The Insurance Regulatory and Development Authority of India vide its notification dated 7th October 2020 has issued additional norms on the portability of health insurance policies.
Portability shall be allowed under all individual indemnity health insurance policies issued by General Insurers and Health Insurers including family floater policies. Every individual member, including family members covered under an indemnity based group health insurance policy shall be provided an option of migration at the time of exit from group or in the event of modification of the group policy or withdrawal of the group policy to an individual health insurance policy or a family floater policy.
The additional norms on portability of health insurance include that the Members of an indemnity based group health insurance policy offered to account holders of a bank are allowed portability of their coverage to another indemnity based group health insurance policy offered by a different insurer to the account holders of the same bank.
However, the portability will be offered subject to the option exercised by an individual member of the group policy.
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