New deadline for COVID policies is March 31: IRDAI

Hard copy exemptions also get time

Insurance regulator IRDAI has extended the timelines for insurers to sell and renew short-term COVID-specific health insurance policies by another six months till March 31. The partial modification of an earlier circular, in which it had set September 30 as last date for sale and renewal of Corona Kavach and Corona Rakshak, is bound to come as a relief for both existing and prospective policyholders given the lurking threat of another wave of the pandemic. Introduced in June 2020 by insurers on the directions of IRDAI, customer response to the COVID-specific health covers has been encouraging. The mounting claims, in the face of a number of people hospitalised for COVID-19, however, led to reports of insurers keen on a tariff revision.