Are you satisfied with service of your health insurance company?Do you want to try another one without breaking of current policy conditions? Then its possible now.Insurance regulator (IRDA) have announced the portability of health insurance feature to be applicable for all general insurance companies offering health insurance.
Highlights Health Insurance portability:
1.If anyone have maintained previous health insurance policy without break then he can transfer the credit for pre-existing conditions and time bound exclusions when policy holder chooses to switch from one insurer to another insurer or from one plan to another plan of same insurer.Policy discontinues if premiun is not paid on renewal date or 30 days thereon.
2.To take benefits of portability,policy holder needs to apply at least 45 days before the premium renewal date of existing policy.
3.The policy holder needs to submit portability form along with proposal form and submit to insurance company.
4.How much time can new insurance company take decision on your proposal? Not more than 15 days.If insurance company do not communicate to policy holder within 15 days,the insurance company shall not have the right to reject such proposal.
5.Insurance portability will be available to individual as well family floater policies.
This feature will force health insurance companies to provide better service to policy holder as well to improve claim settlement ratios.Also,policy holders need not have to start from scratch with new policy either. when mobile operator portability was started,a number of peoples kicked off their operators and same thing can not be denied here also.
You are correct. In mature markets such options exist. And the users will face difficulties because of the non-standard mature of terms of each insurance policy. So we can see major developments happening here!
Significant developments are happening in the General Insurance sector in india. For instance IRDA mandated health insurance portability. This feature, enabling individuals with health insurance policies of non-life companies to switch companies, came into effect from 1 October 2011. IRDA expects this to result in better products and services for policy-holders. Just like is the case with Mobile Number Portability, a policy-holder can switch over to a new insurer if he is dissatisfied with the existing company, taking along his no-claim bonuses and track records. However, to be eligible for portability, he should have held the policy for a minimum of one year. Interesting to see how the market will span out in near future.
Hello,
My guess is policy holders will face some technical difficulties.Finally,I think similar kind of service is offered everywhere.