Mumbai: Ahead of the third wave of the Covid 19 pandemic, the insurance regulator on Monday once again extended the timeline for non-life and pure-health insurance companies to sell and renew Covid-specific products. namely. Corona Kavach and Corona Rakshak, for another six months up to March 31, 2022.
Earlier, in March this year, the Irdai had permitted all insurers to offer and renew these short-term Covid-specific health policies up to September 30, 2021. Insurance companies were initially allowed to offer these policies till March 31, 2021.
In the wake of the coronavirus crisis, the insurance regulator had asked the insurers to offer standardised Covid-19 health insurance policies.
Inaugurated in July 2020, Corona Kavach is an indemnity plan that will cover hospitalisation expenses. The cost of treatment for any co-morbid condition, including pre-existing co-morbid conditions along with the treatment for Covid-19, will be covered under this policy. The sum insured in Corona Kavach policy ranges from Rs 50,000 to Rs 5 lakh.
On the other hand, Corona Rakshak is a fixed benefit plan in which if a policyholder is diagnosed with Covid-19 and hospitalised for three days, a fixed amount (the sum insured) will be paid by the insurance companies. For Corona Rakshak policy, the minimum sum insured would be Rs 50,000 and the maximum limit is Rs 2.5 lakh. Both the policies have a tenure of three-and-a-half months to nine-and-a-half months. Lifelong renewability, migration and portability are not allowed in these policies.
