Holders of health insurance policies can now switch companies without fear of losing benefits of a 'no claim' track record or out of concerns that they may have to wait awhile before certain health conditions are covered.
The insurance regulator has said that insurers must allow policyholders to transfer the credit in terms of waiting period for pre-existing illness and bonus sum insured from one insurer to another.
The Insurance Regulatory and Development Authority on Thursday issued guidelines on portability of health insurance which will be effective from July 1, 2011 and apply to life and general insurance companies.
More details will soon be published by IRDA...
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