These are testing times for the whole world, which is suffering massively due to the COVID-19 Novel Corona Virus Pandemic. Thousands of lives have been lost and many people are continuing to test positive for the Corona Virus, despite the nation being under lockdown mode for nearly 30 days now. The Central Government has extended the lockdown period till May 3rd and people are still unsure if this situation would extend beyond that date too. The government as well as various regulatory bodies are trying their best to help the people during these tough times and now, the Insurance Regulatory and Development Authority of India (IRDAI), which regulates all insurance companies in our country, has issued a new order to the insurance companies!

IRDAI asks insurance companies to settle claims in 2 hours during COVID

The IRDAI has issued a directive that all insurance claims be settled within 2 hours and also directed that the companies handling cashless medical treatment take a decision within the same time frame. This decision has been made, keeping in mind the economic pressure people are facing, due to the ongoing Corona Virus scare, which has placed a huge pressure on the healthcare sector! The circular mentions that the insurance companies' decision would be made known to the network provider (hospitals), within two hours from the receipt of authorisation request from the hospital. Also, decision on discharge should also be placed to the network provider within two hours from the receipt of the final bill. This shall go a long way in helping the people, especially for their healthcare!