Vijay C Roy
Today News Online Service
Chandigarh, February 25
For Covid survivors or those who have been vaccinated will have to wait a little longer to buy a health insurance policy. The period ranges from 15 to 90 days. Insurance companies have introduced ‘cooling-off’ period to buy a health insurance policy for people who contracted the Covid infection.
The cooling-off period is a duration during which a person affected with a certain disease may not be able to buy the health cover. Before the Covid, insurance products were designed with 30 days’ cooling-off period. During this period, no claims are permissible except for accidental claims.
The reason behind introducing the ‘cooling-off’ period is lack of clarity on the long-term impact of Covid on health. It gives reasonable time to insurers to understand the additional complications that may arise. — Indraneel Chatterjee, co-founder and principal officer, RenewBuy
According to RenewBuy, companies like Max Bupa, Manipal Cigna, HDFC ERGO and ICICI Lombard have introduced the ‘cooling-off’ period for Covid survivors.
“Insurers have specific underwriting guidelines for covering infections which help them in evaluating the acceptance of application. The reason behind introducing the ‘cooling-off’ period is lack of clarity on the long-term impact of Covid on health. In many cases, the infection has led to pulmonary and cardio vascular-related complications. The cooling-off period gives reasonable time to insurers to understand the additional complications that may arise,” said Indraneel Chatterjee, co-founder and principal officer, RenewBuy.
“In our policy, the cooling-off period for a person who has contracted the Covid is three months, post testing negative, as it allows sufficient time for emergence of complications,” said Ankur Kharbanda, director-retail sales, Max Bupa Health Insurance.