Irdai extends validity of short term covid specific health insurance policies till September 30

The Insurance Regulatory and Development Authority of India (Irdai) has extended the validity for sale and renewal of short term covid specific health insurance policies. The policies issued under these guidelines will now remain valid till September 30, 2021.

The policies are commonly known as Corona Kavach and Corona Rakshak policies. Amongst these short-term covid specific policies, the Corona Kavach policy is an indemnity-based product while Corona Rakshak is a benefit-based product. Besides, the policy wordings of these covid specific policies are uniform across all insurers.

Irdai said ‘Corona Kavach Policies offered as per guidelines on Covid Standard Indemnity based Health Policy and Corona Rakshak Policies offered as per Guidelines on Covid Standard benefit-based Health Policy dated 26 June 2020 are permitted to be offered and renewed by all insurers up to September 30, 2021’. It further said that there is no change in the policy guidelines.

The regulator also said ‘All other terms and conditions remain valid as specified under the respective guidelines’. Currently, these short term covid specific policies are offered for the tenure of three and half months, six and half months and nine and half months, that is, 105 days, 195 days and 285 days respectively.