Mediclaim policy portability

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New Delhi: 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 Rs 1 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 Rs 1 lakh, General Insurance Council secretary-general S L Mohan told PTI.
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.
At present, a policyholder is given health cover for a year and the same has to be renewed every year. If there is no claim, the policyholder is entitled to a bonus in the form of increased sum and for every claim-free year, this bonus gets accumulated.
However, 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.
For senior citizens it becomes all the more difficult because companies are reluctant to sell new Mediclaim policies to the elderly.
Two insurers do not generally have identical mediclaim policy and so both the industry and the regulator are working out a minimum benefit that would be carried forward in case of change of the insurer.
The industry also expected to set the guaranteed minimum covers as agreed by companies which can be carried along to a new company. This will allow the insured to know the facilities he can carry to the new company.
 
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4 Comments

  1. In today's time we can not even rely on the well reputed companies like "Oriental Insurance" etc.
    Me and all my family members have there mediclaim policies since 10 year and above, but till date I am not at all satisfied with any of there services because of their Incompetent agents and service providers.

    I had already faced a big problem in the past with this company when we waited extremely long for the repayment of hospital bills & the refund of the left over policy amount of my dad's policy after he passed away in 2006,we ran every where but no one paid any attention to our problem, then we requested consumer court to file our case against the company etc. it took lot of time more then 1.5 years for solving the problem with the help of top company officers, who were very understanding and really helpful to us, I am still thankful to all who understood us and helped us.

    Today I felt forced to write this mail coz of Mr. A.K CHOUDHARY's continues Irresponsible behavior and also filed a case in consumer court http://www.consumercourt.in/medical-insurance/1093-mediclaim-policy-oriental-insurance.html , from last many year (almost 3-4 years) every time he came for the renewal of the policy, always took our photos for the cashless cards etc but always misplace it and never send the cashless card ever on time, sometimes cards comes after 5-6 months but along with the time the delay time was not reduced rather was becoming worse, all the times we submitted the photos twice or even thrice but this time from last almost 8-9 months we haven’t received our cashless card as yet, even they delay in sending the complete policy papers many times.

    We as an old and loyal customers never said anything from so long time but now this is the height of irresponsibility on company's part.

    Now i am no more interested to continue my policy, rather this time I’ll close it down with this company once and for all.
    Regards,
    Pranjal

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