What Are the Points To Check When Porting Your Health Insurance Policy?

What Are the Points To Check When Porting Your Health Insurance Policy?


Recent studies have shown that around 50% of policyholders are not happy with their current policy plans. If the level of customer dissatisfaction is so high, the obvious question is why do they not get rid of their current insurance plan. This question is a valid one and once you look into it, you will find that most people do not want to go through the process of buying a new policy plan again.

The biggest concern in their mind is that they will lose the benefits of their current policy. Unbeknownst to many, the Insurance Regulatory and Development Authority of India (IRDAI) introduced a concept in 2011 stating that a policyholder can transfer health insurance to a new insurance company without losing the benefits of the previous policy. You can visit the official website of IRDAI for further details.  Here is all you need to know about porting your health insurance policy:

Benefits of porting your health insurance policy

Porting health insurance can be very beneficial compared to purchasing a new health insurance policy. These benefits include:

  • You can customize your new policy

Portability allows you to modify the policy to suit your current health needs. For example, you can change nominee details, get extra cover, etc. *

  • New sum insured

When you port a health insurance policy, the new sum insured is calculated by including the previous sum insured along with the accumulated bonus. This can be very beneficial in providing a higher insurance amount at the time of claim. It also is an especially if you are some one that prefers to buy health insurance plans for family. *

  • Continuation of past benefits

The best part of the health insurance policy’s portability is to maintain the current benefits such as no claim bonus, accrued bonus, etc. when you move to a new insurance company. *

  • Low premium rates

The increasing competition among insurance companies in India ensures that you can avail the current benefits of your policy at a lower premium. *

  • Better service

One of the important reasons why people port to a new insurance company is the poor service quality of the current insurance provider. Therefore, good research can help you find a good and reliable insurer for your new health insurance policy. *

  • Better claim settlement

The slow claim settlement process can be very annoying, especially when you need money. So, make sure you choose an insurance company that has a good claim settlement record. *

  • Transparent system

The terms and conditions hidden in the insurance policy are the main reasons for people wanting to leave the insurance company. With health insurance policy portability, you can switch to an insurance company that has a more reliable and transparent insurance process. *

  • * Standard T&C Apply

Important things to check when porting a policy

There are a few things you need to keep in mind in the process of porting health insurance.

  • Age limit

You should make sure your new insurance company has no age limits on switching policies and has an option for lifetime renewal. *

  • Change in premium

Usually, premium rates are generally lower when you port to a new insurance provider. But if you have made several claims with a previous insurance company or have an existing illness, your policy premiums may increase. You can use a health insurance premium calculator to have an idea of how much of an increase you could have. *

  • Cashless or Reimbursement claim

An important factor to keep in mind when porting your policy is whether your new policy payment or collection policy is cashless. Cashless policy is preferred over reimbursement policy due to timely approval of claims and faster financial support. *

  • Network hospitals

You should check if your preferred hospital is registered with the insurance company you are porting to or not. You can only make cashless claims in hospitals that are registered as network hospitals with the insurance provider.

  •  Standard T&C Apply

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