New Delhi: If you are not satisfied with your existing health insurance policy or you believe that the benefits you get from your health plan are not worth the premium you pay, then you have an option to port it to a different insurer for a better plan. In this case, the no claim bonus on the existing policy also gets ported.
Health insurance policies can be ported to a different insurer while continuing the accrued benefits of the existing policy. For example, if in your present health plan some treatments are not covered for the first two years and already one year has passed, then in the new policy offered by a different insurer the waiting period for the same treatment will be reduced by one year. Worth mentioning here that the same benefit will not be applicable to a senior citizen mediclaim policy.
It is easier to port the health insurance plan of a young person than a senior citizen. Companies often show reluctance to port senior citizen plans as the waiting period is either reduced or entirely waived off and the new insurance company’s liability comes into effect earlier.
It may be noted that individuals having a chronic illness or who have already undergone a hospitalization may get limited options when it comes to health insurance portability.
How can you port your health insurance plan?
The paperwork for porting a policy must start when the existing policy is in force. Typically it takes 45 days for the entire porting process to work out. So it is advisable that you start the porting process at least 45-days prior to your policy expiry date.
To port a policy you have to deposit a portability form along with the proposal form of the new policy and required documents mentioned below:
- A copy of policy schedule or renewal notice
- A declaration that no claims have been made during the policy year
- If you have already made a claim, then you have to submit discharge summary, investigation and follow up report copies
- For past medical history, treatment and report copies are also required.
After you submit all required documents, the new insurance company will check details from the existing insurer through the IRDAI portal. Once details are received from the existing insurer, the new insurer could accept the portability proposal or give a counter-proposal to the policyholder. In case the insurance company does not give a counter-proposal to the customer within 15 days from the date of submission of the portability form, then the company will have to accept the portability application.