The General Insurance Council (GIC) has drafted a common portable mediclaim policy which states that a customer cannot continue the benefits if he migrates from a common portable mediclaim to another health insurance product.
The policy, currently awaiting clearance from the Insurance Regulatory and Development Authority (IRDA), also states that the insured cannot continue the benefits if he shifts from another insurance product to a common portable mediclaim.
However it provides for complete continuity if the insured migrates from common portable mediclaim of one insurer to common portable mediclaim of another insurer.
The scheme would be available for a period of three years and is likely to be made applicable for those in the age group of 18 to 40.
The insurance companies can standardize the benefits of the cover and will have the freedom to fix their own premium rates.
GIC has stated that the shift from one company to another can be done only during the annual renewal and the policy is fully portable amongst the non-life insurance companies.