The Insurance Regulatory and Development Authority of India vide its notification dated 13th September 2021 has allowed general and health insurance companies to offer and renew Covid specific policies including Corona Kavach and Corona Rakshak till 31st March 2022.
The guidelines on the introduction of short-term health insurance policies that provide coverage for the COVID-19 disease were introduced in June 2020. Such Short term health insurance policies were to be issued for a policy term of less than 12 months.
There are two specific insurance plans. One is the Corona Kavach policy which is being offered by general and health insurance companies only, while the other one is Corona Rakshak policy which may be offered by all insurers, including life insurers.
The minimum sum insured for Corona Kavach Policy is Rs 50,000 and the maximum is Rs 5 lakh and for the Corona Rakshak Policy, the minimum sum insured is Rs. 50,000 and the maximum limit shall be Rs.2.5 lakh.
