| Mumbai |
October 14, 2020 3:09:56 am
With the Covid pandemic not displaying any signal of abating within the close to future, insurance coverage regulator Insurance coverage Regulatory and Improvement Authority of India (Irdai) has allowed renewal, migration and portability of Covid-specific customary well being merchandise — Corona Rakshak, Corona Kavach and Group Corona Kavach insurance policies.
Irdai mentioned Corona Kavach and Corona Rakshak insurance policies of any tenure can be allowed to be renewed for additional phrases of three-and-a-half months, six-and-a-half months or nine-and-a-half months, as per the choice exercised by policyholder. The renewal must be topic to the underwriting coverage of the insurer, it mentioned.
“Basic and well being insurers are permitted to permit portability of Corona Kavach (particular person) coverage from one insurer to a different. If an insurer is discovered poor in servicing their cu1stomers, they’ll change over to a different insurer,” mentioned an official.
Gurdeep Singh Batra, head-retail underwriting, Bajaj Allianz Basic Insurance coverage, mentioned, “The Covid-19 vaccine is but to return out and the aim of those insurance policies is to primarily cowl the remedy prices in opposition to quick well being dangers that individuals face because of the pandemic.” Near 30 lakh lives have been coated below Covid polices since their launch in July 2020. Nevertheless, renewals must be completed earlier than the expiry of the prevailing coverage contract. When coverage is renewed, an extra ready interval of 15 days shouldn’t be imposed and the protection must be continued seamlessly, Irdai mentioned in a round to insurance coverage companies.
Throughout renewal, sum insured must be allowed to be modified by the policyholder. “For any enhance within the sum insured, the ready interval ought to begin afresh just for the improved portion of the sum insured, the regulator has mentioned. “Corona Kavach and Corona Rakshak insurance policies are permitted to be renewed until March 31, 2021 complying with clause 5 of Tips on introduction of brief time period medical health insurance insurance policies offering protection for Covid-19 illness,” the regulator mentioned. In respect of Corona Kavach particular person insurance policies, insurers have the selection to supply migration to some other indemnity based mostly medical health insurance product provided by them as per the choice exercised by the policyholder.
Positive factors for the insured
When migration is allowed, the accrued good points of ready interval served within the current Corona Kavach coverage (particular person or group) must be protected in respect of protection for Covid-19, within the migrated coverage, mentioned Irdai.
For Corona Kavach Group insurance policies, insurers have the selection to supply migration to the members insured to some other particular person indemnity based mostly well being coverage on the level of exit of the member insured from the group coverage or the cessation of protection of the underlying group coverage, Irdai mentioned.
When migration is allowed, the accrued good points of ready interval served within the current Corona Kavach coverage (particular person or group) must be protected in respect of protection for Covid-19, within the migrated coverage, it mentioned. The accrued good points of ready interval served within the current Corona Kavach coverage must be protected in respect of protection of Covid-19, by the porting-in insurer.
When migration or portability from the Corona Kavach coverage is allowed by the insurers, such migration or portability to some other complete medical health insurance coverage must be allowed, until the top of coverage interval of the prevailing Corona Kavach coverage.
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