Draft norms on health insurance portability by February

NEW DELHI: Health insurers feeling let down due to poor services will have the choice to switch over to another company with the same conditions, under the insurers portability option to be formulated by regulator IRDA next month.

"Draft guidelines on portability of health insurance policies will be issued by February-end," IRDA Chairman J Hari Narayan told reporters on the sidelines of IBAI summit.

Currently, there is a portability on motor insurance policies.

"Under portability, the financial bonuses, pre-existing disease requirement will also get carry forward," Narayan said.

The insurance regulator has been planning to come out with guidelines for portability under which mediclaim policy holders, who are not satisfied with the services, will be able to switch service providers at the same premium.