IRDAI Extends Timeline for Short Term COVID Specific Health Insurance Policies

IRDAI Extends Timeline for Short Term COVID Specific Health Insurance Policies
| Updated: Apr 17, 2021 | Category: IRDA Advisory

The Insurance Regulatory and Development Board of India on 24.03.2021, by way of a Circular No Ref. No: IRDAI/ HLT/ REG/ CIR/ 061/ 03/ 2021 has extended the timeline for Short Term COVID Specific Health Insurance Policies.

Applicability of Circular

The said circular will be applicable to all Life, General, and Standalone Health Insurers. However, it shall be noted that the provisions of the circular will have no effect on the Agriculture Insurance Company (AIC)[1] and Export Credit Guarantee Corporation of India (ECGC).

Key Provisions of the Circular

IRDAI has passed this circular to partially modify Clause 5 of Circular No IRDAI/ HLT/ REG/ CIR/ 156/ 06/ 2020, issued on 23.06.2020, which deals with the Guidelines on the Introduction of Short Term Health Insurance Policies offering Coverage for COVID – 19 specific diseases.

As a result, all the insurers are allowed to offer and renew their Short term specific health policies by 30.09.2021.

Consequently, all the Corona Kavach Policies offered in accordance with the Guidelines on the COVID – 19 Standard Indemnity based Health Policy of the Circular Ref No. IRDAI/HLT/REG/CIR/163/06/2020, issued on 26.09.2020 and the Corona Rakshak Policies provided as per the Guidelines on COVID – 19 Standard benefits based Health Policy of the Circular Ref No. IRDAI/HLT/REG/CIR/164/06/2020 dated 26.06.2020 are allowed to be offered and renewed by all the insurers up to 30.9.2021.

Also, it shall be noted that apart from clause 5 all the provisions will remain as it is in nature.

Conclusion

In a nutshell, to continue the benefits of the short term COVID specific health insurance policies, IRDAI, by way of a Press Release Reference No IRDAI/ HLT/ REG/ CIR/ 061/ 03/ 2021, issued on 24.03.2021, has extended the timelines for the same.

The new date up to which the insurer are allowed to offer and renew their Short term specific health policies is 30.09.2021.

Also, Read: IRDAI Modified the Guidelines on Product Filing in Health Insurance Business

Official Circular on Extension of Timelines for Short Term COVID Specific Health Insurance Policies

Circular_-Timelines-extension-24032021

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Shivani has completed her B com LLB (Hons) and has the experience of writing various research papers during her college time. Earlier she was working as an Associate in a Delhi based Law Firm, but her interest in writing made her pursue Legal Content Writing as a career. Her core area of interest is in writing about various legal enactments, tax, and finance.

 

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