Insurance regulator IRDAI has allowed insurance buyers to switch their policies since 2011. This portability option enables policyholders to transfer their coverage from one insurance provider to another. Here are some answers to frequently asked questions about health insurance portability.

 

When should someone consider insurance portability?

If the policyholder is unhappy with the service or the claims process of their current insurer.

If another company offers better services, more extensive coverage, or lower premiums.

If the policyholder’s health requirements have changed and another insurer can provide better coverage to address those needs.

 

There are no processing fees associated with insurance portability, and the benefits of the old policy remain intact. The only aspect that carries over is the waiting period for pre-existing conditions from the previous policy. In this scenario, all other benefits stay the same.

 

When considering porting your insurance, there are several important factors to keep in mind.

 

According to IRDA regulations, you must start the portability process at least 45 days before your policy renewal date. If the new insurer declines your application, you can still maintain your current policy.

 

It’s crucial to provide accurate and complete information regarding your medical history to the new insurer to prevent any potential claim denials in the future.

 

Make sure to compare the coverage offered by both your current and prospective insurers. Ensure that the new policy covers all the benefits you require.

 

Select a trustworthy insurance provider known for its strong claim settlement ratio and excellent customer service.

 

Are there any drawbacks to porting your insurance? If you switch without thorough research, you might face disadvantages. Depending on your age, medical history, and other risk factors, the premium for the same coverage with the new insurer could be higher.

 

Porting your policy also requires approval from the new insurance company, which may deny your application based on your health conditions or other considerations.

 

The new insurer has the right to review your existing health insurance policy details and claim history.