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All about renewal, migration, portability of Corona Rakshak, Kavach health plans


IRDAI, the insurance regulatory body has allowed insurance companies to provide options of renewal, migration and portability of covid specific standard health products, in a circular dated October 13. Insurance companies had launched corona specific health plans - Corona Kavach, Corona Rakshak and Group Corona Kavach health insurance policies in July, to cover medical expenses of the covid 19 positive patients. Insurance companies welcome the IRDAI’s move and urge those covered under these plans to eventually opt for comprehensive health insurance policies.

"With this development, as insurers we will work towards safeguarding policyholders against the Covid-19 health risks, however, at the same time we would prefer that such insuring population eventually opts for comprehensive health insurance policies, after realizing the important role that health insurance plays in times of such exigencies and future complications ," says Gurdeep Singh Batra, Head - Retail Underwriting, Bajaj Allianz General Insurance on norms from IRDAI on renewal, Portability and migration of Covid specific policies.

Since its launch, the Covid-19 specific health policies have gained really good traction mainly due it’s short term coverage been looked at immediately. Here’s all you want to know about renewal, migration and portability of Covid specific health insurance plans:

a) ‘Corona Kavach’ and ‘Corona Rakshak’ policies of any tenure may be renewed for further terms of 3 ½ months, 6 ½ months or 9 ½ months, subject to the underwriting policy of the insurer.

b) Renewals may be done before the expiry of the existing policy contract.

c) Where policy is renewed, additional waiting period of 15 days shall not be imposed and the coverage shall be continued seamlessly.

d) During renewal, sum insured may be allowed to be changed by the policyholder. For any increase in the sum insured, the waiting period shall start afresh only for the enhanced portion of the sum insured.

e) Corona Kavach and Corona Rakshak policies are permitted to be renewed till March 31,2021.

a) In respect of Corona Kavach individual policies, insurers may offer migration to any other indemnity based health insurance product offered by them as per the option exercised by the policyholder.

b) In respect of Corona Kavach Group policies, insurers may provide migration to the members insured to any other individual indemnity based health policy at the point of exit of the member insured from the group policy or the cessation of coverage of the underlying group policy.

c) Where migration is allowed, the accrued gains of waiting period served in the existing Corona Kavach policy (Individual/Group) shall be protected in respect of coverage for Covid-19, in the migrated policy.

Portability of Corona Kavach and Corona Rakshak Policy

a) General and Health Insurers are permitted to allow portability of Corona Kavach (individual) policy from one insurer to another. The accrued gains of waiting period served in the existing Corona Kavach policy shall be protected in respect of coverage of Covid-19, by the porting-in insurer.

b) Where migration/portability from the Corona Kavach policy (Group/Individual) is allowed by the insurers, such migration/portability to any other comprehensive health insurance policy shall be allowed, till the end of policy period of the existing Corona Kavach policy.

Source : Live Mint

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