Want to migrate your existing coronavirus policy to a different insurer? The IRDAI has officially announced that policy holders can renew, migrate and even port their existing Covid-19 health insurance policy.
Currently the three popular variants of Coronavirus health insurance includes Corona Kavach, Corona Rakshak and Group Corona Kavach Policy.
The IRDAI asked insurers to give policyholders the choice to renew, migrate and allow porting of the above policies.
Accordingly, the three new rules that policyholders should be aware of are:
1. Renewal of policies allowed for three and half months, six and half months or nine and half months as per policyholder's choice.
2. Porting or migration or continuation will not have any waiting period. Existing waiting period is 15 days for such policies. Waiting period will be applicable only if policyholder alters the sum insured during time of renewal. Applicable onlly for increase in sum insured and not the whole policy. The IRDAI has also allowed portability of Corona Kavach policies from one insurer to another with protection to waiting periods.
3. For Corona Kavach individual policies, insurers can allow migration to other health insurance policies.
4. For group cover policies, insurer can migrate to other service provider when an existing member quits the group or police ceases.
5. While migrating, the waiting period will be protected for the insureds 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.
Corona Kavach and Corona Rakshak policies can be renewed till March 31, 2021.
The insurance regulator's move is expected to increase the sale of other health insurance policies.