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Wednesday, July 15, 2020

Irdai allows short-term Covid policies of 3-11 months

“It’s considered that short-term health insurance policies providing coverage specific to Covid-19 is the need of the hour,” it said.

By: ENS Economic Bureau | Mumbai | Published: June 24, 2020 3:01:06 am
“It’s considered that short-term health insurance policies providing coverage specific to Covid-19 is the need of the hour,” it said.

The Insurance Regulatory and Development Authority of India (Irdai) on Tuesday allowed health and general insurers to offer short-term health insurance policies of three months to 11 months that will give coverage against the Covid-19 infection.

“Short-term policies may be issued for a minimum term of three months to a maximum term of eleven months. In between three months and eleven months, the policy term shall be in multiples of completed months,” it said while issuing the guidelines. However, a policy term less than three months is not permitted. Irdai asked the insurers to devise inclusive short-term health insurance products “where waiting periods are part of the product, such waiting period shall not exceed 15 days”. “It’s considered that short-term health insurance policies providing coverage specific to Covid-19 is the need of the hour,” it said.

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