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    Insurers to offer short-term COVID-19 health insurance policies; check details here

    Insurers to offer short-term COVID-19 health insurance policies; check details here

    Insurers to offer short-term COVID-19 health insurance policies; check details here
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    By Anshul   IST (Updated)

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    The IRDAI on Tuesday allowed the health, general and life insurance companies to offer short-term health insurance policies to give coverage against the coronavirus infection.

    The Insurance Regulatory and Development Authority of India (IRDAI) on Tuesday allowed the health, general and life insurance companies to offer short-term health insurance policies to give cover against the coronavirus infection. These policies are aimed at providing insurance protection to various sections of people in the prevailing condition.
    “This announcement will benefit consumers who do not have health insurance cover at all, or can't afford health Insurance or are looking for some additional cover,” says Parag Ved, executive vice president and head, Consumer Lines, Tata AIG General Insurance.
    “These plans will also help people during emergency to fulfill short term gaps,” he adds.
    Here are the features of COVID-19 specific short term health policies:
    According to IRDAI, these policies can 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 can be in multiples of completed months.
    • These can be offered both as individual or group products.
    • The waiting periods of policies can't exceed 15 days.
    • Life insurers are permitted to offer only benefit based short-term health insurance policies, while the general and health insurers will be able to offer both indemnity based and benefit-based policies.
    • Optional covers that enhance the health insurance cover are permitted to be offered for the same policy duration.
    • No separate add-ons can be permitted with these policies.
    • Life-long renewability, migration and portability can't be applicable to the short-term health policies offered by general and health insurers.
    • The guidelines may remain valid for issue of short-term policies till March 31, 2021, unless extended further.
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