Insurancesathi.comAfter telecom, comes mediclaim portability!
Come October 2011, health Insurance customers can switch their Insurance provider. The final guidelines were issued by IRDA yesterday. Some of the key points to consider
1) In order to switch the provider, the policy needs to be more than 45 days from the lapsation date.
2) The general policy terms of the new provider will come into effect.
3) If you are covered by a group cover, you need to first convert that to an individual policy with the same provider. You can switch once the individual policy turns at least a year old.
4) The existing insurance provider has 7 days time to revert to any additional data requested by the new insurance provider. The new provider needs to authenticate this data within 15 days after the existing provider provides the data, else needs to accept the same.
5) The minimum Sum assured should be 1 lakh and above
Mediclaim portability is definetly going to help those who are not satisfied with the current service provider. Now I guess the insurance service provider will be keen on listening more to their customers. Competition is going to heat up and of course more jobs for those into customer retention segments.
Hi dude! Nice site! I really liked reading it.