Irdai allows renewal, migration and portability of Covid-specific products

Renewal subject to insurer's underwriting policy, must be done before expiry of existing policy contract

With no enf in sight to the rise in number of covid cases, the insurance regulator has modified its earlier guidelines for corona-specific products and allowed renewal, migration as well as portability of such products.

Initially, the regulator had said, lifelong renewability, migration and portability are not applicable to such products.

However, it has now tweaked the guidelines and has allowed ‘Corona Kavach’ and ‘Corona Rakshak’ policies of any tenure to be renewed for further terms of three-and-a-half months, six-and-a-half months or nine-and-a-half months as per the option exercised by the policyholder. However, the renewal shall be subject to the