Get paid without insurance for Covid death

Get paid without insurance for Covid death

Do you know how much time it should take for your insurance claim settlement?

Keeping in view the ongoing pandemic and shortage of beds in hospitals, the Insurance Regulatory and Development Authority of India (IRDA) asked all insurance companies to convey a decision on approving all cashless claims against COVID19 hospitalisation within an hour.

“Decision on authorization for cashless treatment for COVID-19 claims shall be communicated to the network provider (hospital) within a period of 60 minutes from the time of receipt of authorization request along with all necessary requirements from the hospital,” said IRDA.

“Decision on final discharge of patients covered in COVID-19 claims shall be communicated to the network provider within a period of one hour from the time of receipt of final bill along with all necessary requirements from the hospital,” it added.

Cash Payment

In another significant development the The Income Tax Department has allowed hospitals and nursing homes to accept cash payments of Rs 2 lakh and more for the treatment of coronavirus infected patients.

Death Certificate

As per new provision announced for Covid death claim settlement the death certificate issued by hospital will be sufficient and service providers will not insist on death certificated issued by Municipal Corporation.

The companies have been also asked to arrange and settle the claims by using NEFT facility and conduct verification of the document via video conference. It was also announced that the person seeking claim do not necessarily need to go to service branch to submit original papers. The originals could be submitted to any nearest branch.

The insurance companies have been also asked to make provision for accepting papers in digital mode.

4 lesser known insurance policies to claim, if you lose a loved one to COVID-19

These are typically add-on covers. Most of them come absolutely free or with very nominal charge

Bank Account linked life insurance cover

When the Jan Dhan scheme was initiated in 2014, every bank account holder was offered a life insurance cover under the Pradhan Mantri Jeevan Jyoti Bima (PMJYB) policy.

Employee Insurance

When a person enrols for the Employees’ Provident Fund (EPF), there is a nominal amount from the employer’s contribution that is diverted toward premium payment of Employee Deposit-Linked Insurance (EDLI) Scheme. This premium is for a life insurance policy with a sum assured of Rs 2.5 to Rs 7 lakh.

SIP insurance

Mutual funds have been trying to lure investors to stay put for longer periods and use free insurance as a bait. ICICI Prudential Mutual Fund calls SIP with life insurance cover ‘SIP Plus.’ Aditya Birla Sun Life Mutual fund offers Century SIP, PGIM India Mutual fund calls it ‘Smart SIP’ and Nippon India offers ‘SIP Insure.’ These bundled free life insurance covers are offered as group plans and require no health check-ups.

Insurance with mobile connections

Bharti Airtel has been offering free life insurance covers to anyone purchasing its mobile packages. The operator offered a Rs 2-4 lakh life insurance cover with its Rs 179 (Bharti AXA Life Insurance) and Rs 279 (HDFC Life) pre-paid packages for those between 18 and 54 years of age.

Get Paid without Insurance

Even if a person has not purchased life insurance during his lifetime, these little known life insurance benefits can come to the rescue of dependents.

Even though a life insurance amount of Rs 2 lakh would appear small, if invested in the right instrument offering 12-15 percent returns, it has the potential to grow to Rs 10.94-16.27 lakh after 15 year

IRDA Rules for Health Insurance:

The IRDA has meticulously jotted down multiple rules that need to be complied with. These rules help both the insurer and the insured to provide and avail a fair deal in terms of health insurance and allied services.

In our letter series Part- 2, we have covered the rules in great details with some important case laws on insurance, if you are interested to know about it, please hit the reply button of this mail.