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Best Portability Health Insurance Plans to secure yourself

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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. 

Affordable Premium

The premium of Health Insurance varies from plan to plan. The cost of the premium can be reduced by comparing and selecting the best Health Insurance plan that offers extensive coverage at an affordable premium.

Continuity Benefits

The major concern of opting for a new policy is that the continuity benefits and waiting period will begin anew. Portability will entitle the insurer to port their continuity benefits and waiting periods to the new policy. 

Better Service

Porting your policy to the best service provider will benefit you in getting excellent customer service and hassle-free claim assistance. If you choose the best service-providing Health Insurance company to port your policy then you are assured of the quality and swift service. 

Comprehensive Coverage

Your existing Health Insurance plan may miss out on certain benefits. If you find that other Health Insurance companies cover the missouts, then porting is the best opportunity, as you can be assured of the wide coverage that will be helpful at needful times. 

Sum Insured

When porting the policy, the accrued bonus otherwise known as cumulative bonus or no-claim bonus is also added to the Sum Insured of a new policy. This ensures that you never miss out the earned bonus of the existing policy. 

Affordable Premium

The premium of Health Insurance varies from plan to plan. The cost of the premium can be reduced by comparing and selecting the best Health Insurance plan that offers extensive coverage at an affordable premium.

Continuity Benefits

The major concern of opting for a new policy is that the continuity benefits and waiting period will begin anew. Portability will entitle the insurer to port their continuity benefits and waiting periods to the new policy. 

Better Service

Porting your policy to the best service provider will benefit you in getting excellent customer service and hassle-free claim assistance. If you choose the best service-providing Health Insurance company to port your policy then you are assured of the quality and swift service. 

Comprehensive Coverage

Your existing Health Insurance plan may miss out on certain benefits. If you find that other Health Insurance companies cover the missouts, then porting is the best opportunity, as you can be assured of the wide coverage that will be helpful at needful times. 

Sum Insured

When porting the policy, the accrued bonus otherwise known as cumulative bonus or no-claim bonus is also added to the Sum Insured of a new policy. This ensures that you never miss out the earned bonus of the existing policy. 

Affordable Premium

The premium of Health Insurance varies from plan to plan. The cost of the premium can be reduced by comparing and selecting the best Health Insurance plan that offers extensive coverage at an affordable premium.

HELP CENTRE

Confused? We’ve got the answers

Get all your portability-related doubts clarified.

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.

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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.