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Health Insurance

Suresh Rane's parents were not happy with their health insurance policy. They had bought it when they were in their 40s. Now they were in their 60s and they wanted to change their insurer. So they asked their son Suresh to find out if they could port their health insurance to another insurer while maintaining the benefits they had accumulated in the present health policy that they had.

Suresh did some research and found out that his parents could not only port their policies, but it was a fairly straightforward process.

In 2011, the Insurance Regulatory and Development Authority of India (IRDAI) announced that all health insurance policies are portable. This means that if you want to switch your health insurance to another insurer while protecting the benefits accumulated in the existing policy, you may do so.

The Process of Porting a Health Policy

You can port your policy at the time of renewal. To do so, a request should be placed with the new insurer 45 days prior to the renewal date. Additionally, you must ensure that the policy is renewed without any break in coverage. Note that there is a 30-day grace period in case porting is underway.

According to IRDA regulations, the new insurer has to let you know whether it has accepted or rejected your request to port within 15 working days. If the insurer does not respond within that timeframe, your request stands accepted. After accepting your request, you will be handed the proposed terms and conditions of your new policy by the new insurer. If you agree to the terms, you can pay the premium right away and bring your policy into effect.

Things to Consider before You Port

It is important to understand that porting your health insurance policy does not mean just transferring your old policy to a new insurer; rather, it is like purchasing a new cover without the waiting period clause. However, fresh waiting is applicable in case you want to go for an enhanced sum insured. Also, if the new insurer discovers other pre-existing ailments, then the waiting period applies. Before you go ahead with porting your health policy, make sure to disclose all current and past treatments as well as medications.

You can choose the kind of premiums you want to pay and select a plan whose benefits suit your needs. Hence, before porting, it would be beneficial for you to fully understand the benefits you are getting from your current policy and accordingly match them with the plan you wish to port to.

Have any questions about porting your health insurance policy? Write to us in the Comments section below or give us a ring at 86559-86559.




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