Categorized | Health Insurance

terms and conditions to apply for portability

The portability of Health Insurance in India took effect from 1st July, 2011. Health Insurance Portability allows the customer to switch to new Insurer from their existing health insurance company so that they can avail best healthcare services. This has kick started a competitive environment in this sector. You can apply for a new insurer instead of your old one with the help of online health insurance applications.

What are the benefits of portability?

    You can carry the Pre-existing disease cover in your earlier Policy to the new insurer under portability.

•    The no Claim Bonus is also carried over from the previous service provider to the new one

•    Waiting Period for pre-existing diseases can also be carried over to the new service provider.

Terms and conditions for portability

Under portability, the customer can carry forward his pre-existing cover and no-claim bonus to the new health policy only if he has maintained the earlier policy without any breaks. The IRDA has made sure that the procedure for porting is simple. However, this process takes time before the new policy can become effective. The Policyholder has to apply for portability 45 days before the renewal date of his existing policy. A policyholder needs to understand- what is health insurance portability during this time and keep certain points in mind.

The new insurer is not bound to offer portability if the policyholder does not approach them 45 days before the renewal date of the previous policy. While applying for medical health insurance portability, you need to understand that the portability benefits apply only to pre-existing conditions and time bound Exclusions that are common to both plans. If the policyholder has applied for additional Coverage from the new insurer, then he or she will have to wait for those benefits to apply.
The new insurer has the right to refuse medical health insurance portability requests if according to the Underwriting guidelines the policyholder does not fulfill the criteria required for an eligible policyholder.


Other things that you need to keep in mind

You should check the claims servicing standards, including the cashless and Reimbursement services
While choosing a health insurance policy, you should also look at the additional services and benefits provided by the insurer, as these are a value addition to your policy.

It is recommended that you apply for portability only if you are not satisfied with your current insurer. This can include the services at any stage i.e. the buying stage, during the policy Term or even while making claim. If you wish to port, you will need to understand and follow the guidelines properly and make yourself aware of the new insurer’s coverage details. In choosing an insurance company, the factor that overrides all features is the feeling of trust that an insurance company evokes in the minds of the customers. Hence look at all aspects and choose your new insurer carefully before you apply for portability.