Insurance companies denying carry over of completed waiting periods despite IRDAI mandated carry over of waiting periods and moratarium
I had icici health insurance for my mother for the last 7 years. She had complete health insurance. Since icici increased the premium a lot in the complete health insurance and added a lot of unwanted features, I planned to switch to ICICI Elevate.
But icici says the completed waiting periods cannot be transferred despite the fact that she has already been in complete health insurance for 7 years. She joined when she was 49 and now she is 56. 49 is fine but 56 is a vulnerable age to let go off all the waiting periods.
And IRDAI has issued a circular in 2024, that these waiting periods and moratorium should be transferred to the new policy whether it is from the same insurer or a different insurer. But icici sales guys even deny the IRDAI circular.
Have you guys been aware of this and yet you chose to drop the waiting periods and moratoriums she earned so far?
I am planning to send an email to IRDAI and see what happens. It seems since most people dont know about the circular, even ICICI sales guys deny this. Or ICICI deliberately being oppurtunistic by making use of people's ignorance.