The Indian insurance regulator has allowed renewal, migration and portability of Covid-19 specific standard health insurance policies — Corona Kavach, Corona Rakshak and Group Corona Kavach Policy.
The move is expected to increase the sale of other health insurance policies.
In a circular issued on Tuesday, the Insurance Regulatory and Development Authority of India (IRDAI) has said the insurers have the choice to allow renewal, migration and portability of the above policies.
According to IRDAI, renewal of the policies is allowed for three and half months, six and half months or nine and half months as per the policyholder’s choice.
The insurance cover will be continuous and there will not be any 15-day waiting period, the IRDAI said.
However, if the policyholder wishes to increase the sum insured at the time of renewal then the waiting period will kick in only with respect to the increased sum insured and not for the whole policy, the IRDAI added.
The Corona Kavach and Corona Rakshak policies can be renewed till March 31, 2021.
According to the regulator, in the case of Corona Kavach individual policies, insurers can allow migration to other health insurance policies.
In respect of group covers, insurers have the choice of migration to other health insurance policies when the member exits the group or the police ceases.
While migrating, the waiting period will be protected for the insureds under individual and group policies.
The IRDAI has also allowed portability of Corona Kavach policies from one insurer to another with protection to waiting periods.
The migration/portability of individual/group Corona Kavach policies to other comprehensive health insurance policies are allowed till the end of the Corona Kavach policy.
–IANS
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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