The way to port health insurance

A health insurance policyholder can also want to change the insurer for reasons like better benefits and offerings or lower premium being provided by some other coverage business enterprise. Even as porting the insurance, the policyholder can maintain the benefits accumulated in terms of waiting period for covering certain procedures or pre-existing diseases.

What can be ported

All time-bound exclusions and no-claim bonus gathered for the present coverage may be ported to the new policy. The new insurer must give credit for the waiting period for pre-existing diseases if these have been acquired with the old policy

Conditions

Porting can be finished most effective on the time of renewal. The new insurance period will begin with the new coverage. The new insurer is needed to provide a cowl this is at least identical to that of the prevailing cover.

process required

The policyholder desires to write to the old insurance enterprise asking for a shift to some other policy as a minimum 45 days before the expiry of the policy, but no longer before 60 days. The request have to point out the name of the brand new coverage company, current coverage information and other personal info of the insured. An insurance portability form, in conjunction with the concept form and medical reports, as mandated by way of the insurer, desires to be submitted to the new insurer. The new insurer .The new insurer needs to verify the notion within 15 days, failing which the policyholder can retain the existing coverage with the aid of paying the due top class. If the inspiration is common, the policyholder pays a premium for the new policy

Factor to observe

. Apart from waiting period credit , all different terms of the new policy, inclusive of premium, will apply.

The 2 insurance organizations want to finish the porting in line with the timelines pre3 scribed by using IRDAI.