Should You Migrate Corona Kavach to a Comprehensive Health Insurance?

IRDAI mandated the general insurance companies to offer short-term life insurance plans that would specifically cater to COVID 19. Referred to as Coronavirus insurance ‘Corona Kavach’, a health insurance policy protects the policyholder against the costs incurred for the treatment of co-morbid conditions and novel coronavirus. Corona Kavach is a short-term health insurance policy with a low premium and only 15 days waiting period. Since, this is a short-term policy of 3 ½, 6 ½, 9 ½ months including the waiting period, the renewal of the policy might be due for many policyholders. To facilitate the renewal process and improve the insurance penetration in India, IRDAI recently allowed the insurance providers to offer options for health insurance portability, renewal, migration of the policy. So, should you renew, port or migrate from your Corona Kavach policy to a comprehensive health insurance plan? Listed below are few insights about the new guidelines by IRDAI that will help you to decide regarding the portability from your Corona Kavach

Renewal

According to IRDAI guidelines, the policyholders can renew their Corona Kavach for the previously mentioned tenure i.e. 3 ½, 6 ½, 9 ½ months term. The corona kavach policy must be renewed before expiry subjected to underwriting by the insurer. There will be no additional waiting period imposed if the policy is renewed before expiry and the coverage should be continued seamlessly. However, if the policyholder wants to increase the coverage, that ranges from 50,0000 to 5 lakh, the waiting period shall be applicable on the increased sum.

Migration

The policyholder now has the option to migrate their individual corona kavach policy to any other indemnity-based health insurance offered by the insurer. In the case of group Corona Kavach policy, the policyholder will have the option to relocate to some indemnity-based individual health insurance policy when the member departs from the group policy or when the underlying group policy coverage ceases.

Portability

The health and general insurers can now allow the portability of Corona Kavach policy to other insurers and to any other comprehensive health insurance policy. The waiting period will be protected during portability and migration as well. According to the new norms, the waiting period will apply if the policyholder opts for adjustments and add-ons. Health insurance portability to any other comprehensive policy is allowed till the end of the policy period.

How Does This Help Policyholders?

The new guidelines allowing migration, porting and renewal provide numerous benefits to the policyholders. Those who could not buy a higher plan earlier can now enhance the sum insured. The migration and porting of the Corona Kavach policy allows the policyholder to seamlessly move to a comprehensive health insurance policy that provides overall protection along with COVID 19 coverage. This will benefit the policyholders to have maximum security in these difficult times. Since the times are getting intense, it is crucial to have a health insurance plan that covers unexpected and unwanted risks. The policyholder can choose to continue with the previous plan if they cannot afford it or can choose to upgrade the plan.

Over to You

With Bajaj Allianz policyholders get complete preparedness with Corona Kavach. A policyholder gets COVID hospitalization cover and coverage for home care treatment expenses.  It also includes coverage for treatment in ayush treatment and pre & post-hospitalization cover. Apart from Corona Kavach policy, Bajaj Allianz’s comprehensive health insurance provides comprehensive coverage for a wide range of hospital expenses and extensive care benefits for both you and your family.