Extension of timelines for sale and renewal of short term Covid specific health insurance

IRDAI vide reference no. IRDAI/HLT/REG/CIR/ 57/03/2022 dated March 28, 2022 has issued Circular on ‘Extension of timelines for sale and renewal of short term Covid specific health insurance policies’(Circular).

Background:

Reference is drawn to the Circular dated June 23, 2020 on “Guidelines on introduction of short-term health insurance policies providing coverage for COVID-19 disease”, permitting insurers to offer short term Covid specific health insurance policies up to March 31, 2021 which was subsequently extended up to September 30, 2021 and March 31, 2022 vide Circulars dated March 24, 2021 and September 13, 2021 respectively.

The major highlights of the Circular are as follows:

• In partial modification of the Clause 2 of the above referred Circular dated September 13, 2021, insurers are now permitted to offer and renew short term Covid specific health insurance policies up to September 30, 2022.
• Accordingly, Insurers are now permitted to offer and renew following policies up to September 30, 2022:
• Corona Kavach Policies offered as per “Guidelines on Covid Standard Indemnity based Health Policy” dated September 26, 2020
• Corona Rakshak Policies offered as per “Guidelines on Covid Standard benefit based Health Policy” dated September 26, 2020.

All other terms and conditions remain valid as specified under the respective Guidelines.

Source category: IRDAI

Attachments

• /2022/9_EXTENS~11.PDF