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PORTABILITY
What is portability?
What if your current health insurance company doesn't meet your needs? You must adhere to the terms of the policy because you purchased it. However, choosing a new health insurance plan can be difficult because the waiting period, bonus, and benefits will all be new. The portability concept was introduced by the Insurance Regulatory and Development Authority of India (IRDAI) which entitles the insured to port their policy from one insurer to another in case of dissatisfaction with the current policy or insurer.
The prime benefit of portability is that you can retain the continuity benefits of your existing Health Insurance policy while porting.
BENEFITS
What are the benefits of portability?
If you are dissatisfied with your current Health Insurance policy, or if you feel that the Health Insurance policy of another insurer is better than yours, then portability can benefit you. Here are some of the benefits.
HELP CENTRE
Confused? We’ve got the answers
Get all your portability-related doubts clarified.
What is Health Insurance portability?
Portability is the right of the insured to port their policy to a new insurer in case of dissatisfaction with their current policy or insurer. Portability also entitles the insured to port their waiting period and continuity benefits to the new insurer.
How much does the insurer charge for portability?
When can I port my policy?
How long will the porting process take?
Is it possible to port the Health Insurance policy at anytime?
What is the intimation period for portability?
For which policy portability is applicable?
What are the benefits of portability?
Is there an age limit for portability?
Can I opt for a higher Sum Insured while porting my policy with the new insurer?
Be Assured of the Best
Procedures for porting a Health Insurance policy
Porting a Health Insurance policy is not a complicated process. Get to know the process involved in porting a Health Insurance plan.
Intimation
Intimate your current insurance company at least 45 days before the renewal date of the existing policy
Raise Request
Raise a request to the new insurance company within the same period
Portability Form
Choose the policy that favours your need and submit the filled portability form to the new insurer
Verification Process
Your request for portability will be approved once the necessary verification has been completed and the submitted document is free of errors
What are the documents required to port a Health Insurance policy?
Different insurers may have different procedures, hence the required documents may vary. Some of the documents required to port a health insurance policy are listed below.
- Existing Policy Document
- Identity Proof
- Address Proof
- Filled Portability Form
- Medical Document (if required)
- Claim Document
- Declaration of no claim
Can your request for Health Insurance portability be denied?
Yes, there are some possible reasons why the Health Insurance company can deny the portability request. Following are some reasons why your request for portability may get denied.
- Irrelevant Information
- Misleading Information
- Delay or not submitting the required documents
- If the existing policy is renewed
- Multiple claim history
Health Insurance portability rules
Here are the rules of Health Insurance portability that should be noticed before porting the Health Insurance policy.
- Request for portability can be raised only at the time of renewal of the existing Health Insurance policy
- The decision of porting should be intimated to the existing and new insurance companies within the mentioned intimation period. Usually, the intimation period is at least 45 days before the date of renewal of the existing Health Insurance policy. The prior intimation will avoid confusion and misconceptions during porting
- There are no additional charges for porting
- While porting to a new insurance provider, the continuity benefits and waiting period of the existing Health Insurance policy can also be carried along
- The insured can intimate a request for increasing the Sum Insured, however the same should be approved by the insurance company.