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How To Renew, Port or Migrate From A Covid Plan To A Comprehensive Health Insurance?

IRDAI in July launched two policies specifically designed for COVID-19. Recently guidelines were passed around the portability and renewability of these two plans. The two products were Corona Rakshak and Corona Kavach plan. The methods were designed keeping in mind the need for masses and was an instant hit. The plan was in high demand due to the rising cases of COVID-19. It was a short policy with a low premium rate with a waiting period of just 15 days. Apart from this, the guidelines of policies are standardised by the Insurance Regulatory and Development Authority of India and all insurance companies offered the same plan. 

As the policy has short tenure i.e. three and a half months, six and a half months, or nine and a half months, the renewal for many policyholders might be due soon. 

Earlier, there were no clear ideas on how these policies would process. However, any people with these policies have three options out of which they can choose any.

  • ​Working for the renewal of the same plan with the same insurance company.
  • Migrating the insurance to another company with the same sum or the insured sum could change.
  • Porting the insurance to comprehensive health insurance which will give a broader coverage against all ailments.
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    Guidelines for renewal

    Any policy can be renewed again for three and a half months, six and a half months, or nine and a half months before the expiry of the existing policy. The coverage will continue seamlessly on renewal. No waiting period of 15 days will be applied again on the insurance cover. Renewal of these policies is permitted maximum to 31st March 2021. While renewing the person also has the option to change the insured sum. Incase they increase their insurance amount, the new waiting period will only be effective on the increased amount. 
     
    The policy is available from 50,000 to 5 lakhs in multiples of 50,000. 
     

    Guidelines for Portability

    Portability of Corona Kavach policy is allowed from one insurer to others without the imposition of the waiting period. It is an indemnity based policy and thus could easily be migrated. 
     
    Corona Rakshak on the other hand is a benefit-based policy and migration is not possible. An existing corona Kavach policy can also be migrated to a comprehensive health insurance plan offered by the same insurer or some other insurer. 
     

    Guidelines for Migration

    If opted for Corona Kavach policy your insurer may allow migration to any other indemnity based policy. Any waiting period at the time of migration served in the existing Corona Kavach policy shall be protected. 
     
    IRDAI passed these guidelines allowing everyone to renew their policy. The best feature offered is the migration to a comprehensive cover. With slightly more premium, a person will be eligible for more comprehensive benefits and a broader coverage against all the diseases. Buy health insurance policy right now to have financial stability for difficult times. With a rising number of conditions, there is no better time to get security for yourself and your family.