Insurance regulator IRDAI has extended the deadline for insurers to sell and renew short-term COVID-specific health insurance policies by six months till March 31.
A partial revision of an earlier circular, in which it had set September 30 as the last date for sale and renewal of Corona Kavach and Corona Rakshak, is bound to come as a relief to both existing and prospective policyholders, which is bound to come as another wave. danger of. Epidemic.
Introduced in June 2020 by insurance companies on the instructions of IRDAI, customer response to COVID-specific health covers has been encouraging. There were reports of insurance companies being keen on tariff revision, due to rising claims faced by many hospitalized for COVID-19.
“All insurers are permitted to offer and renew short-term COVID specific health policies up to March 31, 2022,” General Manager (Health) DVS Ramesh said in the latest circular addressed to life, general and standalone health insurers. The regulator said all other terms and conditions are valid under the relevant guidelines.
Separately, IRDAI has extended the exemption to general insurers with respect to obtaining wet signatures on applications as well as issuing hard copies of policy documents till March 31.
“The exemption given for electronic policy issuance as well as for delivery of physical document and wet signature has been extended till March 31. all other content of [earlier] The circular remains unchanged,” Chief General Manager (Non-Life) Yagyapriya Bharat said in a communication to general insurers on Monday.
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