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The insurance regulator has allowed insurers to renew Corona Rakshak and Corona Kavach policies till March 31 next year. Since June, insurance companies are offering specific short term health insurance policies for tenure of 3.5, 6.5 or 9.5 months.

Corona Rakshak is a fixed benefit policy which gives lumpsum benefit of 100% of the sum insured if the policyholder tests positive for Covid-19 and requires hospitalisation. Corona Kavach is an indemnity-based health insurance cover and covers hospitalisation, pre-post hospitalisation, home care treatment expenses and AYUSH treatment in case the policyholder tests positive for Covid-19. All hospitalisation expenses associated with PPE kits, oxygen, ventilators, and consultation fees are covered under Corona Kavach. The plan is available on a family floater basis for individuals with a minimum entry age of 18 years and maximum of 65 years.

The Insurance Regulatory and Development Authority of India (Irdai) in a circular has said that the renewal of the policies will be done as per the option exercised by the policyholder. The renewals will be done before the expiry of the existing policy contract. Also, the additional waiting period of 15 days will not be imposed and the coverage will be continued seamlessly by the insurer.

At the time of renewal, the policyholder can change the sum insured and for any increase in the sum insured, the waiting period will start afresh only for the enhanced portion of the sum insured. The minimum sum insured is Rs 50,000 and the maximum is Rs 5 lakh.

Portability & migration
The regulator has said that for Corona Kavach individual policies, insurers can offer migration to any other indemnity based health insurance product offered by them as per the option exercised by the policyholder. In case of Corona Kavach Group policies, insurers can provide migration to the members insured to any other individual indemnity based health policy at the point of exit of the member insured from the group policy or the end of coverage of the underlying group policy.

Irdai has also allowed portability of Corona Kavach (individual) policy from one insurer to another. The accrued gains of waiting period served in the existing Corona Kavach policy will be protected in respect of coverage of Covid-19, by the porting-in insurer.

Where migration or portability from the Corona Kavach policy (group or individual) is opted for, migration or portability to any other comprehensive health insurance policy would be allowed till the end of policy period of the existing Corona Kavach policy.