So, if you don’t like your health insurance plan – either the service is poor, the coverage is insufficient, or the premium is too high – don’t worry!
In India, there’s a great option called health insurance portability, through which you can shift your policy from one company to another, and that too without losing your old benefits!
Meaning, whatever waiting period you have already served or the no-claim bonus you have received, will all be transferred to the new plan. Let’s explain Port Health Insurance and what you need to do it!
What is Health Insurance Porting?
In simple terms, porting health insurance means moving your old insurance policy to a new insurer. Just like porting your mobile number from one network to another, your waiting period (for pre-existing diseases), no-claim bonus, and other benefits are transferred to the new plan.
All of this happens under the rules of the Insurance Regulatory and Development Authority of India (IRDAI), which has been offering this facility since 2011. So, if you think you’ll get better coverage, cheaper premiums, or better service with the new company, you might want to consider it!
Why port?
- Better Coverage: The new company may offer a higher sum insured or additional benefits, such as maternity cover or outpatient department coverage.
- Cheaper Premium: If another company offers the same coverage at a lower price, you’ll save money.
- Better Service: If your old company’s claims process is complicated or customer support is poor, consider switching!
- Important Changes: If you’ve moved to a new city and the old company’s network hospitals are limited, you might want to consider choosing a new insurer.
When can you do it?
Porting only happens at policy renewal – meaning when your plan is about to expire. It can’t be done in between. And yes, you must inform the new and old insurer at least 45 days in advance that you want to port. There must be no gaps in the policies, otherwise benefits may be lost. A 30-day grace period is available if the porting process is ongoing.
How to Port Health Insurance? Step-by-Step Guide
- Plan Selection: First, check the new insurer’s plans. See if they match your needs – such as sum insured, coverage, premium, and network hospitals.
- Apply 45 days in advance: Write to your old insurer, informing them that you wish to port the policy, and mention the name of the new insurer. Also fill out the portability form with the new insurer.
- Submit Documents: You will need these documents:
- Copy of old policy
- Health history (record of any medical conditions)
- Claim history (proof of previous claims)
- KYC documents (Aadhaar, PAN, address proof)
- New insurer’s proposal form and health declaration form
- Underwriting Process: The new insurer will check your health and claim history. If everything is clear, they will issue the policy.
- Policy Transfer: The new policy will start, and old benefits, such as waiting period credits, will be transferred.
List of Documents
- Portability form (obtained from the old insurer)
- Proposal form (from the new insurer)
- Copies of the old policy
- Proof of claim history
- KYC (Aadhaar, PAN, address proof)
- Health declaration form
- Any other specific documents from the new insurer, if requested.
Pros and Cons
Pros:
- Old benefits, such as the waiting period and no-claim bonus, will remain.
- Better coverage or cheaper premiums may be available.
- Better customer service or network hospitals with the new company.
- Both individual and family floater policies can be ported.
Cons:
- You can only port at the time of renewal, not mid-term.
- The terms of the new policy may differ, so read them carefully.
- If you are older or have serious health issues, the new insurer may reject you.
- The premium may increase if the new policy offers extra coverage.
Points to note:
- Compare: Compare the coverage, premium, and hospital network of the new insurer’s plans with the old policy.
- Check the waiting period: See how the waiting period for pre-existing diseases will transfer to the new policy.
- No gaps: There should be no break in policy renewal, otherwise benefits may reset.
- Documents should be correct: Incorrect information or missing documents may result in porting rejection.
- IRDA Rules: Check that the new insurer follows IRDAI rules, such as minimum sum insured and waiting period credit.
Conclusion
Porting health insurance can be a smart move if you think you’ll get a better deal with the new company. Just apply on time, have your documents ready, and compare plans thoroughly.
It’s a very simple process, and if done correctly, you could get better coverage, cheaper premiums, or better service. Let us know in the comments: Are you considering porting your policy? And if so, why? Which company will you try?
