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Home / Insurance / News /  Irdai extends timeline for sale, renewal of covid-specific policies till 30 Sept
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The Insurance Regulatory and Development Authority of India (Irdai) has permitted insurers to offer short-term covid-specific products, including Corona Kavach and Corona Rakshak, till 30 September.

Last year, looking at the covid situation, the regulator had decided to extend the timeline for the sale and renewal of such policies till 31 March.

A circular by the regulator on 28 March said, "Corona Kavach policies have to be offered as per guidelines issued for Covid Standard Indemnity based Health Policy, and Corona Rakshak policies have to be offered as per guidelines issued for Covid Standard benefit-based Health Policy on 26 June 2020. Further, insurers can offer and renew policies by up to 30 September 2022. All other terms and conditions remain valid as specified under the respective guidelines."

Short-term covid specific policies are of two types. The first is the indemnity-based Corona Kavach policy. And the second is a benefit-based Corona Rakshak policy. You can buy such policies from any insurer as the policy wordings remain the same across all insurance companies.

Short-term covid specific policies specifically mean that the policies are provided for the tenure of three and half months, six and half months and nine and half months. In simple terms, you get these policies for 105 days, 195 days and 285 days, respectively.

If you buy the Corona Kavach policy, it will cover the hospitalisation cost for the treatment of Covid-19 on a positive diagnosis in a government-authorised diagnostic centre. The policy also covers the costs associated with PPE kits, consultation fees and ventilators, etc.

The Corona Rakshak policy will provide a lump-sum benefit equal to 100% of the sum insured. You will receive the policy benefit if you get positive diagnosed with Covid 19, wherein you will have to get hospitalised for a minimum continuous period of 72 hours.

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