Mumbai: Forward of the third wave of the Covid 19 pandemic, the insurance coverage regulator on Monday as soon as once more prolonged the timeline for non-life and pure-health insurance coverage firms to promote and renew Covid-specific merchandise. specifically. Corona Kavach and Corona Rakshak, for one more six months as much as March 31, 2022.
Earlier, in March this yr, the Irdai had permitted all insurers to supply and renew these short-term Covid-specific well being insurance policies as much as September 30, 2021. Insurance coverage firms have been initially allowed to supply these insurance policies until March 31, 2021. Within the wake of the coronavirus disaster, the insurance coverage regulator had requested the insurers to supply standardised Covid-19 medical health insurance insurance policies.
Inaugurated in July 2020, Corona Kavach is an indemnity plan that can cowl hospitalisation bills. The price of remedy for any co-morbid situation, together with pre-existing co-morbid situations together with the remedy for Covid-19, shall be lined below this coverage. The sum insured in Corona Kavach coverage ranges from Rs 50,000 to Rs 5 lakh.
Then again, Corona Rakshak is a set profit plan through which if a policyholder is identified with Covid-19 and hospitalised for 3 days, a set quantity (the sum insur-ed) shall be paid by the insurance coverage firms.
For Corona Rakshak coverage, the minimal sum insured can be Rs 50,000 and the utmost restrict is Rs 2.5 lakh. Each the insurance policies have a tenure of three-and-a-half months to nine-and-a-half months. Lifelong renewability, migration and portability should not allowed in these insurance policies.