most of us buy health insurance Policies as a financial backup to cover the cost of medical treatment at any point in our lives. Moreover, our sedentary and changing lifestyle has given rise to many diseases like diabetes, cancer, heart attack, etc., which require long-term treatment and hence regular drain of our financial resources at such times. When medical treatments are becoming more and more. being expensive Medical inflation.
Health insurance not only protects your hard earned money by covering expenses but also enables you to avail best medical treatment and care with peace of mind as we don’t have to worry about huge hospital bills . But are you satisfied with it? health insurance policy Are you currently doing? Sometimes a huge number, when we find that the current insurer is charging higher premiums and providing lesser services as compared to its competitors. So can we port our health insurance policy to that competitor without any loss like we port our mobile numbers?
Yes. NS Insurance Regulatory and Development Authority (IRDA) provisions, introduced in 2011, allow you to port your individual/family floater health insurance policies, and you do not have to lose the accumulated benefits as a result of such a move Benefits like waiting are lost. Term covering “pre-existing diseases”.
The insurance regulator protects you by giving you the right to port your policy to any other insurer of your choice. It not only “allows the credit availed by the insured for pre-existing terms in terms of waiting period” but also protects your credit when you move from one plan to another with the same insurer. Please note that the new insurer is not bound to insure you, it is entirely dependent on its underwriting criteria.
What can you port?
The provisions of IRDA say that you can port credit on time bound exclusion and no-claim bonus. The new insurer is obliged to give you credits related to the waiting period for pre-existing conditions that you have obtained with the old insurer, if it accepts your offer. Keep in mind that the features of your existing policy are not portable.
You can port only to the extent of Sum Assured (including no-claim bonus) with the previous insurer. He will have to insure you at least up to the sum insured under the old policy. For example, if you have medical insurance ₹5 lakhs, but while porting to a new insurer, you want to increase the sum insured ₹10 lakh, porting benefits will be applicable only for ₹5 lakh plus bonus, if any.
How to port a policy
Notifying the insurer. You must apply for portability at least 45 days before the expiry of the existing policy (and not earlier than 60 days).
Specify the insurer(s) to which you wish to transfer the policy.
Fill the portability form with current insurance details including name and age of the insured.
Fill the proposal form for the new insurer with complete details.
Submit the required documents.
The required data will be submitted on the IRDAI web portal. The new insurer must notify you within 15 days so that even if it declines your offer, you still have time to renew your existing policy (there is a 30-day grace period if porting is in process). If the new insurer fails to notify you within time, it will be bound to accept the application.
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