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Mediclaim/Health Insurance Portability in India is a boon for policyholders

Health insurance portability has come into force from October 01, 2011, as mandated by the Insurance Regulatory and Development Authority (IRDA). Both individual and family-floater policies (in which insurance is extended to select family members) are eligible for portability. Those who seek to switch to a new general insurer should apply at least 45 days prior to the expiry of the policy.

Health insurance portability will allow the customer to switch to a different health insurer and most of the major benefits will be transferred. Portability is permitted only between non-life insurers. At present, there are 24 general insurance companies in the country.

With the implementation of health insurance portability, insurers will need to enhance their service capabilities and engage in constant innovation to service their existing and potential customers. This is expected to bring in better product and services offerings to policyholders,

Portability will empower unsatisfied consumers to move to an Insurance Company of their choice. Now insurers will not only be required to offer the best price but also improve the service levels.






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