How to Port your Health Insurance Policy 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 How 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!
Age matters the most when it comes to getting maximum benefits in health insurance policies. Health deteriorates as you age. If you are switching for a policy with better benefits at an affordable cost, do it when you are healthier. It’s good to port within the age of 40 years specifically if you have a no claim history. When it comes to portability, insurance companies are more reluctant towards people with claim history and any pre-existing health conditions.
- Know about waiting period
When it comes to health insurance policies, there are many types of waiting period. Initial 30 days for the newly purchased policies to avail the benefits is also termed as waiting period. Treatment benefit for some of the ailments will have one to two years waiting period. Pre-existing health conditions like diabetes, heart disease and cancer can have a usual waiting period of three to four years. It’s important to know that the benefit is available only on waiting period for pre-existing health conditions on porting.
- Cost of coverage vs benefits
Before you decide to port, it’s important to weigh the options on cost-benefit basis. Policies offered with lower rate of premium may end up excluding many essential benefits that can be useful for you. Though the policy is renewable every year, such crucial decisions are to be made with long-term perspective.
- Ensure to carry forward your no claim benefit
When you decide to switch, it’s important to take along the benefits you have accumulated due to your good health. Accumulated no claim benefit can help you in saving certain amount of premium cost. While porting, get your benefits transferred too!
- Health conditions
Your portability request may not get considered if you have recently been diagnosed with any medical condition. Usually the new insurers ask for policyholders to undergo medical test. Hence, if you have any health issues, it’s wise to stick to your current insurer and request them for enhancement of cover, if need be.
Now that you know How 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 is definitely a flexible and beneficial option if logical assessments are made.