh death claims on account of the pandemic and paid Rs 17,269 crore towards claims up to March 31, 2022.

The life insurance industry paid benefits of Rs 5.02 lakh crore in 2021-22. General and health insurers settled 2.19 crore health insurance claims and paid Rs 69,498 crore towards the settlement of the claims. The net incurred claims of the general insurers stood at Rs 1.41 lakh crore in 2021-22 as against Rs 1.12 lakh crore in 2020-21, an increase of about 26 per cent.

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