Irdai allows Covid renewal, migration and portability

The regulator’s move could prompt policyholders to switch to more comprehensive health covers, said Amit Chhabra, health business head at Policybazaar.The regulator’s move could prompt policyholders to switch to more comprehensive health covers, said Amit Chhabra, health business head at Policybazaar.

Synopsis
The move comes as high treatment costs and low insurance coverage in India result in financial distress for thousands of Indians hospitalised because of the virus.

Mumbai: The Insurance Regulatory and Development Authority of India (Irdai) has allowed insurers to offer policyholders the choice to renew, migrate and port coronavirus-specific health covers that were introduced in June.These standard health products — Corona Rakshak and Corona Kavach — have tenures of 3.5 months, 6.5 months or 9.5 months.“…policies of any tenure may be renewed for further terms… The renewal shall be subject to the

ET Bureau

2 mins read, Last Updated:

Oct 14, 2020, 08:25 AM IST

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