COVID-19 brings with itself an ever-looming fear and possibilityof catching the corona virus and thus the possibility of expenses.
The insurance companies operating in the country haverealized the scenario staring in the face of every Indian and have come up withtwo insurance policies handling corona virus related hospitalization.
Corona Rakshak is for an individual and offers up to Rs 2.5lakh compensation while Corona Kavach is for multiple people say family membersand the financial protection goes up to 5 lakh.
Now, the Insurance Regulatory Authority of India (IRDAI) hasallowed 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 insuranceregulator said.
An insured entity would want to change their provider ifthey are unsatisfied with their current provider. Thus, this facility ought toincentivize better customer service among all the insurance companies providingthe COVID-specific insurance.
Amit Chhabra, Head of Health Insurance at Policybazaar, ameta-search engine and guidance for insurance in India, claims that there wereindividuals who were not able to avail higher assured sums, but this newinitiative will allow them to go for a higher cover, if they believe theyrequire a more comprehensive protection.
Amit Chahabra says, "By allowing customers the optionto migrate or port from a Corona Kavach policy to any other comprehensivehealth insurance cover, till the end of the policy period of the existing Covidpolicy, it further helps policyholders to seamlessly move into a cover thatprovides overall protection along with Covid."