COVID-19 brings with itself an ever-looming fear and possibility of catching the corona virus and thus the possibility of expenses.
The insurance companies operating in the country have realized the scenario staring in the face of every Indian and have come up with two insurance policies handling corona virus related hospitalization.
Corona Rakshak is for an individual and offers up to Rs 2.5 lakh compensation while Corona Kavach is for multiple people say family members and the financial protection goes up to 5 lakh.
Now, the Insurance Regulatory Authority of India (IRDAI) has allowed for renewal and portability of these policies.
These policies can be renewed for a period of 3.5 months, 6.5 months and 9.5 months till a maximum of March 31, 2021, the insurance regulator said.
An insured entity would want to change their provider if they are unsatisfied with their current provider. Thus, this facility ought to incentivize better customer service among all the insurance companies providing the COVID-specific insurance.
Amit Chhabra, Head of Health Insurance at Policybazaar, a meta-search engine and guidance for insurance in India, claims that there were individuals who were not able to avail higher assured sums, but this new initiative will allow them to go for a higher cover, if they believe they require a more comprehensive protection.
Amit Chahabra says, "By allowing customers the option to migrate or port from a Corona Kavach policy to any other comprehensive health insurance cover, till the end of the policy period of the existing Covid policy, it further helps policyholders to seamlessly move into a cover that provides overall protection along with Covid."