Adverse reactions to Covid-19 vaccines requiring hospitalisation will be covered under health insurance, officials of the industry have said as speculations around the new jabs mount.
According to a Moneycontrol report quoting the claims head of a non-life insurance company, any discomfort after vaccination that leads to hospitalisation will be covered under health insurance. “We have clarified this to the regulator,” the source was quoted as saying.
The General Insurance Council has communicated the industry’s decision to cover vaccination-related adverse effected to the regulator Insurance Regulatory and Development Authority of India (IRDAI).
Regular terms of the policy availed, however, will continue to apply to the holder. In the event of an adverse reaction, the policyholder will have to be in hospital for at least 24 hours to avail the claim, a condition under all health insurances.
Earlier, the IRDAI had asked insurers to cover the cost of the vaccine as well, a decision that was opposed by the General Insurance Council. It would set a “wrong precedent”, the Council had said, according to CNBC-TV18.
Authorities have been trying to assuage fears surrounding vaccination ever since rollout of Covishield and Covaxin was initiated in India. Covaxin was granted approval for restricted use in emergency situations. It is India’s totally indigenous COVID-19 vaccine developed in collaboration with the Indian Council of Medical Research and the National Institute of Virology.
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