IRDAI extends validity of Covid-19 specific policies till March next

In the wake of concerns over possible third wave of the pandemic, the insurance regulator has extended the validity of Covid19 specific policies, Corona Kavach and Corona Rakshak, till March 31, 2022.

As per the current guidelines, the validity of these policies will expire on Sept 30,2021. However, in the circular issued on Monday, the Insurance Regulatory and Development Authority of India (IRDAI) has permitted general, health and life insurers to offer and renew the policies for six more months till end of the fiscal year 2020-21.

Corona Kavach is a standard indemnity based health policy being offered by general and health insurers while Corona Rakshak is being offered as a Covid standard benefit based health policy.

The insurance regulator had mandated insurers to offer these policies with a circular in June 2020 during the peak of the first wave.