Hyderabad: With lockdown due to coronavirus continuing, insurance players are relying on telemedicals instead of the prevalent practice of going to designate laboratories and getting the medical tests done. Now, disclosures by customers on phone are a key.
Earlier, medical tests were mandatory for policies with cover above the threshold limits. While the customers are able to buy new polices, the onus is on them to ensure that they are giving the right details. The companies will have a right to decline the claims or give proportionate claims if they find the disclosures to be untrue.
Elaborating on this, Santosh Agarwal, chief business officer (Life Insurance), Policybazaar.com, said customers are now able to buy term insurance cover up to Rs 2 crore and health insurance with up to Rs 1 crore cover through telemedicals based on self-declarations.
“The medical resources at this point of time are put to use to deal with coronavirus. It is not advisable to put more load on them in terms of insurance customers. Also, from the customers’ point of view, it is not safe for them to visit a medical laboratory which will increase the risks of virus,” she said.
“Since, medical tests are not insisted upon now there should be a way to assess the risks. Based on the disclosures, a remote doctor, if need arises, will do a telemedical. Based on the report, the insurance company may give a counter-offer with a revised premium for the same cover, or revise the cover for the same premium or decline to sell the policy altogether,” she explained.
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