The insurance regulator-mandated Corona Kavach policies gained instant popularity this year due to the COVID-19 pandemic’s onslaught, but 2020 started with Aarogya Sanjeevani, a standard health insurance cover.
In January, the Insurance Regulatory and Development Authority of India (IRDAI) issued final guidelines for the standardised health insurance policy, which non-life insurance companies were mandated to offer from April 1. Since then, it has announced a series of standard insurance policies across life and health insurance segments.
Non-life insurance companies started offering the regulator-mandated Corona Kavach and Corona Rakshak policies from July 10. Subsequently, in October, the IRDAI issued final guidelines for Saral Jeevan Bima, a standard term insurance policy that all life insurers will have to offer from January 1, 2021.
A vector-borne diseases policy to cover ailments such as Malaria, Dengue and Chikungunya, with uniform features is also on the cards. The IRDAI has sought comments from stakeholders before the guidelines are finalised.
Tune in to Simply Save to know more about the workings of standardised covers and evaluating their suitability.
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