India’s penetration of health insurance is on lower side at around 3%. Indian government as well as Insurance Regulatory Authority IRDA is working on to improve awareness and reach of health insurance to all sections of society. Portable health insurance is one of the results which came out in the efforts to improve penetration and safeguard the interest of policyholders. Portable Health Insurance will make sure that customer continues to enjoy benefits even after if he changes his insurer.

Reason why customer don’t change their Insurer.

1) There are many customers who are unsatisfied with their insurance companies because of its poor service or unhappy with product. But still they have to continue with same insurance company.

2) If any customer chooses another insurer, his policy starts again as a fresh proposal. In which all waiting periods starts again. Waiting period is time in which insurance company don’t consider the claims.

3) In the fresh policies there is a waiting period of 30 days in which no claim can be made. There are diseases like cataract, hysterectomy etc. which has waiting periods one to two years. And there is a waiting period of almost 4 years for pre-existing diseases.

4) That’s why the customers are force to continue the health policy with same insurer. Fear of loosing earned benefits is causing them to continue the product. 

Portable Health Insurance Product-Benefits. 

Portable health insurance product introduced by IRDA will eliminate above factors and provide all continuity benefits even after if customer wish to switch insurers. Customers who will be free from waiting periods which otherwise would have start again in case of change in insurer.

An insurance company usually doesn’t offer new policy easily to a senior citizen, that’s why they can not change their insurer even if they are unsatisfied with company.Portable Health Product will enable senior citizens to switch their insurer without worrying about loosing continuity benefits. 

Benefit of Portable Health Product is that insurance company will take extra care to provide good service and products to holds its existing customer. Portable Health Product will open the gates for insurance companies and provide new prospect, new customer segment to approach. This will help to increase competition among insurers. Portable Health Product will have almost same feature and condition so if any customer wants to buy policy; he just have compare the price without worrying about its features before choosing insurance company.