A Case Study with Overview of Health Insurance Portability in Insurance Sector

Health Insurance Portability is a regulation set by IRDA where an individual is allowed to switch between insurers at their own choice without having to worry about their no claim bonus and pre-existing diseases cover. The study aims to highlight the purpose of portability, a system that allows the policyholder to move the policy from one insurance company to another, in case of dissatisfaction with respect to the existing policy or the services or to switch over to an innovative/another product, which could be available elsewhere in health insurance services. The Indian health insurance market share is a mix of mandatory Social Health Insurance (SHI), voluntary private health insurance, and Community- Based Health Insurance (CBHI). Health insurance is really a small player in the Indian health ecosystem. The study is based on the secondary data collected from IRDA and research papers from various journals. The study concluded that it has been more than 2 years since health insurance portability came into force but due to its complex nature, lack of interest of insurance agents, improper communication and lack of customer's awareness, it is not that much popular in health insurance services.