Hyderabad: In the midst of a towering threat from the third wave of Covid-19 in India, insurance regulator insurance regulators and the Indian Development Authority (Irdai), have extended the date for general insurance players to continue with Corona Kavach and Corona Rakshak at the end of March 2022.
In circular The latest released on Monday, the Insurance Regulator said all insurance companies were allowed to offer and update short-term Covid health policies until March 31, 2022.
In accordance with previous norms, Corona Kavach and Corona Rakshak policies from every term of office were allowed to be updated for a period of three Half a month, six and a half months or nine months according to the choice of policy holders until September 30, 2021.
Now, with the direction of the new Irdai, the policy holder will be able to update until the end of this financial year.
While Corona Kavach is a compensation-based product, Corona Rakshak is a product-based product.
While the benefit policy of paying a fixed amount after the claim, the compensation plan provides cash or replacing money spent on medical treatment.
In addition to providing extensions for Covid’s special policy sales, insurance supervisors also allow public insurance companies to continue the issuance of electronic policies and expenditure with physical documents and wet signatures until March 31, 2022.
IRDAI has allowed this exception in the middle of Covid.
-Induced lockdown when insurance companies and policy holders find uphill tasks to send and receive and sign policy documents.