IRDAI Permits Insurers To Sell Short-Term COVID Policies Till March 2022

Regulator IRDAI on Monday allowed insurers to continue selling and renewing short-term Covid specific health insurance policies till March 2022.  Amid rising number of coronavirus cases in the country, the Insurance Regulatory and Development Authority of India (IRDAI) had last year asked all insurance companies to come out with ‘Corona Kavach’ policies (standard indemnity based health policy) and Corona Rakshak policies (standard benefit-based health policy). Several insurance companies had come out with short-term products, which became popular because of lower premiums compared to regular health insurance policies. In a circular,…

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‘Corona Kavach, Rakshak policies loss-making products’, insurers urge regulator for re-pricing – ET HealthWorld

Insurance policies Corona Kavach and Corona Rakshak have turned out to be loss-making products for most insurers, prompting them to seek a re-pricing from the regulator as the high claims payouts are eating into their profits. “It has turned out that Corona Kavach and Corona Rakshak have been making losses for most of the insurers. All of us launched these products in July (last year). “We are severely underpriced on Corona Raksha and Corona Kavach policies,” a top executive from a general insurance company told on the condition of anonymity.…

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