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Oct 8 2010 12:50PM
Mediclaim portability to become a reality soon

Mediclaim policyholders, who are not satisfied with the service of their existing service providers, will be able to switch to another insurer soon without any change in the premium outgo. However, this facility will be available to those policyholders who are insured for a sum of Rs1 lakh and above, to begin with. It has been decided to widen the cover, according to the recommendation submitted by the General Insurance Council, an association of non-life insurers. Issues have been sorted out and it has been suggested that portability would be allowed for sum insured over Rs1 lakh, General Insurance Council secretary-general S L Mohan said. Insurers will be able to sell such health covers once the regulator has approved it, he added. The policyholders will be able to switch their health cover providers with the same benefits retained once they have bought this cover. Under the proposed new policy, after the expiry of the term, if one intends to switch over to a new company, the accumulated bonus is not carried forward and one has to start all over again.
 
 
 
 
 
 
 
 
 
     
 
     
 
 
 
 
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