Taking into account the increasing covid cases in the country, IRDAI has extended the short term covid specific policies - Corona Kavach Policy and Corona Rakshak Policy.
These policies will remain valid till September 30, 2021.
“Taking the prevailing covid situation into consideration, it is decided to allow all insurers to offer and renew short term covid specific health policies including ‘Corona Kavach Policy’ and ‘Corona Rakshak Policy’ up to 30.9.2021,” said IRDAI.
While Corona Rakshak is a benefit-based policy that pays fixed cost to a policyholder if a policyholder suffers from coronavirus, Kavach Policy is an indemnity based health insurance product that covers the treatment cost of hospitalization.
Both these policies are short term in nature with a maximum coverage tenure of nine and a half months.
The regulator informs there is no change in the policy guidelines otherwise.