Bajaj Allianz to enable changing insurance companies

Bajaj Allianz Life Insurance says it will allow health policy holders of other insurance companies to migrate to a similar policy from its own product portfolio, allowing them to maintain the continuity of their original policy without any loss of premium paid to the previous insurer.

The policy migration would be subject to approval from Bajaj Allianz, and limited to those policyholders who have not made any claims in the immediate preceding year.

So far only the four government-owned insurance companies have allowed mediclaim  policyholders to migrate from one company to another, though the insurance regulator Inurance Regulatory and Development Authority is currently examining the feasibility of allowing policyholders to migrate from one insurer to another.

To migrate to a Bajaj Allianz policy all that a policyholder needs to furnissh is a copy of the existing policy and a certificate from the previous insurer that the premium has been paid.

Bajaj Allianz has also mooted the sharing of data on customers with a negative profile with all other insurers to eliminate the possibility of fraud.