About monikahalan

Monika Halan is Editor Mint Money, and part of the leadership team at Mint. A Certified Financial Planner, she has a Masters in Economics from the Delhi School of Economics and a second Masters in Journalism Studies from College of Cardiff, University of Wales, UK. She has worked earlier across media organisations in India including Editing Outlook Money. She has run four successful TV series around personal finance advice in NDTV, Zee and Bloomberg India and is a regular speaker on financial literacy, regulation and consumer issues in retail finance. She has public policy experience working with the Government of India as an advisor to the Swarup Committee in 2009. She has served as a member on the Ministry of Finance Committee on Incentives (Bose Committee) and is a member on the Sebi Mutual Fund Committee. She is a member of the Task Force set up by the Government of India to put in place the Financial Redressal Agency. She was an expert invitee to a Ministry of Commerce Committee on the Service Price Index. She is a director on the board of FPSB and FPSF India. She is the author of a published academic paper that estimates the loss to investors on mis-sold insurance policies. She is based in New Delhi and was chosen as a Yale World Fellow in 2011.

Would you like to ‘port’ your insurance policy?

It was reported earlier this week in this newspaper that the insurance regulator is considering allowing portability in life insurance products. You can read the story here. I’m going to unpack what this means and whether it is possible to ‘port’ an insurance product. First, what is portability? When we think of a telecom service, then switching service providers from say, Airtel to Jio, is portability. Your number and basic services remain the same, but you switch your service provider. S.S. Mudra, deputy governor at the Reserve Bank of India (RBI), had suggested last year that bank account numbers become fully portable. You can read the story here. While bank account number portability is yet to happen, the logic is clear—our phone numbers and bank accounts are linked to multiple services we use. Often we stay with the service providers or banks out of inertia.

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