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Contributor
Posts: 74
Registered: ‎31-03-2016

Can Insurance Policy of one Insurer can be renewed by other insurer?

Can Insurance Policy of one Insurer can be renewed by other insurer?

2 REPLIES 2
Highlighted
Contributor
Posts: 29
Registered: ‎05-04-2017

Re: Can Insurance Policy of one Insurer can be renewed by other insurer?

Yes, you can renew your insurance policy from any of the insurer by going online to the company website or offline by looking to the terms and condition of the policy.

Highlighted
Contributor
Posts: 34
Registered: ‎03-06-2017

Re: Can Insurance Policy of one Insurer can be renewed by other insurer?

Yes you can renew your mediclaim policy with another insurer. As a matter of fact, there’s something called ‘insurance portability’, which is mandatory for all the insurance companies as per IRDAI guideline.

 

Now, when you decide to switch to another insurer from the existing company, it is understood that you have had a poor experience with the former insurance company.

 

Therefore, it becomes imperative that you carefully analyse a set of policies from some of the best companies in the market.

The point to understand is, portability happens between product to product and feature to feature, that means if there is an additional feature in the new product and it has some waiting period, the its irrespective you have completed your waiting period with the previous insurer, you need to finish the waiting period of that particular new feature with the new insurer.