With rising rapidly cases of COVID-19 in India, IRDAI has recently allowed the insurers to continue to offer as well as renew standard Corona policies.
In June 2020, IRDAI had issued guidelines for insurance companies to roll out standard COVID-19 policies, ‘Corona Kavach’ and ‘Corona Rakshak’, for those between 18-65 years of age. Insurers were permitted to offer these policies till March 31, 2021. However, now the insurers will be able offer and renew these short-term COVID-19 specific health policies up to September 30, 2021.
Till January, around 1.28 crore standard COVID-19 policies with a total premium of over Rs. 1,000 crore were sold by insurers.
As per the norms, the ‘Corona Kavach’ and ‘Corona Rakshak’ policies were allowed to be renewed for further terms of three-and-half-months, six-and-half-months or nine-and-half-months, as per the policyholder’s preference, till March 31, 2021. Now with the new IRDAI directive, policyholders will be able to renew these policies till September this year.
