Insurance portability can be tricky for you

Most customers don’t understand this concept and are unable to benefit from it, says Mahavir Chopra. Rediff.com The Insurance Regulatory and Development Authority of India introduced health insurance portability guidelines in 2011 to enable customers to shift seamlessly between insurance companies. Though it is more than more than five years since the guidelines were introduced, most customers still do not understand this concept and hence are unable to benefit from it. What is portability? Before health insurance portability was introduced, a customer was tied to the existing insurer and his plan despite being dissatisfied with its product or services. Switching to another insurer, or to another plan with the same insurer, resulted in loss of no-claim benefits accumulated in the earlier years. It also required the customer to serve all the waiting periods all over again. Such hurdles made it extremely difficult for customers to move from one insurer to another. By allowing health insurance portability, Irdai has empowered customers to shift to another health insurer freely, without any loss of benefits. Should you port? All health insurance policies are portable: You can port from one plan to another with the same insurer; and you can also port individual and… Read full this story

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