Health Insurance Portability In India | Health Insurance Porting Process

Health Insurance Portability In India

If you are not pleased with your health insurance premium, feature and its service, you can use Health Insurance Portability In India. Users can easily switch their health insurance from one insurance company to another insurance company and you may also applicable to change one plan to another plan so let’s check Health Insurance Porting Process through this page.

Portability is the right of policyholder through which credit gained for pre-existing conditions and time bound exclusions, from one insurer to another. It is allowable to all individual and family floaters which posse’s health insurance policy. While in case of group health insurance portability, users are unable to change their policy from one to another but they can port it within the same insurance company.

When You Can Opt For Health Insurance Portability?

  • If your insurance company providing you deprived service, you can port it.
  • If the user feel accessible cover is not adequate to cover specific diseases.
  • When the health insurance company settles the claim at very low pace, you can convert it.
  • If you feel much better options are present in the market with competitive price.

Know About – How To Choose The Best Health Insurance Plan

Health Insurance Porting Process

  • Submit your form with all mandatory documents, then visit to the official site of Insurance Regulatory and Development Authority (IRDA).
  • Then a new insurance company will look for the essential facts of medical history and claim history of policy holder.
  • After having the request from the new insurance company, the necessary information will be submitted by existing insurance company within 7 days.
  • If the data did not furnish such data within 7 days, then it is the infringement of IRDA rules.
  • Still the new insurance company obtained the data from the existing insurance company the process of underwriting can be begun.
  • The new company will inform the insurer concerning its decision within 15 days submitting your application.
  • There is no loading or any special charges will be taken in the process of Health Insurance portability and agent will not ask for any commission.

Portability Form Part-1

Health Insurance Portability In India 22

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Things To Consider

Each and every policy provides various schemes differ from insurer to insurer. If you are policyholder you must know about those factors before making the switch which are mandatory. For example, during this process, if you trap in adverse circumstances you may end up paying more premiums by this procedure.

Usually, people buy health insurance policy in their younger age because it is hassle free in that time even the companies also prefer youths. After that portability will be more complicated and a new insurer will not be willing to risk covering an elderly citizen.

Under the previous policy, pre-existing situation was barred from coverage for two years and barred time period is three years for the same situation in that case insurer will have to undergo one year waiting period.

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Documents Required For Health Insurance Portability

Some documents are mandatory for Health Insurance Portability which are mentioned below

  • The most important document is to keep Portability Application Form.
  • Insurer must have health insurance policy document.
  • Applier must possess Self-declaration by insured about no-claims.
  • If there is a claim exist in policy then follow-up report copies are required.
  • Keep other basic documents varying from insurer to insurer.

Advantages Of Opting Health Insurance Portability

  • Insurer will obtain Better service expectation through the new insurance company.
  • Customer can customize the policy as per future requirement.
  • User will obtain competitive price.
  • You will acquire better-featured product.

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Disadvantages Of Opting For Health Insurance Portability

  • It is allowable only renewal time Period.
  • Customer may end the accumulated no-claim bonus.
  • It will be added to his/ her insured and has to pay the premium.
  • New insurer will again evaluate the risk involved, offering you the health insurance.

IRDA introduced this service in 2011. It makes you able to transfer the credit gained for pre-existing circumstances and time bound exclusions. You can apply for portability when your existing policy is due for renewal and the applier must furnish the details within seven working days after sharing the date with IRDA. Every policyholder has a right to use this facility under terms and conditions.

 

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