The Insurance Regulatory and Development Authority of India (Irdai) has allowed renewability, portability and migration of standard Covid-specific products — Corona Kavach and Corona Rakshak. Market participants say this move will bring in more clarity and help policyholders get the specific coverage for the novel coronavirus.
Irdai in its circular said Corona Kavach and Corona Rakshak may be renewed for further terms of 3.5 months, 6.5 months, and 9.5 months as per the option exercised by the policyholder. Renewals may be done before the expiry of the existing policy contract. More importantly, where policy is renewed, additional waiting period of 15 days shall not be imposed and the coverage shall be continued seamlessly.