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April 24, 2020

Employers to mandatory provide medical insurance coverage to all Employees post lockdown : Insurance Regulator

by facelesscompliance in Compliance Law

Providing mandatory medical insurance coverage to workers as part of the National Directives of MHA, GOI

Recent IRDA circular states following

Reference is invited to Order No. 40-3/2020-DM-I (A) dated 15th April, 2020 issued as part of the Consolidated Revised Guidelines by Ministry of Home Affairs, GOI. As per the said order, inter alia; the following are stipulated:

“Reference is invited to Order No. 40-3/2020-DM-I (A) dated 15th April 2020 issued as part of the Consolidated Revised Guidelines by Ministry of Home Affairs (MHA), GOI. As per the said order, inter alia; the following are stipulated:

All industrial and commercial establishments, workplaces, offices etc. shall put in place arrangements for the implementation of Standard Operating Procedure (SOP) before starting their functioning. As per clause no. 5 of Annexure – II of the said SOP for social distancing for offices, workplace, factories and establishments, medical insurance for the workers to be made mandatory

In light of the above, all General and Health Insurance companies may offer comprehensive health insurance policies either to individuals or groups in order to enable the listed organisations / employers / establishments comply with the above referred directions.

The insurers are advised to devise comprehensive Health insurance products with simple wordings, conditions and at affordable cost to be offered to the stated organisations. The above referred organisations should be able to continue the Medical Insurance Policy offered by insurers not only for the present situation but for all time.

The companies can provide group health insurance covers to their employees, post lockdown, as they are not very expensive and can be purchased with ease by large and small-scale companies and other organisation. The limit of coverage, amount etc are not been defined. Government Should provide clarity towards it. Many SMEs may find it difficult and costly to comply with this

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