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A health insurance policy is a contract between an insurance company and the insured. Even though it is usually a long term contract, it is not mandatory for the insured person to continue with the health insurance company in perpetuity. The insured can easily replace his old insurance provider with a new one; This process is called insurance porting and this feature was introduced by the IRDA of India.
Let us now address some of the most important questions with respect to porting your health insurance policy:
There are a variety of reasons why a person would want to port their health insurance policy. It is possible that he or she may be getting a better premium rate, he or she may be unhappy with the customer support, or he or she may be getting better bang for their buck with another insurance provider. All of the above are valid reasons for a person to port their health insurance policy.
Let us talk about some of the most pertinent benefits in porting a health insurance policy:
Let’s now understand the steps of porting your insurance policy.
Once you have zeroed in on your new health insurance provider, initiate a portability request with them. Ensure that you have placed this portability request 45 days prior to the renewal date of your current policy.
The insurance company will now provide you with a portability form and a proposal form. You will need to fill-up these forms accurately and honestly and furnish them to your new insurance provider.
The insurance company will now take a maximum of 15 days to decide on your application. If the new insurance company decides to port your account, you will now have an insurance contract between yourself and your new insurer. The old insurance contract will now be terminated.
The following documents will be required to initiate a porting request:
There are 2 important points that you need to keep in mind before porting your health insurance policy, they are:
This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.
Frequently asked questions
Yes, you are eligible towards insurance portability as per the IRDA of India.
You must ensure that you inform your new insurance provider 45 days prior to your current insurance policy's renewal date.
Yes, NCB is generally carried forward. But you must verify this with your new insurance provider.