The Insurance Regulatory and Development Authority of India (IRDAI) has now allowed life, general and health insurers to offer coronavirus specific short term health insurance policies. Accordingly, all insurers (Life, General and Health Insurers) are allowed to offer COVID - 19 specific short-term health insurance policies subject to these guidelines. "As per the circular, short term health policy means any health insurance policy contract which has been issued for a policy term of less than 12 months. Short term policies may be issued for a minimum term of three months to a maximum term of eleven months. However, general and health insurers are permitted to offer both indemnity based and benefit based short term health insurance policies.Insurers shall ensure that short term health insurance products comply with the norms on pricing stipulated in IRDAI (Health Insurance) Regulations, 2016 and guidelines on product filing in health insurance Business.As per IRDAI circular, short term health insurance policies are permitted to offer only health insurance cover specific to coronavirus disease.

Source: Economic Times June 23, 2020 13:22 UTC