Are you getting proper professional service from your health insurance provider? Is the service provided to you upto the mark? Are you happy with services provided? If your answer to all these above questions is a big “NO” then its time for you to break free from the clutches of your health insurer as the Insurance Regulatory and Development Authority (IRDA) has introduced health insurance portability (applicable from July 2011 onwards).

 

According to the IRDA rules you can now change or switch the health insurer and also carry the benefits of the previous health insurance policy. For instance, if you have a health insurance policy which is two years old and are completely annoyed of the services of your health insurer then you can switch to a new health insurer of your choice.

 

An important point to be noted here is that the period two years of your previous policy will be taken into consideration for availing any kind of benefit, say for instance the period for pre-existing diseases to be covered is four years, so in this case it will be two years with the new insurer (considering the continuous previous policy period of two years).

 

Moreover, if the policy results into discontinuance because of any delay by the new insurer in accepting the proposal, IRDA has said that the insurer concerned should not treat the policy as discontinuance and allow portability.

 

The regulator has also asked all insurance companies to share the database, including the claim details of the policies, where the policyholders had opted for portability with their counterparts, if requested by the counterpart within seven working days of such request. The regulator asked insurers to acknowledge applications within three working days.

 

We believe that health insurance portability is a dream come true for the policyholders as they can now switch their insurers at their own will and retain the benefits of their previous policy. This directive of the IRDA will also infuse competitiveness amongst the insurers and this in turn will result in better service for the policyholders.

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Comments
surjyakamal@rediffmail.com Aug 03, 2011 this is really good  news to investors. but if all insurance plans portability comes then it will be revolutionary .on the other side irda should allow distributor to sell all insurance company policy with one license. then a client get many option to take good policy.
hemanthss@gmai.com Feb 17, 2011 This is a very good move indeed. Will they transfer accumulated no-claim bonus? I have paid premium of more than Rs.100,000/- without a single claim so far.
maryjo@ststephens.co.nz Jan 19, 2012 An answer from an expert! Thanks for contributing.
jatingandhilic@hotmail.com Jul 17, 2012 Portability is very cumbersome. You need to get Renewal notice from old insurer, you also need No claim bonus certificate from old Insurer or TPA and submit to the new insurer 15 days in Advance. In many cases Renewal notices are not given to client. agents/co. will not part with renewal notices as they fear loss of buiness. IRDA should think about problems first & then give solution.

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