IRDAI allows renewal, migration & porting of Covid specific policies
In a circular, 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.
Chennai: 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, 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 policy ceases.
While migrating, the waiting period will be protected for the insured under individual and group policies.
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.
