COVID-specific policies can be renewed until 31 March 2021

The standard short-duration COVID-19 specific health insurance policies of any tenure can be renewed for further terms of three and half months, six and half months or nine and a half months as per the option exercised by the policyholder.

A circular issued by Insurance Regulatory and Development Authority of India (IRDAI) on 13 October 2020 said, “These two policies, ‘Corona Kavach’ and ‘Corona Rakshak’ polices are permitted to be renewed till 31 March 2021.”

“Renewal, if any, may be done before the expiry of the existing policy contract. There will be no imposition of any additional waiting period of 15 days and the coverage should be continued seamlessly,” said IRDAI general manager (health) D V S Ramesh. The change in insurance cover sum can be opted by the policyholder during the renewal period.

In the case of Corona Kavach, the insurers have the choice to offer migration to any other indemnity-based health insurance product offered by them as per the option of the policyholder. If migration is allowed, the accrued gains of waiting period served the existing policy will be protected.

The general and health insurers have also been permitted to allow portability of Corona Kavach (individual policy) from one insurer to another.

These standard COVID-19-specific health insurance policies were put out for customers in July 2020 and at that time it was specified that lifelong renewability, migration and portability would not be applicable to these products.

Source: Asia Insurance Review

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