Corona Kavach, Rakshak: The best way to renew, port, migrate your Covid particular medical insurance coverage
Launched in July 2020, the Covid-19 particular medical insurance plans – Corona Kavach and Corona Rakshak – had been prompt hit among the many plenty as a consequence of low premium, quick coverage phrases and ready interval of simply 15 days. Furthermore, the options of the insurance policies had been standardised by the Insurance coverage Regulatory and Growth Authority of India (IRDAI) and therefore insurance policies supplied by totally different insurance coverage firms had been related.
Nevertheless, as a consequence of quick coverage phrases of Three and Half Months (3 ½ months), Six and Half Months(6 ½ months) and 9 and Half Months (9 ½ months), together with a ready interval of 15 days, the renewal of insurance policies of many policyholders might need grow to be due now.
To facilitate the method, the IRDAI has issued the norms on renewability, portability and migration of normal Covid particular merchandise – Corona Kavach and Corona Rakshak.
Tips for Renewal
The insurance policies could also be renewed additional for the phrases of three ½ months, 6 ½ months and 9 ½ months earlier than the expiry of the present coverage contract.
On renewal, the protection shall be continued seamlessly and extra ready interval of 15 days shall not be imposed.
Renewal of Corona Kavach and Corona Rakshak insurance policies are permitted until March 31, 2021 and whereas renewing, policyholders could change the quantity of sum insured (SI), which can be multiples of Rs 50,000 with minimal SI of Rs 50,000 and most SI of Rs 5 Lakh.
Corona Kavach and Corona Rakshak: Q&A on Covid-specific medical insurance plans
Tips for Portability
Portability of Corona Kavach coverage is allowed from one insurer to a different insurer with out imposition of a recent ready interval of 15 days.
An present Corona Kavach coverage may be migrated to some other complete medical insurance coverage of the identical insurer or of some other insurer until the tip of the coverage interval.
Tips for Migration
If opted for, insurers could permit migration of a Corona Kavach particular person coverage to some other indemnity primarily based medical insurance product supplied by them.
Members of Corona Kavach Group insurance policies may be allowed emigrate to some other indemnity primarily based medical insurance product on the level of exit of the member insured from the group coverage or the cessation of protection of the underlying group coverage.
The accrued positive factors of ready interval served within the present Particular person/Group Corona Kavach coverage shall be protected on the time of such migration.
IRDAI releases tips for Corona Kavach, 29 insurers to situation the Covid-19 particular coverage
“IRDAI by way of this round has allowed insurers for renewal, migration and portability of Customary Covid particular well being insurance policies. This can be a welcome transfer because the Covid-19 vaccine is but to come back out and the aim of those insurance policies is to primarily cowl the therapy prices towards quick well being dangers that individuals face because of the pandemic. Since its launch, the Covid-19 particular well being insurance policies have gained actually good traction primarily due it’s quick time period protection been checked out instantly,” mentioned Gurdeep Singh Batra, Head – Retail Underwriting, Bajaj Allianz Normal Insurance coverage.
“With this improvement, as insurers we’ll work in direction of safeguarding policyholders towards the Covid-19 well being dangers, nonetheless, on the identical time we would favor that such insuring inhabitants ultimately opts for complete medical insurance insurance policies, after realising the vital position that medical insurance performs in instances of such exigencies and future issues,” he added.
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