Economy News

COVID-19 vaccine – Insurance on adverse side-effects

Good news for all those who are hesitant to get the COVID-19 vaccine. According to the new policy, if a person is afraid of the side-effects caused by Covaxin their health insurance will cover everything.

The general insurance industry has confronted that they will be covering any kind of vaccine related hospitalization bills keeping in line with the regular policy terms.

Statement have passed quoting that “If any policy holder or insured person feels any kind of discomfort after getting vaccinated and needs to be hospitalized, all the expenses will be covered under the Health Insurance”.

They have clarified this to the regulator. The claims head of a non-life insurer has quoted this regarding the anonymity condition.

Although, there are chances that IRDAI may issue a circular clarifying the matter.

The insurer also has clarified the same thing to the IRDAI through General Insurance Council. The General Insurance Council has all the general insurance companies as members.

However, the vaccination costs are also reduced. According to this new policy, to avail the claim, the policyholder will have to be hospitalized for a minimum of 24 hours for treatment.

So far, there have been six deaths reported which are of the workers who received the vaccine. However, these deaths aren’t related or anyhow linked with the Covaccine.

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