Home / Companies / News / Irdai allows life insurers to sell short term benefit-based Covid policies

Irdai allows life insurers to sell short term benefit-based Covid policies

Non-life insurers can sell both, benefit-based and indemnity-based short-term health covers

Premium

The non-life insurers, on the other hand, can offer both benefit based and indemnity based short term health products

2 min read Last Updated : Jun 24 2020 | 12:47 AM IST

In a move aimed at providing insurance protection to a vast majority of people in the ongoing pandemic, the insurance regulator has allowed all insures – life and non-life – to offer short term health insurance policies specifically for covid-19.

According to the regulator, short-term health policy means any health insurance contract that has been issued for a policy term of less than 12 months. If a policy term is fixed at 12 months then it will not be short-term.

According to the norms, life insurers are generally not permitted to underwrite indemnity-based health insurance policies. Hence, the regulator has

Topics : Coronavirus IRDAI Insurance Sector insurance plans Health Insurance life insurance industry

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in