Insurance Regulatory and Development Authority of India has allowed everyone to now renew their Corona Kavach or Corona Rashak policies until March 31st next year. These policies have been effective since June with a short term of 3.5 months, 6.5 months or 9.5 months.
Corona rakshak policy is a benefit based policy which gives lump sum benefit of 100% of the person is diagnosed with COVID-19 virus and requires hospitalisation. Corona Kavach policy on the other hand is an indemnity based health insurance which covers hospitalisation, pre-post medical needs, home care treatment, AYUSH treatment in case the policyholder is tested with COVID-19. All hospitalisation expense from PPE kits, oxygen cylinder, ventilators and consultation fee is covered under the corona kavach policy. The minimum entry age is 18 years, with a maximum age of 65 years.
Renewal
IRDAI passed guidelines saying that any of these policies can be renewed for another period of 3 and a half months, 6 and a half months or nine and a half months based on the choice by the policyholder. The renewal, however, must be done before the expiration of the previous policy. Also, the policyholder is allowed to change the sum insured. Any additional waiting period will only be levied on the added amount in the policy.
Portability
Policyholders of Corona Kavach policy are allowed to port their insurance cover from one company to other. The waiting period will also be protected while switching the companies. However, there is no clear mandate around portability for Corona Rakshak policy. Being a benefit based policy, it might not be portable.
Migration
Those holding Corona Kavach policy also have the option to migrate to other indemnity based policy offered by their insurance company. Out of all these changes, this is the most significant change as now the person has the option to switch to a more comprehensive plan from a Corona Kavach health insurance. A comprehensive plan will give broader coverage to the family, including the COVID-19 treatment as well.
Also, with comprehensive plans, the possibility of getting different add-ons for heart ailments, cancer, kidney-related issues opens up. The consumers have the option to enhance the sum insured. It will allow more people to get a better cover, thus getting overall protection against any health issues.
IRDAI clearly said that the renewal must be done before the expiry date of the previous policy. Also, the additional waiting period of 15 days won't be imposed and coverage will continue seamlessly. At the time of renewal, a policyholder may in case the sum insured. The waiting period will only apply to the enhanced amount. The minimum sum insured is Rs 50,000 with a maximum limit of 5 lakh.
Compare different health insurance plans and get the best one for you. There can't be a better opportunity to switch your policy with continuous benefit. COVID-19 is nowhere near its end and still here are a lot of cases and deaths we are witnessing daily. Thus, one must consider renewing their policy right now before the previous one expires.
