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