You do not have to stick to your current insurer any longer if you do not want to since IRDA now allows you to change your current insurer without losing any of the existing benefits. Previously, if you changed your insurer, then you had to compromise on the benefits, viz. coverage for any pre-existing disease offered by your existing medical insurance policy.

According to the new rules, IRDA allows you to switch from one insurer to another while the new insurer will have to consider the credits you gained from your previous insurer, where credits refer to the waiting period under pre-existing conditions. The same applies if you switch from one plan to another with the same insurance company.

What you can do

• Switch from one health insurance company to another
• Any family floater or individual policy can be switched from/to.
• Avail insurance cover by your new insurer up to the sum assured by the previous policy.
• Both the insurers should mutually complete the formalities as per the IRDA timeline.

Criteria to meet

• A policy can be switched only at the time of renewal.
• With the new policy, the terms and conditions, including the premium are at the discretion of the new insurer.
• Submit a formal shifting request to your current insurer at least 45 days before the due date of the renewal.
• Make sure you specify the name of the new insurer you are willing to switch to.
• There should not be any break between policy renewals.