Portability of health insurance in India

Portability requirements

The IRDA obliges all health insurance companies to provide portability in their health insurance plans. However, there are certain conditions in your health plan that are as follows -

You will not receive the port of the health insurance plan until the plan is renewed. It is not possible to fulfill the policy during the term of office If you want to ship the insurance, you should inform your current insurance company and request a shipment. This request should be submitted at least 45 days before the policy renewal date. Feeding is allowed for the entire insured amount. Therefore, the new policy should have a minimum coverage equal to your old policy. If you want, you can increase coverage when porting. Therefore, you must complete the transfer form and send it to your existing insurer at least 45 days before the renewal date. The insurance company will then allow you to transfer your policy to the new company. You should inform the old company about the new company and the scheme in which you would like to include your policy.

Points to remember

You should keep the following points in mind when transferring -

You can feed individual and family health plans.

You can only transfer the same type of health insurance programs. For example, you can feed from one health insurance plan to another or from one critical illness plan to another. You can't feed a health insurance plan for one critical illness. The insured amount is usually supplemented by a bonus without the right to an older policy, which is usually added to another policy. However, obtaining a bonus without claiming indemnity is entirely at the discretion of the new insurer. It is not mandatory as a waiting time for the disease.

Portability of health insurance is always free. Your old and new insurance company can't charge you a fee for drawing up your health insurance policy. A new insurance company cannot reject a shipping request if your current policy has a record of ongoing renewal. Portability of health insurance is only advantageous if the new insurance company offers you a better function for lower premiums. You should be careful when drawing up your policy. Compare different health plans and find a better plan than the current one. Only then should you have a port.

Feeding gives you the benefit of better insurance at lower insurance rates. You can also get an easier claim settlement from another insurance company and promise better service. So understand the feeding conditions and remember the important points before you start feeding.