In this article I will be writing about the new option provided for the health insurance policy holders. It is good news that IRDA has come up with rules favor of the policy holders. Please subscribe to our future articles here.
Switching health insurer without losing benefits
You can not switch to the another health insurer without losing the existing benefits, that is the current situation in the health insurance industry. Consumers may get the freedom to change their health insurance provider
by next April, according to new guidelines being prepared by industry.
“We are working on the norms for portability,” said M Ramadoss, CMD of New India Assurance, the country’s largest general insurer. He is party to the discussions and said the final draft will be submitted to the Insurance Regulatory and Development Authority (IRDA).
In the existing regulations, policy holder has to buy a new policy if he is not satisfied with the insurer. In this case, he will lose the illness cover with the previous policy and all other benefits. The new regulations by IRDA will remove that and supports the policy holder to chose the insurer without losing the benefits.
I hope this article would be very useful for those who want to change their current health insurer. If you have any doubts please post it in the comments section.
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