September 13, 2021 06:15 PM
Insurance Regulatory and Development Authority of India (IRDAI) on September 13 extended the time line for insurers to offer Covid-related health policies till March 31, 2022.
“Corona Kavach” and “Corona Rakshak” are two short term Covid-specific health policies. Corona Kavach is an indemnity-based policy where sum insured range is from RS 50,000 to RS 50,000 with a hospitalization period of 24 hours.
Corona Rakshak is a standard benefit plan offering sum insured of RS 50,000 to RS 5,00,000 for hospitalization of at least 72 hours post-diagnosing coronavirus.
All insurers, except Agriculture Insurance Company of India (AIC) and ECGC are allowed to offer Covid specific health policies.