Monday, 14 February 2011

Health Insurance Portability follows mobile portability

The Insurance Regulatory and Development Authority (IRDA) allows the subscribers of Health Insurance Schemes to switch over the insurance providers without losing the cover for Pre Existing Diseases (PED). Now the customer cannot change the provider with existing terms. They have to take a new policy which will not allow any deceases they already have, when the policy with existing insurance provider. This facility is supposed to be started from 01st July, 2011.

Recently the Telecom Regulatory Authority of India (TRAI) allowed Mobile Number portability (switch over the mobile service providers without changing the mobile number) and it is already started in India. This Health insurance portability is helpful to the customers to switch over the health insurance providers with the present terms and conditions. They don’t want to stick around the same insurance providers, if they are not satisfied with the service they are providing.

This is a good movement for the customers. The insurance providers will compete to give better service to customers so that they won’t lose the existing customers and also could get new customers from other insurance providers which give a poor service. This is happened in mobile service also, the mobile phone service providers are now giving a better service than earlier.

From IRDA’s statement "The Authority has examined various issues involved in the portability of health insurance plan and has issued necessary orders for effecting portability which will be implemented from July 01, 2011," and also said that "The accepting insurer shall provide cover, at least up to the sum assured in the previous insurance policy,"

In our opinion this is a good movement and this will help the insurers to get best service and the insurance providers will provide quality service to its customers.

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