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Health insurance: Now renew Corona Kavach & Rakshak policies

Corona Rakshak is a set profit coverage which supplies lumpsum good thing about 100% of the sum insured if the policyholder checks constructive for Covid-19 and requires hospitalisation.

The insurance coverage regulator has allowed insurers to renew Corona Rakshak and Corona Kavach policies until March 31 subsequent yr. Since June, insurance coverage corporations are providing particular quick time period medical insurance policies for tenure of three.5, 6.5 or 9.5 months.

Corona Rakshak is a set profit coverage which supplies lumpsum good thing about 100% of the sum insured if the policyholder checks constructive for Covid-19 and requires hospitalisation. Corona Kavach is an indemnity-based medical insurance cowl and covers hospitalisation, pre-post hospitalisation, residence care therapy bills and AYUSH therapy in case the policyholder checks constructive for Covid-19. All hospitalisation bills related to PPE kits, oxygen, ventilators, and session charges are lined underneath Corona Kavach. The plan is obtainable on a household floater foundation for people with a minimal entry age of 18 years and most of 65 years.

The Insurance Regulatory and Development Authority of India (Irdai) in a round has mentioned that the renewal of the policies shall be performed as per the choice exercised by the policyholder. The renewals shall be performed earlier than the expiry of the present coverage contract. Also, the extra ready interval of 15 days won’t be imposed and the protection shall be continued seamlessly by the insurer.

At the time of renewal, the policyholder can change the sum insured and for any enhance within the sum insured, the ready interval will begin afresh just for the improved portion of the sum insured. The minimal sum insured is Rs 50,000 and the utmost is Rs 5 lakh.

Portability & migration
The regulator has mentioned that for Corona Kavach particular person policies, insurers can supply migration to every other indemnity primarily based medical insurance product provided by them as per the choice exercised by the policyholder. In case of Corona Kavach Group policies, insurers can present migration to the members insured to every other particular person indemnity primarily based well being coverage on the level of exit of the member insured from the group coverage or the tip of protection of the underlying group coverage.

Irdai has additionally allowed portability of Corona Kavach (particular person) coverage from one insurer to a different. The accrued positive aspects of ready interval served within the present Corona Kavach coverage shall be protected in respect of protection of Covid-19, by the porting-in insurer.

Where migration or portability from the Corona Kavach coverage (group or particular person) is opted for, migration or portability to every other complete medical insurance coverage could be allowed until the tip of coverage interval of the present Corona Kavach coverage.

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