The much awaited "Health Insurance Portability" is all set for launch from July 1, 2011. Now, health Insurance customers can switch to Health Insurance provider without losing on no claim benefits and waiting Period exclusion. Earlier, portability was possible only in Motor Insurance policy. This is a positive move for customers who has the option to choose services from desired service provider enabling offering best of services and price.
IRDA will now make compulsory to mention that all health insurance policies are portable in all their policy document/ prospectus/ offer document. I just want to share one instance that Relaince healthwise policy from Reliance General Insurance has raised the premium 3-5 times in 2010 as compared to 2009. Now whosoever had that policy running for last few years either had to pay the revised unjustified premium or switch to a new provider. However, if someone opted for Health cover from new Insurance provider, then he would not have got No claim bonus benefit. Also, there would be policy exclusions of Pre existing illness for few years.
Now, Health Insurance policy holders are bound to get fair treatment from insurers and this would also make Health Insurance Market more competitive. More details on the same will follow on future posts.
