You can port the Insurance Policies, Keep these things clear before Porting

Health insurance portability allows you to change the company of the policy. Under this facility, if you are not satisfied with your old insurance company, then you can change the company.
Image Credit: Dainik Bhaskar
Image Credit: Dainik Bhaskar

Health insurance portability allows you to change the company of the policy. Under this facility, if you are not satisfied with your old insurance company, then you can change the company. If you also want to port your health insurance policy to another insurance company, then before that you should take care of many important things like premium and waiting period. Today we are telling you about the process of portability and the important things related to it.

Insurance Portability Process

You have to approach the new insurance company at least 45 to 60 days before the expiry of the existing policy once you have decided to port the policy. There the copy of the policy has to be submitted by filling the portability proposal form. After accepting your application, the new company will contact your old insurance company to ascertain your medical and claim history. Based on this, it will accept or reject the portability proposal.

May have to pay a higher premium

The new insurer will look at your current health and not yours when you took the first policy. Considering your current health, you may demand a certain amount as a co-pay or an increase in premium. That is, you should know that you may have to pay higher premiums in the new company if the policy is ported. So, it should be clear why you want to port your existing health insurance policy.

Image Credit: Abp news
Image Credit: Abp news

Keep these two things in mind while porting health cover

The waiting period will have to be completed after increasing the insurance cover

If you choose to increase the sum insured cover, keep in mind that the benefit of the waiting period will be applicable only on the old sum insured. You will have to complete the waiting period with the new insurance company for the additional sum insured.

Understand the coverage and limits of the new company

Many people port insurance policies because another company is offering lower premiums. Understand the coverage, limits, and sub-limits of the new company. This will save you from mistakes while making a claim.

Comparative Study of Offers

Health insurance portability gives the freedom to explore the offers available in the market. But before choosing the option of portability, it is important to calculate its pros and cons correctly. It would be better to do a comparative study of the offers. Take a decision only after this, so that later there is no disappointment.

Don't hide anything from the new company

Every policy has its own merits. Take a look at the features of both the policies to know what you are giving up and what you are getting extra. The claim and medical history details should be given to the new company to avoid the hassle of non-disclosure.

Documents required for porting a health insurance policy

  • Proposal form
  • Portability form
  • Identity proof
  • Address proof
  • Claim history
  • Medical history

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