Should You Migrate Corona Kavach to a Comprehensive Health Insurance?

Overview

Corona Kavach, also referred to as coronavirus insurance, is a health insurance policy that protects policyholders against the cost incurred for the treatment of coronavirus and co-morbid conditions. It is a short-term policy that comes in three variants of 3.5, 6.5 and 9.5 months, including the waiting period of 15 days, and along with that, the sum insured (SI) ranges from Rs. 50,000 to Rs. 5 lakh.

The Insurance Regulatory and Development Authority of India (IRDAI) had mandated all the general insurance companies to offer these short-term life insurance plans to cater to maximum people. Soon after that, it also provided options to renew, migrate and port the existing Corona Kavach policy to improve the insurance penetration in India.

Let's understand each option and explore which one offers the best benefits and advantages for you as a policyholder.

Renewal

As per the IRDAI guidelines, you can renew your Corona Kavach plan for the tenure of 3.5, 6.5 and 9.5 months. But you must renew the policy before it expires; if you fail to do so, you won't be able to renew the policy and would need to take a new one.

It should also be noted that there will be no additional waiting time frame or waiting period if you renew your policy. But if you increase the sum insured, the waiting period shall only apply to that increased sum.

Thus, consider the above aspects if you are planning for renewal.

Migration

By using the option of migration, you can migrate from Corona Kavach to other indemnity-based health and general insurance products or plans offered by the insurer. Even if you have a group Corona Kavach policy, you still have an option to migrate to an individual indemnity-based health insurance policy.

Just like the renewal option, you must migrate before your existing policy expires. You do not need to bear any additional waiting period if you don't opt for the add-ons and additional sum insured.

Porting

Using this option, you can port your Corona Kavach policy to any other comprehensive health insurance policy.

Porting your policy will also have similar conditions like the above two options, i.e. you need to port before the end of the policy period. And there's no additional waiting period if you don't go for add-ons and adjustments like an increase in sum insured.

How Does this Help Policyholders?

As a policyholder, you have an excellent opportunity to take advantage of IRDAI's options and make the best decision that will help you during difficult times. It will also save you a significant amount of money on hospitalisation bills or treatment for Covid-19 or other co-morbid conditions.

It has also given you the opportunity to increase the sum insured, previously ranging from Rs. 50,000 to Rs. 5 lakh, which might be less as the cost of treatments and hospitalisations is too high. Additionally, you can also use the porting option to switch to a comprehensive health insurance plan that covers Covid-19 treatment and provides overall coverage and protection from other severe conditions like accidents, cancer, etc.

Therefore, it would be best to consider taking up the complete protection that covers unexpected and unwanted risks.

Summary

As per the IRDAI guidelines, you have three options if you are a Corona Kavach policyholder:

• Renew Corona Kavach Policy
• Migrate Corona Kavach Policy
• Port Corona Kavach Policy

Along with that, there are a few things to consider, such as:

• Whichever option you choose, you must complete it before your Corona Kavach policy expires.
• There is no additional waiting period if you don't opt for add-ons and adjustments like the increased sum insured.
• If you opt for some add-ons or adjustments like increasing the sum insured, then only the add-ons or increased sum insured will have a waiting period and not the entire sum insured.

You must make an informed decision based on your needs and requirements, as it will have a significant impact on your life.

Conclusion

IRDAI and health insurance companies are putting a lot of emphasis on health and general insurance plans to increase the penetration rate of individuals taking up these plans. Due to the rapid mutations of Covid-19, stressed healthcare system and costly medications, you have a much bigger responsibility in the entire situation.

It is upon you to take up the overall protection plans and ensure that your hard-earned money doesn't end up on hospitalisation bills. Hence, it would be best to cover yourself with appropriate health insurance plans such as Corona Kavach health insurance. You might also want to consider the Corona Kavach family floater plan for your family's healthcare.

Niva Bupa Health Insurance is here to provide you with the best plans as per your requirements and needs, as the company firmly believes in making insurance hassle-free for its customers.

Our plans include features like:

• No Room Rent Cap
• Digital First Policy
• Pre- & Post-Hospitalisation
• Alternative Treatments
• Hospitalisation Expenses
• Home Care Treatment Expenses

And much more.

So, what are you waiting for? Please call us or visit our website to choose the best plan that fulfils your requirements.

• Customer Helpline - 1860-500-8888
• Sales Enquiry - 1800-309-3333

FAQs

1. Can I port my Corona Kavach policy to a comprehensive health insurance policy?

Yes, you can port the Corona Kavach policy to a comprehensive health insurance policy prior to its expiry date. This enables wider cover, such as Covid-19 and other life-threatening illnesses.

2. How is the Corona Kavach policy renewal different from migrating the Corona Kavach policy?

Renewing retains your current coverage with the same insurer, while migrating allows you to switch to a standard indemnity-based health policy from the same insurer, offering broader protection.

3. Do I have a waiting period if I port the Corona Kavach policy?

There is no waiting period unless you add more benefits or enhance your sum insured. In both these situations, the waiting period only comes into force for the new additions.

4. Why do I need to port Corona Kavach to a full health insurance policy?

Corona Kavach is temporary and has limited benefits. Porting or switching to a full plan provides long-term coverage against a broad list of diseases and medical emergencies.

5. Is it possible to port a group Corona Kavach policy to an individual health insurance policy?

Yes, IRDAI norms permit you to port a group Corona Kavach policy to a personal indemnity-based plan, availing yourself of the benefits of coverage without a new waiting period (subject to modification, if any).