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General and health insurance companies allow bank account holders to port indemnity based group health insurance coverage to another insurer. The new policy must be an indemnity based group health insurance policy offered to account holders of the same bank. The member exercises the option for portability. All other norms from Chapter VIII of the consolidated guidelines apply.
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Reference No.:IRDAI/HLT/REG/CIR/249/10/2020 Date:07/10/2020
Title:Circular To All General and Health Insurance Companies (except ECGC and AIC) Re: Additional Norms on portability under Health Insurance policies
(a) 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.
(b) The portability will be offered subject to the option exercised by an individual member of the group policy.
(c) All other norms specified in Chapter VIII of the above referred guidelines are also applicable.
Sd/- (D V S Ramesh) General Manager (Health)
