PSU insurers withdraw no-claim bonus benefit on health insurance

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Policyholders are starting to feel the pinch of steadily increasing health insurance premiums. To make matters worse, some PSU insurance providers are withdrawing benefits such as no-claim bonus (NCB) and family bonus. However, there has not been any major exclusion by private insurers in terms of extended benefits of NCB and family cover discounts. So should you switch? Here are the pros and cons.

Should you port your policy?
Private insurance companies like Aditya Birla Health Insurance and HDFC Ergo General Insurance provide NCB and family discount in floater for more than two or more individuals. Similar benefits are offered by Cigna TTK and SBI General insurance.

While porting is always an option, there are a few issues to consider. Subramanyam Bhrahmajosyula, Head, Underwriting & Reinsurance, SBI General Insurance, says, Keep in mind that the company you're porting to is not obliged to match the premium or benefits of the expiring policy. While porting, make sure all your benefits are accepted with accrued benefits and pre-existing diseases

Steep premiums and no relief for older policyholders
With or without NCB, health insurance premiums are getting uncomfortably high, especially for seniors.

How to port your Health Insurance Policy
As per IRDA guidelines, in order to port your policy to a different insurance provider, you have to write to your old insurance company, requesting the shift and specifying the insurance company to which you intend to awitch, at least 45 days before the policy is due for renewal. So make sure you make the decision to port well before the expiry of your policy.

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