IRDAI Extends Timeline for Short Term COVID Specific Health Insurance Policies
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) 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.
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.