Hyderabad, Sept 13:
The insurance regulator IRDAI has further extended the time frame to offer and renew short term Covid specific health policies-Corona Kavach and Corona Rakshak policies up to March 2022.
Also,the exemptions granted to insurers for issuance of electronic policies as well as dispensing with physical document and wet signature, have been extended upto March 2022 by the regulator.
Earlier,many insurance companies have rolled out these standrad health insurance policies since July 2020, which orginally were supposed to remain valid until March 31, 2021 but were allowed to issue the policies till September 30, 2021 by the IRDAI..
Currently, the policies are issued for three and half months, six and half months, and nine and half months including waiting period.
The Corona Kavach policy is an indemnity-type plan where the hospital bill gets reimbursed up to the sum insured limit subject to terms and conditions.
The Corona Rakshak policy is a benefit-based plan where 100 per cent sum insured is paid to the insured if he/she gets hospitalised as per policy terms and conditions.
However, these policies have turned out to be loss-making products for most insurers, prompting them to seek for a re-pricing from the regulator as the high claims payouts are eating into their profits.