pays for your hospital bills for diagnostics, surgery etc.
If you hold a health Policy and are looking at portability as an option, you would be glad to note that you could go for the Health Insurance that you wanted without a hassle. In one of the most significant moves in mediclaim, you could now go for Insurer change without having to compromise on the sum Assured of your health policy, where you could get the maximum value for your premium.
Portability, or insurer change, means that health insurance is back in the hands of the consumer. Now, service providers in Mediclaim do not have a choice but to get their service levels up to the high standards deserved by consumers, where it is not just a game of Premium and Sum Assured any more. Along with offering the best prices, providers of health insurance should also gear up to the new challenge, by ramping up services. So, if you are not happy with your service provider in health insurance, you could use the option of portability using some simple steps to port your policy to a new insurer.
According to IRDA guidelines issued in September 2011, users of health insurance have the freedom of portability – the right to transfer credit gained by the Insured for Pre-existing conditions and time bound Exclusions if the Policyholder chooses to switch from one insurer to another, or from one plan to another of the same insurer, provided the previous policy has been maintained without any break.
Intimate health insurance within 45 days of premium due: This provides that you have the freedom to shift, as long as your mediclaim policy is valid, and you have paid the premium promptly by the renewal dates, or within a span of 30 days, from the date of renewal. Once you have your mediclaim valid, you should intimate the company that you hold your health insurance with, at least 45 days before your next premium is due.
Fill the portability form: If you have approached the health insurance provider with your request for insurer change, the insurance provider has an obligation to respond with the portability form and all the relevant product documents that would help you with portability. You could fill out the portability form and hand it over to the new insurance company that you would want to change your policy over to.
New insurer accepts application for insurer change: The new insurer for health insurance would then approach the old insurer with details of policy history, such as premium, sum assured, Claim history etc, and the old insurer is legally obliged to provide the requisite information to the new company within seven days. The new insurance company, on its part, has a legal obligation to respond to the application for mediclaim within a period of 15 days, failing which, the new company would have to forego the right to reject the application for health insurance, and should go ahead with insurer change.
Individual Vs Group Health Insurance: It may be noted that portability does not apply to group health policy. Hence, if you have a group health insurance and are looking at insurer change, you or your family members in the group have the right to migrate from group to individual health policy within the same health insurance provider. You could then apply for portability after a period of one year with the existing mediclaim provider.
Portability with the new health insurance provider would be with the same terms such as premium and sum assured as was with the old mediclaim company, including accrued bonuses, if any.