Corona Kavach Policy: Should you Port it or Renew it
The pandemic isn’t over yet! With the world anticipating the third wave of COVID-19, it has become essential to buy Corona Kavach Policy. What is a Corona Kavach Policy and which Corona Kavach Policy is best?
If these are the questions coming to your mind, then here is the answer. As the name suggests, corona kavach policy is a policy formulated specially to cover the medical expenses, and hospitalization related to COVID-19. The Insurance Regulatory and Development Authority of India (IRDAI) has guided the insurance companies to bring forth a Corona Kavach Policy Premium Chart to help people buy a range as per the budget.
Recently, the IRDAI has permitted the insurance companies to provide the insurers with the facility to port, renew, and migrate the Corona Kavach Policy. It is important to note, that the sum insured in a Corona Kavach Policy may range from Rs. 50,000 to 5 lakhs. Therefore, generally, people prefer upgrading their existing plan by porting or renewing it with a higher sum insured and policy tenure.
Those who have bought a Corona Kavach Policy might now get confused on whether to port or renew it. Before we help you take a call for yourself on this question, we will first help you understand a little more about Corona Kavach Policy. Read on to learn how to buy Corona Kavach Policy online, how to port health insurance policy like Corona Kavach, how to renew health insurance online, and so on.
How to Buy Corona Kavach Policy Online?
Here is a detailed explanation of how to first buy a health insurance plan like Corona Kavach Policy Online?
- Go to the official website of the insurance company.
- Learn about the Corona Kavach Policy and its terms and conditions.
- Provide your information to buy the Corona Kavach Policy Online.
- Based on the Corona Kavach Policy Premium Chart, you will be shown the different options for Corona Kavach Policy Premium and coverage.
- Pick the most suitable plan with an affordable Corona Kavach Policy Premium.
- Pay premium online either through net banking, credit card, or debit card.
How to Port Health Insurance Policy like Corona Kavach?
When it comes to port health insurance policy, different insurance companies have their own set of terms and conditions.
Here, we are now talking about how to port health insurance policy like the popular Corona Kavach Policy? Let’s see what is important to know when you consider to port health insurance policies like Corona Kavach Policy:
- The IRDAI has permitted the insurance companies to port the Corona Kavach Policy from one insurance company to the other.
- During the policy migration or porting, the waiting period chosen earlier will stay intact. The waiting period may get affected only if the policyholder chooses to make some changes. These changes will be done only on the new clauses.
- Corona Kavach Policy can be ported due to a change in the health insurance plan.
How to Renew Health Insurance Online?
If not porting your policy, we assume you may choose to health insurance renewal. Let us now understand the key things to note when you choose to renew health insurance online:
- The existing policy can be renewed for the same tenures mentioned earlier.
- The policy can’t be renewed beyond the expiration date and after that, the policyholder may need to buy a new policy.
- The Corona Kavach Policy can be renewed only after the approval of the underwriting of the plan offered by the insurer.
- If the policyholder wants to increase the coverage, then only the increased sum will get a new waiting period, whereas the previous coverage will not get affected by the new waiting period.
How to Migrate Corona Health Insurance Policy?
Besides, porting and renewing, you as a policyholder have a choice to opt for migration to some other health insurance policy.
Let us see how to migrate the Corona Kavach Policy:
- The insurance company has the choice to provide migration to the policyholder to some other health insurance product.
- The migration of policy can be done at the time when the insured person leaves the group policy or the coverage is ceased.
With the new guidelines given by the IRDAI, the policyholders can enjoy multiple benefits while enhancing their security plans. They can choose to purchase the policy with a higher sum insured, taking into consideration the higher treatment costs of COVID-19. This will give them peace of mind for better coverage in case of COVID-19 infection.
Needless to say, the new guidelines have given the flexibility to the consumers to port from a Corona Kavach Policy to another comprehensive health insurance plan within the waiting period of the policy. As per their requirement, they can easily port or renew their existing Corona Kavach Policy. The aim should be to improve the insurance, no matter whether it happens with porting or renewing the policy.