Guide For Porting Health Insurance
Tips for a Smooth Health Insurance Plan Porting
Introduction
Do you want to change your current health insurance plan? Do you want to switch to a different insurance provider without losing any benefits? If so, porting your health insurance policy may be the right option for you.
In 2011, the Insurance Regulatory Development Authority of India (IRDAI) introduced the concept of health insurance portability. This allows policyholders to port their health insurance policy to different organisations without losing benefits.
The health insurance industry in India is growing rapidly, with an increasing number of individuals realising the importance of having health insurance coverage. However, with the highly competitive market, individuals may often want to switch from one insurance provider to another for various reasons, including better coverage, customer service, or even lower premiums. This is where porting health insurance comes in.
Porting health insurance means transferring the policy from one insurance provider to another without losing any of the benefits and coverage that the policyholder has accumulated over the years.
What is porting insurance coverage?
Porting your health insurance policy in India is like transferring your existing policy from one insurance company to another without losing your accumulated benefits. Porting health insurance policy has some common benefits.
Porting health insurance policy permits policyholders to switch to a new insurance provider or policy, maintaining their accumulated benefits at the same time. While porting insurance, you may check that the new insurance you choose is a top one or the best from the previous one. Porting a health insurance policy will benefit you only if you make it properly.
Process of porting health insurance in India
The process of porting health insurance in India is relatively simple and straightforward. Here are the steps involved in porting health insurance:
The Insured person will have the option to port the policy to the other Insures by applying to such insurer to port the entire policy along with all the members of the family, if any, atleast 45 days before, but not earlier than 60 days from the policy renewal date as per the IRDAI guidelines related to portability.
If such person is presently covered and has been continuously covered without any lapses under any health insurance policy with an Indian General/ Health Insurer, the proposed person will get the accrued continuity benefits in waiting periods as per IRDAI guidelines on portability.
Step 1: Check the eligibility criteria – Before starting the process of porting, the policyholder must check the eligibility criteria set by the insurance provider. Some of the criteria that are generally required include the policy being active and without any claims made in the past few years.
Step 2: Apply for porting – The next step involves applying for porting to the new insurance provider. The policyholder must submit the duly filled portability form along with the necessary documents to the new insurance provider.
Step 3: Policy issuance – Once the underwriting process is complete, the new insurance provider will issue a new policy to the policyholder. The new policy will be issued with continuity of benefits.
Documents Required for Porting Health Insurance:
The following are the documents that are generally required for porting health insurance in India:
1. Portability form issued by the current insurer
2. Proposal form duly filled and signed ( Health history of all the insured are to be disclosed)
3. Previous policy copies
4. Claim history in the previous policies
5. KYC documents, including and
6. Health declaration form
7. Address proof Aadhaar card or any valid Address proof
8. Age proof PAN card
9. Other documents as required by the new insurer
Benefits of Porting Health Insurance
Let’s discuss the benefits of porting health insurance policy. Porting health insurance comes with several benefits, including:
1. Continuity of Coverage – Porting health insurance allows policyholders to transfer their accumulated benefits to a new policy, ensuring continuity of coverage.
2. Better Coverage – Policyholders may choose to port their policy to a new insurance provider offering better coverage and benefits.
3. Lower Premiums – Porting health insurance allows policyholders to switch to a new insurer offering lower premiums.
4. Better Customer Service – Policyholders may choose to port their policy to a new insurer offering better customer service.
5. Additional Benefits – The new insurer may offer additional benefits, such as cashless hospitalisation or wellness programs.
6. Increase in Sum Insured – Insured may opt for increase in Sum insured (subject to the underwriting approval ). However the enhanced Sum insured will have the waiting period as per the Issued policy by the new insurer.
What is the eligibility for porting insurance?
To be eligible for porting a health insurance policy, one should meet some criteria, like:
- No claims: You might meet some conditions regarding filing claims prior to the portability request period.
- Policy length: You must have held your current policy for a minimum period, as set by the insurer or regulatory guidelines.
- Renewal of policy: You could port your policy only at the time of renewal.
- No gaps: One needs to maintain their policy without any gaps.
- Application timing: One needs to submit your application to your current insurer a minimum of 45 days prior to your policy renewal date.
- Premium payment: The person should have paid all premiums and must have no outstanding dues on their existing policy.
While you buy health insurance, you see for the eligibility. In the same way, you can see eligibility for the porting insurance policy.
Conclusion
Porting health insurance is convenient for policyholders who wish to switch to a new insurance provider. Transferring a health insurance policy to a new one is hassle-free, and policyholders can seamlessly transfer their accumulated benefits.
Policyholders can effortlessly port their health insurance policy by following the steps outlined in this guide and submitting the required documents. This will enable them to enjoy the advantages of uninterrupted coverage, superior coverage, reduced premiums, and improved customer service.
HELP CENTRE
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FAQ
What is health insurance portability, and why is it important?
<p>Health insurance portability is the ability to transfer your existing health insurance policy from one insurance company to another without losing the benefits accrued in the original procedure.</p>
What are the steps involved in porting my health insurance policy to a new insurance company?
<p>The first step is to inform your current insurance company of your intention to port the policy and obtain the portability form. You must then fill in the necessary details in the form and submit it to the new insurance company along with the required documents.</p>
Will my policy benefits remain the same after porting to a new insurance company?
<p>The policy benefits may be different after porting to a new insurance company. The new insurance company may have different terms and conditions, and it is essential to check the policy details thoroughly before porting the policy.</p>
What documents do I need to submit when porting my health insurance policy to a new insurance company?
<p>The documents required for porting your health insurance policy to a new insurance company may vary depending on the insurer. However, some essential documents that are generally required include the policyholder’s identity proof, address proof, previous policy details, and any medical reports.</p>
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