We gave you few insights before and now, it’s official. You can now change the company of your health Insurance policy if you feel you are not receiving good service. All the benefits that were promised by the original company will be provided by the new company which you can chose at your wish. The premium amount which you were paying too, will not change.
Health insurance in India comes into the General insurance category unlike in other countries where it comes under Life Insurance. There are some companies in India, LIC of India, for example, which is a pure Life Insurance provider but also has few Health related (mediclaim policies) insurance plans. Note that you will not be able to change to such companies. You can only change your policy between two pure Health Insurance companies, for example between Apollo DKV and Max Bupa health insurance.
Just like how the mobile companies have concentrated on their customer support once the MNP came in to effect, it is expected that insurance companies too will revamp their support to minimize customer churn rate.
While this insurance policy portability (IPP) is also expected to come to Life insurance products some time later, IRDA has at least started it off with Health insurance products.