TomorrowMakers ™

Health Insurance

Know more about Health Insurance portability

13 July 2015
The procedure of portability is a simple do-it-yourself task. The application form to port your policy should reach Insurer B, 45 days before to the last date of renewal of your existing policy.
 

When it comes to health insurance, IRDAI has made the customer the king. With health insurance portability, you can carry forward your benefits accrued from Insurer A to Insurer B.

What this simply means is – if you are unhappy with your current insurer, you can port (not just transfer) your policy to another insurer. Where earlier transferring meant being tagged as a new policyholder, now you can transfer credits for pre-existing conditions. This is applicable not only when you switch between two insurers but also between two plans by the same insurer.

The Procedure

The procedure of portability is a simple do-it-yourself task. The application form to port your policy should reach Insurer B, 45 days before to the last date of renewal of your existing policy.

Once you receive the proposal from Insurer B, select the product that matches your needs and submit the form to Insurer A.

Insurer A is bound to provide all the details to Insurer B within 7 working days. Once Insurer B receives the information, it is obliged take a decision within 15 days.

Word of Caution

  • Insurer B is allowed to decide premiums based on its underwriting norms. This means the premiums you pay could be higher even for a similar cover.
  • Your request can be denied if there was a break in the policy – ensure you port your policy before the expiration of your existing one. If your acceptance is still pending on the last day of renewal, you could request your existing policyholder to extend your coverage.
  • Waiting period levied by Insurer B can be different compared to Insurer A even for the same disease. In addition, terms and conditions vary from insurer to insurer; confirm the inclusions and exclusions in the policy before you make the decision to port.

If you are a part of a group health insurance by Insurer A, you will have to switch to an individual plan from the same insurer and apply for portability to Insurer B only after one year.

 
 
 

Tax Singh

"Tax Fact 6"

POLL

 

MOST VIEWED CONTENT

How pre existing medical conditions affect your health insurance
Health Insurance

How pre existing medical conditions affect your health insurance

A pre-existing medical condition should not be a deterrent for buying your family health insurance and securing their financial future. However, proper disclosure and some precautions ensure that in case if any unfortunate event, you have a smooth and hassle free experience.

Health Insurance cover you must get at different stages of life
Health Insurance

Health Insurance cover you must get at different stages of life

With age, your needs increase for this its important to pick the right cover for your life stage. Reviewing your plan at different stages can ensure you get 360° protection.

5 Simple Things to Know About Maternity Insurance in India
Health Insurance

5 Simple Things to Know About Maternity Insurance in India

A steep rise in maternity expenses over the years is forcing couples to look for options to fund this expense. Those buying maternity policies should understand the terms of these policies.

Group health insurance vs Individual health insurance
Health Insurance

Group health insurance vs Individual health insurance

Though both Individual and Group Health Insurance Plans provide similar coverage, they do differ in various aspects, such as cost and customisation.

Best smartphone apps to track your health
Health Insurance

Best smartphone apps to track your health

Looking for a way to take care of yourself in a cost-effective, convenient way? In technology lies the answer!

Is your Health Insurance plan adequate to cover critical illness?
Health Insurance

Is your Health Insurance plan adequate to cover critical illness?

Health and critical illness are separate categories and each has its own place in a consumer’s insurance requirement. Here’s a simple guide to knowing how to choose between the two, or decide if you need both.

Why should you opt for a family floater health plan?
Health Insurance

Why should you opt for a family floater health plan?

When buying health insurance for you or a loved one, you have the option of buying individual policies or buying one single health policy that covers all of you. Here’s a close look at the latter, called Family Floater plans.

boy

We would love to hear from you!

Question, comment or concern? Our contact form is the best way to get in touch. We will respond to you within 5 working days.

NEWSLETTER