The Insurance Regulatory and Development Authority of India on 13-10-2020 has published Norms on Renewability, Portability and Migration of Standard COVID Specific products. Insurers are allowed renewal, migration and portability, as may be applicable, for these COVID specific standard health products i.e, “Corona Rakshak Policy”, “Corona Kavach Policy” and “Group Corona Kavach policy”.
‘Corona Kavach’ and ‘Corona Rakshak’ policies of any tenure may be renewed for further terms of three and half months (3 ½ months), six and half months (6 ½ months) or nine and half months (9 ½ months) as per the option exercised by the policyholder. The renewal shall be subject to the underwriting policy of the insurer.
Where migration is allowed, the accrued gains of waiting period served in the existing Corona Kavach policy (Individual/Group) shall be protected in respect of coverage for Covid-19, in the migrated policy. Where portability is allowed, the accrued gains of waiting period served in the existing Corona Kavach policy shall be protected in respect of coverage of Covid-19, by the porting-in insurer.
