Money & Banking

IRDAI allows sale of short term Covid insurance policies till September 30

Our Bureau Hyderabad | Updated on March 24, 2021

In the wake of surging new cases of Covid-19 pandemic, the insurance regulator has permitted all life, general, and standalone health insurers to sell and renew short term Covid specific policies till September 30.

With this extension, the insurers can now sell Corona Kavach and Corona Rakshak policies till end of September.

While Corona Kavach is a standard indemnity based health policy, Corona Rakshak is a standard benefit based health policy.

“All other terms and conditions remain valid valid as specified under respective guidelines,” the Insurance Regulatory and Development Authority of India (IRDA) said in a circular issued on Wednesday.

IRDAI has asked insurers to offer standard corona specific health cover polices from July 2020. So far, the registered claims under these policies have crossed ₹14,500 crore as per industry data.

Published on March 24, 2021

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