Health Insurance Portability: How to Port Health Insurance in India

Health insurance is an essential investment that you make every year to safeguard you and your family from unforeseen medical emergencies. Choosing the right plan and right insurer is crucial. But, did you know you can port your health insurance policy? Yes! As health insurance plans are yearly renewable and hence you can consider switching between insurers at that time.

If you find there is a lack of service quality, the plan is little expensive and the premium that you are paying outweigh the benefits of the plan or be it any other reason, you can easily switch to another health insurance provider in no time. The best part of porting is that the accumulated benefits too. Porting of health insurance policies are quite simple and easy if you keep few important things in mind. Thus, you need to know to Port your Health Insurance Policy in India before venturing out to do the same.

How to port your health insurance policy in India?

Portability of health insurance policies are allowed only at the time of renewal. Health insurance policies of any type, be it individual, floater or group, can be ported from an existing insurer to the similar health policies of another insurer. Benefits like waiting period and no claim bonus can be continued even after porting the health insurance policy. The process is quite simple as mentioned below.

• If you wish to port, you need to apply for it at least 45 days before the existing policy expires. But, you are not allowed to apply before two months of the policy expiry date.
• Fill up the health insurance portability form with all the required information and details of existing health insurance policy.
• The insurance company process your request by feeding in the details provided by you in IRDAI’s (Insurance Regulatory and Development Authority of India) portal.
• Your existing insurance company will then provide claims and coverage related information through IRDAI’s portal. Reply with the information needs to be given within 7 days.
• Insurer will then decide whether to accept or reject the portability request.

Things to keep in mind before porting your health insurance policy

While, portability seems like an easier process, there are certain points to keep in mind before initiating it to reap the maximum benefits out of your porting decision.

• Do it when you are young and healthy!
• Know about waiting period
• Cost of coverage vs benefits
• Ensure to carry forward your no claim benefit
• Health conditions

Conclusion

Now that you know to Port your Health Insurance Policy in India it is important to make a cautious assessment before porting your health insurance plans as underwriting rules, policy exclusions, terms and conditions vary among health insurance companies. Along with considering the numerous benefits of porting, competitive prices offered also read through the terms and conditions of the other insurer. Portability of health insurance policy is definitely a flexible and beneficial option if logical assessments are made.