IRDA is planning to introduce mediclaim policy portability and is preparing guidelines for general insurance companies for the same.

What does it mean?

If you think your general insurance company is not providing you with satisfactory services with respect to your health insurance policy, you will soon be able to change the company without giving up any benefits.

Essentially when you buy a health insurance policy, you are subjected to medical tests to exclude any existing diseases that you may have. Also you are not allowed any claim during the initial few months. In a scenario where you contract a disease during the policy period, the disease remains covered if you go for the renewal of the policy. However if you wish to change the company, the same disease does not get covered..

With the new guidelines , IRDA hopes to empower the consumers so that they may change the insurance company if services are unsatisfactory without losing any benefits or being subjected to unfair new policy terms.

Our take:

Power to the consumers!Will ensure health insurance companies do not get complacent and are committed to providing the best services to their customers.

– Team eVetan
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