Are you planning to change your current health insurance plan? If so, then porting your health insurance can be the right option for you.
The Insurance Regulatory Development Authority of India (IRDAI) had introduced the concept of health insurance portability. Here, we will guide you step-by-step on how to port your health insurance to different organisations without losing benefits.
What are the Key Features of Health Insurance Portability?
Here are some of the key features of health insurance portability:
- Continuity of Benefits
You can easily transfer benefits like waiting periods and no-claim bonuses to the new insurer. This ensures you do not lose valuable features when switching to the best health insurance policy available.
- Freedom of Choice
Portability allows you to switch to a new insurance provider if you are dissatisfied with your current insurer. You can move to a plan with better features or lower premiums, including specialised options like health insurance for parents.
- Customisation of Policy
It also allows you to choose and customise a health insurance policy that will suit your current lifestyle and health requirements. You can customise your policy depending on the different sum insured or add-ons, as per your preferred health needs.
- Access to Better Coverage and Services
Portability allows you to shift to a plan with superior benefits, such as a higher sum insured and claim services. Additionally, you can get access to coverage for advanced medical procedures and improved 24/7 customer support.
- Timing
You can port your health insurance only during the time of the policy renewal process. It will be acceptable if you have made the request around 45 days before initiating the renewal process. This will ensure a seamless health insurance portability without a break in the coverage policy.
- Obligations from New Insurer
The new insurance company needs to offer you at least the same coverage option as your previous policy. They should honour the waiting period credits you have already served for pre-existing conditions.
How to Process Your Health Insurance Portability?
Follow these steps to complete the entire health insurance portability process seamlessly:
- Select a New Insurance Company and Plan
Start searching for new insurance companies and compare their policies to select the health insurance. Always consider certain factors like premium, size of hospital network and claim settlement ratio to find a plan that will suit your needs.
- Submit a Portability Request
You must notify your new insurance company of your intent to port your policy at least 45 to 60 days before the date of your current policy renewal. After notifying them about porting your policy, they will provide you with a proposal form and a portability form for health policy transfer.
- Fill the Forms and Submit the Documents
Fill out the portability and portability forms with accurate information. Additionally, you need to submit the following documents:
- Previous policy documents and the latest renewal notice.
- Address proofs and ID.
- Your claim history (a self-declaration if there were no claims).
- Relevant medical records, if applicable.
- Underwriting and Evaluation
The new insurance company will start evaluating your application, including your claim records and medical history. They can access your policy history through the common IRDAI-approved data-sharing portal. For elderly patients, a medical check-up can be necessary.
- Collect Data from the Former Insurer
You should insist that your previous insurance company share all your essential details with the new company. They can share all your data through the IRDAI data portal within seven working days of a request.
- Review and Approval
The new insurance company will review all the information and decide on your portability request within 15 days of receiving the data. If they fail to decide within this timeframe, they must accept your request.
- Issuance of New Policy
Once your request is reviewed and approved, you need to pay the premium amount for your new policy. They will issue your new policy with previous benefits, including waiting periods.
Important Factors to Know While Porting Your Policy
These are some factors you need to consider during the process of health insurance portability:
- Waiting Period: In case of any increase in the sum insured, a new waiting period may apply.
- Renewal Only: You cannot port your health insurance policy in the middle of a policy year.
- Similar Policy Types: You can switch from one individual indemnity plan to another, but not to a critical illness plan.
- Risk of Rejection: The new insurer can reject your application request if you have a poor medical history or provide false information.
Final Words
You can easily switch your existing policy to a new insurance company through health insurance portability. Through this process and the latest IDRAI regulations, you can opt for customised options as per your health needs.
