Image via Wikipedia
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.
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.
Source : News Reports
0 comments:
Post a Comment
All comments are moderated. Please post no spam