Mashak Rakshak: Standardised cover for vector-borne diseases on the cards

BENGALURU:  In a bid to boost the penetration of health insurance policies in the country, insurance regulator IRDAI has suggested insurers to provide a new policy — Mashak Rakshak — effective April 1, 2021.

This policy aims to provide treatment or hospitalization cover for those who are diagnosed with vector-borne diseases. 

In a post-pandemic environment with heightened sensitivity around health concerns, the policy coverage can help address the woes of a majority of the population, which are impacted by infectious diseases. According to the guidelines issued by IRDAI, the new health insurance policy envisages to cover treatment costs between Rs 10,000 and Rs 2 lakh if a person is diagnosed with vector-borne diseases like dengue, malaria, chikungunya, etc. 

The tenure of the policy will be 12 months and can be renewed by paying the premium after the end of the 12 month period. The insurers will have to fix the premium to be paid by policyholders but will not differentiate the policy cover costs geography-wise. As per the new regulations, the minimum entry shall be 18 years for the principal insured and the maximum age at entry shall not be less than 65 years for all the insured members including the principal insured. 

“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,” said Gurdeep Singh Batra, Head - Retail Underwriting, Bajaj Allianz General Insurance. 

The IRDAI has said that the lump sum benefit equal to 100 per cent 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.

Under the diagnosis cover, two per cent 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.