How to Port Health Insurance Policy?

Posted on Jun, 2020

Your health insurance is an investment that keeps on giving you important benefits. Health Insurance is a facility that enables you to seek the necessary treatment while the insurance company pays for the treatment (up to the sum assured). While buying insurance, you must invest in a policy that covers you adequately and comes with a high sum assured. You must also review your policy annually and analyse if it is fulfilling your varied insurance needs. If you think you are not getting adequate coverage under your current policy, you can port you policy to a different insurance provider.

What is portability in health insurance?

Portability is a process which enables policyholders to switch between insurers without worrying about losing benefits like No Claim Bonus or having to let the waiting period pass all over again. But before porting to another insurer, make sure you’ve understood all the inclusions and the exclusions offered to you in the new policy.

Some reasons why you should consider porting your health insurance are listed below:

  • With the portability feature, policyholders can customise their health insurance policy as per their needs, giving them the utmost flexibility to take care of their and their families’ insurance needs.
  • You should consider porting your health insurance if you feel that your existing health insurance policy is too expensive and want to opt for a policy with a lower premium amount.
  • You should consider porting your insurance policy if the new policy fulfils the gaps in your existing policy, i.e. you get access to better features and benefits.
  • You should port your policy if the benefits offered by the new insurance provider are compelling, i.e. they can solve the issues left unresolved by your existing insurance provider.
  • You should consider porting your policy if the new insurer has a broader network of hospitals in its list, including the ones you prefer.

Procedure to port a health insurance policy

It is rather easy to port your health insurance policy and can be done in six easy steps. Here’s a guide to help you.

  1. File an application with the new insurer 45-60 days before the existing policy expires.
  2. Next, the new insurer will ask you to fill out portability and proposal forms. Fill those correctly and submit relevant documents.
  3. The new insurer will check your insurance history with your existing insurer, including details like claims filed and medical history, among other things.
  4. Your existing insurance company will then have to pass on the required information through IRDA’s portal in the pre-existing format set by the regulator for porting the policy.
  5. Once the new insurer receives all the required information, they will then proceed to frame your health insurance proposal in accordance with their underwriting norms.
  6. You should receive the final proposal from the new insurer in the next 15 days of receiving your application. If they fail to send the proposal even after receiving all required information, as per the existing norms, the new insurance provider is obligated to accept your application to port your health insurance policy.

Documents required for porting your health insurance policy

To get your portability process going, you will need the following documents:

  • The documents of your existing health insurance policy, i.e. the insurance agreement document.
  • Details regarding the policy renewal, specifying continuity of coverage.
  • Self-declaration document signed by the policyholder stating no claims have been filed during the policy period with the existing insurer.
  • In case a claim has been made, the policyholder will have to submit copies of the claim settlement, investigation report and discharge summary documents as proof.

Porting your health insurance policy is a simple process. If you feel that your existing policy is lacking, you can consider porting your health insurance to another insurer. However, you must ensure that you do the necessary research and compare the different policies before you apply to port your policy. Portability also enables you to retain your no-claim bonus if you are eligible for it.

At Pinc Insurance, we are always there to assist you with all your insurance needs. Whether you wish to invest in a new insurance policy, port your existing policy or file an insurance claim, you can reach out to us at any time. We also help you select policies as per your requirements and budget. Pinc Insurance is your one-stop solution for all your insurance needs. Visit our website to know more!