Want to migrate your existing coronavirus policy to a different insurer? The IRDAI has officially announced that policy holders can renew, migrate and even port their existing Covid-19 health insurance policy.

Currently the three popular variants of Coronavirus health insurance includes Corona Kavach, Corona Rakshak and Group Corona Kavach Policy.

The IRDAI asked insurers to give policyholders the choice to renew, migrate and allow porting of the above policies.

Accordingly, the three new rules that policyholders should be aware of are:

1. Renewal of policies allowed for three and half months, six and half months or nine and half months as per policyholder’s choice.

2. Porting or migration or continuation will not have any waiting period. Existing waiting period is 15 days for such policies. Waiting period will be applicable only if policyholder alters the sum insured during time of renewal. Applicable onlly for increase in sum insured and not the whole policy. The IRDAI has also allowed portability of Corona Kavach policies from one insurer to another with protection to waiting periods.

3. For Corona Kavach individual policies, insurers can allow migration to other health insurance policies.

4. For group cover policies, insurer can migrate to other service provider when an existing member quits the group or police ceases.

5. While migrating, the waiting period will be protected for the insureds under individual and group policies.

The migration/portability of individual/group Corona Kavach policies to other comprehensive health insurance policies are allowed till the end of the Corona Kavach policy.

Corona Kavach and Corona Rakshak policies can be renewed till March 31, 2021.

The insurance regulator’s move is expected to increase the sale of other health insurance policies.
 

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We are living in an era when buying a health insurance plan has become imperative. With COVID-19, healthcare expenses have skyrocketed, emphasising the need for a health insurance policy. Even routine medical check-ups can burn a hole in your pocket. In this situation, health insurance acts as an umbrella for financial security.  

Investing in a good health insurance plan helps us to save our finances and get the best quality of health care services anytime. It not only saves money but also reduces expenses towards doctor consultation fees, costs for medical tests, hospitalisation, etc. But with the availability of various types of health insurance plans right from individual health policy, family floater to senior citizen policy, selecting the right plan can be quite confusing. Therefore, to help you understand better, here is a quick rundown of the different kind of health insurance plans with their benefits:  

Individual Health Insurance: It is the most basic and standard health insurance plan in India, which is customised for a young individual to safeguard him or her from illness, hospitalisation, child delivery expense and other health-related issues. One can also customise the policy to cover their dependents, such as parents, spouse and kids. Currently, individual health policies are in great demand owing to their medical and tax benefits. People who fall in the age bracket of 18-70 years can avail of this insurance.  One of the benefits of buying an individual policy is that it offers the individual sum insured limit for each covered member. 

Family Floater Health Insurance Plan: Families are often stressed due to their financial responsibilities with unanticipated health expenditures. In such situations, having a family floater health insurance policy can be a smart option from a financial and health point of view. All family members

A rare regime-change in economic policy is under way that’s edging central bankers out of the pivotal role they have played for decades.

Fiscal policy, which fell out of fashion as an engine of economic growth during the inflationary 1970s, has been front-and-center in the fight against Covid-19. Governments have subsidized wages, mailed checks to households and guaranteed loans for business. They’ve run up record budget deficits on the way — an approach that economists have gradually come to support, ever since the last big crash in 2008 ushered in a decade of tepid growth.

And the public spending that put a floor under the pandemic slump is increasingly seen as vital for a sustained recovery too. When it looks like drying up, as it did in the U.S. last week, investors start to worry.

Digging Deeper

Short of room to cut interest rates, developed economies have relied more heavily on fiscal stimulus in the current recession.

How long to keep the taps open will be a key theme at this week’s International Monetary Fund meetings — and the biggest challenge for politicians in charge of national budgets, once they emerge from crisis-fighting mode. Right now their own inhibitions about debt look like the main obstacle, as traditional barriers melt away.

Financial markets, where bond vigilantes were once reckoned to exert a powerful check on deficit-spending governments, are ready to lend them money at very low interest rates. The short-run concern for investors is that politicians will stall the recovery by spending too little. JPMorgan predicts that this year’s big fiscal boost to the global economy may turn into a 2.4 percentage-point drag on growth in 2021, as virus relief programs expire.

The same worry weighs on monetary authorities, whose autonomy from the rest of government was designed so they

(Bloomberg) — China will maintain “normal” monetary policy for as long as possible, according to the People’s Bank of China Governor Yi Gang.

Policy makers plan to encourage a “reasonable” increase in household savings and incomes, Yi wrote in an article published Saturday in the central bank’s biweekly magazine China Finance. The country will also make sure its liquidity stays somewhat ample, and will facilitate reasonable growth of money supply and social financing, while avoiding excess liquidity flooding the economy in order to reduce fluctuations, he said.



Yi Gang wearing a suit and tie: People's Bank of China Governor Yi Gang Exclusive Interview


© Bloomberg
People’s Bank of China Governor Yi Gang Exclusive Interview

Yi Gang

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Photographer: Qilai Shen/Bloomberg

Most of the world’s major economies have rolled out fiscal and monetary measures to counter the effects of the coronavirus pandemic. Yi cautioned that excessive stimulus could lead to debt expansion and create asset bubbles that will increase longer-term systemic risks.

The governor also said financial institutions and their shareholders, local governments and regulators should take prime responsibility in dealing with risks. When unexpected events occur, shareholders at the respective financial institutions should assume the losses, and insolvent institutions should exit the market according to law, he said.

The central bank said last month it will make monetary policy more precise and targeted after the quarterly policy meeting. The PBOC called on lenders to make full use of structured monetary tools to increase the “directness” of its policies, and vowed to achieve a long-term balance between stabilizing growth and preventing risks.

The governor’s deputy, Chen Yulu, wrote in a separate article in the magazine that the bank will prevent inflation, debt expansion and asset bubbles from forming as a result of excessive liquidity. Such funds are meant to support economic growth.

Chen also wrote that China should increase financial support to the new-energy sector, including

Yi Gang

Photographer: Qilai Shen/Bloomberg

China will maintain “normal” monetary policy for as long as possible, according to the People’s Bank of China Governor Yi Gang.

Policy makers plan to encourage a “reasonable” increase in household savings and incomes, Yi wrote in an article published Saturday in the central bank’s biweekly magazine China Finance. The country will also make sure its liquidity stays somewhat ample, and will facilitate reasonable growth of money supply and social financing, while avoiding excess liquidity flooding the economy in order to reduce fluctuations, he said.

Most of the world’s major economies have rolled out fiscal and monetary measures to counter the effects of the coronavirus pandemic. Yi cautioned that excessive stimulus could lead to debt expansion and create asset bubbles that will increase longer-term systemic risks.

The governor also said financial institutions and their shareholders, local governments and regulators should take prime responsibility in dealing with financial risks. Once major risk events occur, shareholders at the respective financial institutions should assume the losses, and insolvent institutions should exit the market according to law, he said.

The central bank said last month it will make monetary policy more precise and targeted after the quarterly policy meeting. The PBOC called on banks to make full use of structured monetary tools to increase the “directness” of its policies and vowed to achieve a long-term balance between stabilizing growth and preventing risks.

— With assistance by Sharon Chen, and Jing Li

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