Prajna Capital - An Investment Guide

NON-LIFE insurers will in the near future develop a standardised mediclaim policy to facilitate portability in health insurance. Besides having uniform coverage, the policy would have standardised benefits for ‘no claim bonus’. The general insurance council - an industry body representing non-life insurers - will meet to discuss the details, according to two industry officials. Health insurance portability, as defined by the regulator, aims to facilitate change of insurance provider without the insured losing out in terms of the policy coverage. While policyholders can shift companies even now, the essence of portability is that an insured is able to carry his track record with him. In other words if a health policy covers pre-existing ailments only after four years and a policyholder decides to shift to another company in the fourth year he will get immediate coverage of pre-existing ailments and will not have to wait another four years. Another advantage is, if there i...