I got a chance to read about health insurance plan from your Blog and got impressed. Did study about the various insurance policies and reach a conclusion to buy Apollo Munich policy. Before finalizing the deal i came to know the Apollo munch will take over by HDFC ergo team early next year which bring me a lot of confusions. Please help me to clear that
- If we enroll Apollo Munich now, once HDFC team take over will we get the same benefits or they have the right to change the policy terms?
- in my friends circle Apollo customers are very happy where HDFC customers are always complaining about the settlement issues. So i am afraid about it. do you think HDFC gonna trouble the customers after the merging?
2 Answers
Hi,
1 - They may or may not change - no clear answer to your question. If they have to change policy features (any insurer for that matter) they will intimate the existing policyholders in advance and such changes have to be in line with the rules/guidelines set-forth by the IRDA.
2 - Stand-alone health insurance providers have good feedback in my experience as well (like apollo, star etc.,) but we cant generalize that HDFC Ergo is not good. As long as a policyholder's claim is genuine then Insurer has to process/settle it.
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thanks for the response. If in case i am not satisfyed with the policy can i switch to another one with the same benefits ( i mean if i opt 5L policy and i have 7.5 Sum assured now due to no claim bonus, if we transfer this no claim bonus also will transfer or not)
Hi,
Yes, you may have the option to PORT your policy subject to certain terms & conditions.
The no claim bonus on existing policy too gets ported.
When you transfer to a new policy from an old one (also from one insurer to another), benefits accrued in the existing policy continue to the new policy.
"When you transfer to a new policy from an old one (also from one insurer to another), benefits accrued in the existing policy continue to the new policy."
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