Initiatives of IRDA on the development of health insurance in India

The IRDA has taken a number of initiatives on development of the Health insurance market in the country in the year 2011-12. Further progress was also made on other initiatives taken up in 2010-11. A summary of some of these initiatives is given below:

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Agents trip health insurance porting

Health insurance portability, which has been in force for a year, has not resulted in any major churn among policyholders. Insurers say that one of the reasons could be that agents are reluctant to hand-hold customers as regulations bar commissions on ported policies.

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Health Insurance Portability

At present if you change your insurance provider, you are treated like a new customer. Norms for a new policy are applied e.g. a higher premium would be applicable depending upon your age and if you had acquired a disease during earlier policy, it is seen as a pre-existing one and you have to complete the stipulated period before the policy comes into force.

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Health Insurance News: Health Insurance Portability

The IRDA, vide circular dated February 10, 2011, had issued guidelines on portability of health insurance policies which was to be introduced from 1st July 2011. Subsequently, on 24th June 2011, it was felt necessary to put in place a system to enable collection of data on the history

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