In view of the second wave of the Covid -19 pandemic, India's insurance sector regulator has extended the validity of short-term covid special health insurance policies for sale and renewal.

The Covid policies in the short term are generally called the Corona Kavach and Corona Rakshak policies. Corona Kavach is an indemnity-type policy that reimburses hospital bills up to the sum insured limit, subject to terms and conditions. The Corona Rakshak policy is a benefit plan paying the insured 100% of the insured amount if they are hospitalized under the policy conditions.

The Insurance Regulatory and Development Authority of India (Irdai), issued a circular on 24 March said, "Taking the prevailing Covid situation into consideration, it is decided to allow all insurers to offer and renew short term Covid specific health policies including "Corona Kavach Policy" and "Corona Rakshak Policy" up to 30.9.2021".

The Insurance Regula tory and Development Authority of India (IRDAI) had earlier allowed the insurers to sell such policies till March 31.

According to IRDAI, taking into account the current Covid-19 pandemic situation, the insurers are allowed to renew and issue new short-term coronavirus-specific insurance policies. Last year IRDAI had introduced two standard Covid-19 specific insurance policies viz Corona Kavach Policy and Corona Rakshak Policy.

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