Coming soon: Switching insurers

Mumbai: Insurance regulator IRDA said that mediclaim policy holders, who are not satisfied with the services, will soon be able to switch service providers at the same premium.

The same would also be true for motor insurance policy holders.

"It is high time that the insurance industry also moves to offer portability so that the mediclaim and motor insurance policy holders can switch their service provider...We have initiated a debate on the idea of portability and we would be arriving at a conclusion very soon," IRDA Chairman J Hari Narayan said at CII insurance summit.

To a question on whether this portability concept would apply to ULIPs also, he said: "Yes and no. Yes in the sense that there has to be a balance in the churn of ULIP's policy and their portfolio has to be evenly managed."