Renewal, Migration, Portability Allowed for Covid-Health Products by Irdai

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Covid-19 has changed the lives of almost all people and now life is almost upside down as it was before. After so many months also when there is no clue when this covid-19 will end, in this time the insurance regulator Insurance Regulatory and Development Authority of India (Irdai) has announced that they are going to renew, migrate, and enable portability, of certain covid-health products like Corona Rakshak, Corona Kavach, and Group Corona Kavach Policies.

Irdai earlier issued some Corona policies and now when the policies are going to end in recent times, at that time the Irdai has said that they are going to allow people to renew these Corona Kavach and Corona Rakshak’s policies. The time that Irdai mentioned for renewing these policies is three and a half months, six and a half months, or nine and a half months and it depends on what option the policyholder chose at the time of taking the policy.

“General and health insurers are permitted to allow portability of Corona Kavach (individual) policy from one insurer to another. If an insurer is found deficient in servicing their customers, they can switch over to another insurer,” said an official.

Gurdeep Singh Batra, head-retail underwriting, Bajaj Allianz General Insurance, said, “The Covid-19 vaccine is yet to come out and the purpose of these policies is to mainly cover the treatment costs against immediate health risks that people face due to the pandemic.”

Since these policies for Covid-19 have been issued, till now more than 30 lakh people have taken these policies and Irdai said that if one wants to renew his or her policy then it must be done before the expiry of their existing policy. Irdai added that if one is going to renew its policy then the 15 days that are imposed should not be imposed and the coverage should be continued seamlessly. When one is going to renew the policy, the sum of money insured by the policyholder can also be changed, said Irdai. “For any increase in the sum insured, the waiting period should start afresh only for the enhanced portion of the sum insured,” the regulator has said. “Corona Kavach and Corona Rakshak policies are permitted to be renewed till March 31, 2021, complying with clause 5 of Guidelines on the introduction of short term health insurance policies providing coverage for Covid-19 disease,” the regulator said. Along with the renewal of policies, people are also allowed to migrate to any other policy if they wish but the policy must be indemnity based health insurance product.

For Corona Kavach Group approaches, back up plans have the decision to give movement to the individuals protected to some other individual reimbursement based wellbeing strategy at the purpose of exit of the part safeguarded from the gathering strategy or the end of inclusion of the hidden gathering strategy, Irdai said.

At the point when the relocation is permitted, the gathered increases of holding up period served in the current Corona Kavach strategy (individual or gathering) ought to be ensured in regard to inclusion for Covid-19, in the moving approach, it said. The collected increases of holding up period served in the current Corona Kavach strategy ought to be secured in regard to the inclusion of Covid-19, by the porting-in safety net provider.

At the point when movement or compactness from the Corona Kavach strategy is permitted by the guarantors, such relocation or movability to some other exhaustive medical coverage strategy ought to be permitted, till the finish of the arrangement time of the current Corona Kavach strategy.