Irdai permits porting of Covid-specific insurance policies

BENGALURU: The insurance coverage regulator has now modified norms to allow the renewal, migration and portability of Covid-19 particular normal medical insurance insurance policies — Corona Kavach, Corona Rakshak and Group Corona Kavach — to regular well being insurance policies.
In a round issued on Tuesday, Irdai mentioned insurers have the selection to permit renewal, migration and portability of the Corona insurance policies, which at present may be purchased for 3 and half months, six and half months and 9 and half months.
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Within the case of Corona Kavach particular person insurance policies, insurers can enable migration to different medical insurance insurance policies — however for group covers insurers migration (to particular person coverage) can occur when a member exits the group cowl or the coverage ceases.
That is to make sure steady insurance coverage protection with no ready interval of 15 days, mentioned Irdai. If the policyholder needs to extend the sum insured on the time of the renewal, there will probably be ready interval of 15 days for the “elevated sum insured” and never for the entire coverage.

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