Irdai extends timeline for sale and renewal of Covid specific products

The Insurance Regulatory and Development Authority of India (IRDAI) has allowed general and health insurance companies to offer and renew Covid specific policies including Corona Kavach and Corona Rakshak till end of September this year. 

Earlier, insurance companies were allowed to offer these policies till March 31, 2021. But looking at the prevailing situation, the insurance regulator decided to extend the timeline for sale and renewal of such policies. 

The covid specific policies saw a huge uptake in the market due to the raging virus and was one of the main reasons why the health insurance segment saw a huge uptick. 

Many insurers had launched their own covid specific products post which the regulator came up with two standard covid specific products -- Corona Kavach and Corona Rakshak.