IRDAI asks insurers to cover COVID-19 vaccination cost, GIC objects

The Insurance Regulatory and Development Authority of India (IRDAI) is in favour of including the cost of COVID-19 vaccination under health insurance policies. The regulatory body has asked the service providers to cover the cost of immunisation against coronavirus, CNBC TV18 reported citing sources.

The General Insurance Council (GIC) has objected to the IRDAI's decision, claiming that it may set a "wrong precedent", the channel reported.The GIC, a statutory body which represents general and health insurers, said the insurance policies can cover only the hospitalisation costs related to COVID-19.

The Council has reportedly written to the IRDAI, marking its apprehensions against the proposal. The GIC has stated in its letter that it is "not inclined to cover COVID vaccination cost", the report said.

The insurance sector watchdog, on January 13, recommended general and health insurers to ink agreements with health providers on cost of COVID-19 treatment, similar to the policy for other diseases, PTI had reported.

"While entering into such agreements, the reference rate of GI (general insurance) council can be kept in view for guidance alongwith rates fixed by State Governments and Union Territory administration, if any and as relevant," the IRDAI circular had stated.

Source: Money Control