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Government further extends renewal date for health, motor insurance policies

The move aims to give policyholders some relief during the nationwide lockdown to contain the spread of COVID-19.

April 16, 2020 / 11:47 AM IST

The government on April 16 extended the deadline for renewal for health and motor insurance policies to May 15.

A finance ministry notification said the extension is applicable for the policyholders whose health and motor (third party) insurance policies were due for renewal between March 25 and May 3.

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The move aims to give policyholders some relief during the nationwide lockdown to contain the spread of COVID-19.

The deadline had already been extended to April 21, for policies due for renewal between March 25 and April 14.

The lockdown was originally supposed to be lifted on April 15, but was later extended to May 3.

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COVID-19 Vaccine

Frequently Asked Questions

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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Moneycontrol News
first published: Apr 16, 2020 10:35 am

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