IRDAI has directed general insurance and health insurance companies to issue and renew covid specific policies such as Corona Kavach and Corona Rakshak.
This has come after IRDAI found that a few companies have opted out from offering covid specific policies. In fact, those who offered covid specific policies are denying their renewal.
In a circular, IRDAI said, “The authority is in receipt of complaints stating that some of the insurance companies are not issuing Corona Kavach and Corona Rakshak Policies. In this regard, it is clarified that all general and health Insurers are mandated to offer Corona Kavach Policy,” said IRDAI.
Also, insurers were advised to offer renewal of Corona Kavach and Corona Rakshak Policies, said IRDAI.