As a result of the second wave of the Covid -19 pandemic, the regulator has extended the validity of short-term covid special health insurance policies for sale and renewal. The Covid policies in the short term are generally called the Corona Kavach and Corona Rakshak policies. Corona Kavach is an indemnity-type policy that reimburses hospital bills up to the sum insured limit, subject to terms and conditions. The Corona Rakshak policy is a benefit plan paying the insured 100% of the insured amount if they are hospitalised under the policy conditions.
The policies that were released as a result of these guidelines will now be valid until September 30, 2021.
The Insurance Regulatory and Development Authority of India (Irdai), issued a circular on 24 March said, "Taking the prevailing Covid situation into consideration, it is decided to allow all insurers to offer and renew short term Covid specific health policies including "Corona Kavach Policy" and "Corona Rakshak Policy" up to 30.9.2021".
In the case of the Kavach and Rakshak policy, the maximum and minimum amount insured is set.
The regulator also stated that the policy guidelines have not changed. All other terms and conditions are still in effect as stated in the guidelines.
These short-term Covid specific policies are currently available for three and a half months, six and a half months, and nine and a half months, or 105, 195, and 285 days, respectively.
Over the last several months, several insurers have introduced additional coronavirus coverage, apart from Corona Kavach Policy and Corona Rakshak Policy.