The Insurance Regulatory and Development Authority of India (Irdai) has permitted general and health insurance companies to offer and short-term Covid-specific products, including Corona Kavach and Corona Rakshak till March 31, 2022.
Earlier, in March this year, the regulator decided to extend the timeline for the sale and renewal of such policies till September, looking at the prevailing situation.Insurance companies were initially allowed to offer these policies till March 31, 2021.
Covid-specific policies saw a huge uptake in the market due to the raging virus and was one of the main reasons why the health insurance segment saw a huge uptick. Many insurers had launched their own Covid-specific products following which the regulator came up with two standard Covid-specific products–Corona Kavach and Corona Rakshak.
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