The Insurance Regulatory and Development Authority (IRDAI) introduced health insurance portability in India. This empowers consumers, allowing them to shift their health insurance providers without losing the benefits accrued under their current policy.
Let’s go through the process of porting your health insurance policy online in India, along with the benefits and factors to be considered.
What is Health Insurance Portability?
Health insurance portability facilitates the transferability of an existing policy from one insurer to another, retaining benefits such as waiting periods for pre-existing disease conditions and NCB.
However, it can only be ported when switching to a similar policy type, such as from individual to individual or from family to family, and that too at the time of policy renewal.
Steps for Porting Your Health Insurance Online
There are many reasons why you should port health insurance policy, and now that you know why you might want to port, it’s time to understand how you can port your health insurance policy online in India. Here are the steps to follow:
Step 1: Start Early
As such, you must apply for portability at least 45 days before the end date of your prevailing policy. This time will help the new insurer evaluate your application and liaise with your prevailing insurer without any time constraints.
Step 2: Research and Compare Plans
You must research various potential insurers and what they have to offer in their plans before you finally decide. You can utilise online comparison tools that allow you to compare various side-by-side policies.
Determine what coverages include illnesses and treatments and what is not covered under the policy. You must also compare premium charges for the same coverage level, check the claim settlement ratio, and read customer reviews. If you are still determining which plan would suit you best, consider consulting an insurance advisor.
Step 3: Gather Required Documents
To proceed with the renewal, ensure you have the necessary documents. The renewal notice issued by your insurer will indicate the renewal date and premium charges. You will also need to submit a No Claim Declaration Form, confirming any claims made during the previous policy term.
Proof of age, such as an Aadhaar card or birth certificate, is required for verification. Additionally, gather any medical history documents that outline pre-existing conditions. If any claims were made in the past year, include all related documentation as well.
Step 4: Lodge the Application
Now, apply for portability once you have settled on a new insurer and collected all the required documents. Complete the form accurately and attach all relevant documents. Pay attention to any details that could delay processing.
Most corporations allow you to do this online, using their website or mobile app. Simply follow their instructions and keep copies of everything you submit.
Step 5: Wait for Approval
Once the application has been submitted, the new carrier will begin processing it. Here’s what happens next. The new carrier will reach out to your former company to verify the following:
- Policy History
- Claims Made
- No Claim Bonus Eligibility
- Waiting Period Served
This must be done within 15 days after the submission.
Either insurer will contact you and keep you posted on how your application is faring. You may need to act on some missing information or details, further delaying the process.
Step 6: Confirmation
After approval, both insurers should contact you to inform you that your policy has been ported without a hitch. Do this:
- Once you obtain a copy of the new policy document from the new insurer.
- Take the time to ensure that the conditions still include everything discussed.
- Ensure the coverage amounts and exclusions are the same as those agreed upon during the application.
- Ensure that you have an exact date when your new coverage begins.
Ideally, there should be no void between the expiry date of your old policy and the start date of your new one.
Why Should You Port My Health Insurance?
Here are the following reasons why porting health insurance policy is a must:
- You are dissatisfied with the service provided by your existing insurer or during the claim settlement process.
- You found a better insurance company which provides better or additional benefits at the same or lower price.
- Your current insurer has hiked the premium quite well without any corresponding increase in the benefits to be provided.
- You think you want to change to an insurance company with a wider network of hospitals.
- The current policy does not suit your requirements or your family’s health.
Things to Know Before Porting Health Insurance
Since porting health insurance affords flexibility, here are some other factors you should be aware of:
- Waiting Period for an Existing Disease: Porting allows you to carry on the waiting period already served. If it is a different insurer, you would have to serve the rest of your waiting period with the new insurer.
- Sum Insured Limit: If you increase the sum insured under the new policy, then the waiting period for an existing disease may be incurred for the increased sum insured amount.
- Policy Coverage: Ensure that the new policy covers all aspects, including maternity cover, daycare procedures, annual health check-ups, and alternative treatments like Ayurveda or Homeopathy.
- Claim Settlement Ratio: An insurance company’s high claim settlement ratio would avoid the hassle of claiming.
- Inclusions and Exclusions: Compare inclusions and exclusions in the new policy with your healthcare requirements.
Porting your health insurance policy online is one of the easiest ways to adapt your coverage to match the dynamic needs of your healthcare costs without compromising on rewards you have earned over time.
The complete process is extremely easy, with porting under the rule book of IRDAI, and thus, it gives flexibility to the policyholder with better features and efficiency. As discussed above, carefully consider the factors explained here before making the change in a hassle-free way.
Read more:
How to Port Health Insurance Policies Online in India?