Don't impose 15-day waiting period for Corona Kavach renewal: IRDAI

As per the guidelines issued by the IRDAI, the short-term Corona Kavach policies are issued by insurance companies for three-and-a-half months, six-and-a-half months or nine-and-a-half-months

Regulator IRDAI on Tuesday asked insurance companies not to impose a waiting period of 15 days on renewal of Corona Kavach or Corona Rakshak policies by insured persons.

As per the guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI), the short-term Corona Kavach or Corona Rakshak policies are issued by insurance companies for three-and-a-half months, six-and-a-half months or nine-and-a-half-months.

These policies are designed to cover the cost of treatment of coronavirus.

In a circular, IRDAI further said insurers also have the choice to allow renewal, migration and portability for these Covid specific standard health products -- Corona Rakshak Policy,