Health insurance portability norms are ready to be implemented by insurers from today. The players expect growth in their business with the portability being initiated.
“We expect that health insurance portability would help us to grow our business and reach new heights. We must wait and give some time to customers to understand its nitty-gritty,” said K G Krishnamoorthy Rao, MD & CEO, Future Generali India Insurance.
The scheme was proposed to come into force from July 1, but was deferred by three months due to certain outstanding issues with insurance companies. According to the new guidelines, consumers will get credit for the time already spent for covering pre-existing diseases, along with bonus accrued to them from their past insurers.
“We are known for our customer service; therefore, we see a steep growth in revenue with the portability coming into existence,” said an official from Bajaj Allianz general insurance.
Policyholders, however, will be able to carry over the waiting period with respect to pre-existing ailments. The waiting period for most pre-existing conditions is four years.
Even individual members, including the family members covered under group health insurance policy of a non-life insurer, will be able to migrate from a group health policy to an individual policy or a family floater with the same insurer.