In one of its recent reports, PricewaterhouseCooper has said that, “Health insurance is expected to cushion the blow that this pandemic will deal. While being extremely relevant to society, using appropriate mitigation strategies, insurance companies may be able to support it further through product development activities and ensuring their reach is extensive.” In October 2020, the Insurance Regulatory and Development Authority of India (IRDAI) directed the insurer to include telemedicine consultation in the terms and conditions of the insurance policy contract. The direction comes at the right time since in wake of the Covid-19 pandemic; patients prefer to go for online consultation with doctors instead of physically visiting the hospital or clinics. The recent directions of IRDAI are going to be highly beneficial for the policyholders seeking treatment for various ailments.

Delivery of healthcare services is a critical component to Covid-19 patients, especially since quarantine is the only way to go. With the relentless manner in which COVID-19 has been moving across the country, it was a matter of time before it showed its impact upon the health insurance sector too. The most important reason for this impact is socio-economic. However, the insurance industry has also been quick in reacting to this situation and putting new products out there to provide protective cover to the consumers.