Personal Finance Blog India –

Highlights Of Health Insurance Portablity:

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.


Category: Insurance

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