All you need to know about renewing, porting & migrating your Corona Kavach policy

1. All you need to know about renewing, porting & migrating your Corona Kavach policy. To help the masses stay protected against the novel coronavirus, the IRDAI introduced two COVID-19 specific health insurance plans, the Corona Kavach Policy and the Corona Rakshak policy. These are both standardized health insurance plans that offer affordable coverage against COVID-19 medical expenses. Since their introduction in July, these plans have found many takers. In fact, the sales figures for the Corona Kavach policy have grown 10-fold, going from 15 lakh to 1.1 crore policies sold in just a single month! Taking note of this rising demand, the IRDAI has allowed policyholders to renew, migrate and port their COVID-specific standard health products. What does this mean for you? Well, read on to find out! Renewal: Both the Corona Kavach and the Corona Rakshak policies can now be renewed for further terms of 3.5, 6.5 or 9.5 months. Upon renewal, policyholders also have the option to increase the sum insured of their plan. Do note, renewal should be done before the expiry of the current plan and there will be a fresh waiting period on the increased sum insured. Lastly, the Corona Kavach & Corona Rakshak plans are only permitted to be renewed up till the 31st of March, 2021. Migration: Policyholder can now migrate their Corona Kavach policy to any other indemnity based health insurance product offered by their insurance provider. This same also applies to those covered under Corona Kavach Group policies. The covered members may migrate to any other individual indemnity based health insurance plan after they exit from their current plan or upon cessation of the underlying group policy. The best part is that, the accrued waiting period credits earned with their existing Corona Kavach policy will be carried forward to the migrated policy. However, this is only with respect to COVID-19 coverage. Many of the Corona Kavach policyholders are first time insurance buyers. They purchased the policy to protect themselves from the possible expenses of COVID-19. However, their experience with the Corona Kavach policy will help them realize the importance of health insurance during medical emergencies. And the option to migrate their plan is the easiest way to turn a COVID-19 health insurance customer into a comprehensive health insurance customer. If you look at the bigger picture, allowing migration of COVID-19 specific plans can help increase insurance coverage in the country and help build a healthier India. Portability: Policyholders are permitted to port their Corona Kavach policy from one insurance company to another. Any accrued waiting period credits earned with the existing Corona Kavach policy will be transferred to the new insurance provider. Note that porting should be done before the end of policy period of the existing Corona Kavach policy. This allows policyholders to move to another insurance company if they find a better deal or if they are not satisfied with the current insurance provider.

2. So there you have it, everything you need to know about renewing, migrating and porting your Corona Kavach policy. We hope this article has been helpful, good luck and take care. Remember to stay safe and stay healthy!