Covid vaccination will not impact claim and premium rate of your health insurance policy

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A WhatsApp message floating around states that health insurance companies will demand vaccination certificate from policyholders for hospitalisation due to coronavirus.

The message also says that insurers might hike premium for those not having a record of vaccination.

Industry experts, however, have dismissed the message doing the rounds.

“We don’t have any such intention to increase premium though we are encouraging people to take vaccines. We don’t have any plans to load premium based on vaccination certificate,” said Anand Roy, Managing Director, Star Health Insurance, told Money9.

As directed by the regulator, no insurer can deny Covid-19 claims under a health insurance policy. Moreover, the Insurance Regulatory and Development Authority (IRDAI) last year asked all insurers to offer standard Covid-19 specific policies — Corona Kavach and Corona Rakshak.

Corona Kavach policy specifically covers hospitalisation expenses for the treatment of Covid-19. Corona Rakshak is a benefit policy which means a lump sum benefit is payable on a positive diagnosis of Covid-19. But remember, the policy make payment only after hospitalisation for a minimum continuous period of 72 hours. These plans are designed to cover corona-related illness.

Thus, one does not need to produce the vaccination certificate for Covid-19 claims.

“Keeping the certificate for future reference is advisable to all persons especially those who are 60+ in age or for those who are 45+ and have any complications. I do not foresee a discount being given by insurers for those who have this certificate. There are good chances that Insurers may include the question ‘Covid Vaccinated Yes or No’ as one of the questions in the proposal form,” SK Sethi, director of Ria Insurance Brokers, told Money9.

He added: “I personally feel that few countries may include this certificate as one of the documents for issue of Visa but for next 12 months Covid Negative Test report will be a popular and important document required for entry into another country and maybe in states within India.”

Another senior official from the insurance industry said on the condition of anonymity that there has been no such directive from IRDAI related to vaccination.