– March 25, 2021The Insurance Regulatory and Development Authority of India (IRDAI) in its recent circular shared an update concerning the short-term COVID-19-specific insurance policies. Last year in June, the regulatory body had directed insurance companies to come up with policies to cover COVID-19. Thus, short-term policies came into the picture.These policies are Corona Kavach (indemnity-based policy) and Corona Rakshak (benefit-based policy). Such policies were offered for a period of less than twelve months. The guidelines for these policies were valid till March 2021. Now that the date is near, there has been an extension in the timeline. It has been extended till the end of September 2021. As a result, insurance companies can sell and renew short-term policies related to COVID-19 till 30th September 2021. The guidelines concerning these policies have not been modified.