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Health Insurance Policy- Portability

 

           

Post the purchase of a health insurance policy and for easy exchange and servicing of the policy, the policyholder can choose to shift the policy to any insurance company or the branch of the same insurance company which is nearer to his residence. This change can happen without losing the benefits that have accumulated such as waiting period for PED (preexisting disease), benefits of the health plan etc.

 This is called portability of health insurance policy. Policyholder can port the policy to another insurance company and keep the credits /benefits intact.

IRDAI, the insurance regulator has enabled this process and ensures that the policyholders’ rights are protected.

One can port the health insurance policy to any other insurer of one’s choice. IRDAI has laid down that the new insurer, to whom the policy is ported “shall allow for credit gained by the insured for pre-existing condition(s) in terms of waiting period”.

This applies not only when you move from one insurer to another but also from one plan to another with the same insurer.

Special features

Policy can be ported from one insurance company to another general insurance company or specialized health insurance company

Both individual and family policies can be ported

The new insurer must allow the same waiting period for pre-existing conditions that was with the old insurer

The new insurer has to provide the same sum insured as under the old policy

No extra charges will be levied for porting

Both the insurers (previous & new) should complete the porting as per the timelines prescribed in the IRDAI (Protection of Policyholders’ Interests) Regulations and guidelines

Conditions for portability

Policy can be ported only at renewal. The renewed period of insurance will be with the new insurer.

Only waiting period credit flows to the new policy, all other terms and conditions of the new policy including the premium are as per the new insurer.

Application for portability must be submitted at least 45 days before your renewal is due to the new insurer

The new insurer will seek the details of the policy from the existing insurer. Thereafter the necessary process is initiated.

In case of delay in porting due to the internal process of the new insurer, the existing policy of the old insurer, will be extended on request by the policyholder for a short period on payment of prorate premium.

To maintain the time frame IRDAI has created a web-based facility to get and maintain data about health insurance policies issued by insurance companies. With the help of this portal, details of policies can be accessed by the new company to which a policyholder wishes to port his policy.

This enables the new insurer to obtain data on history of health insurance of the policyholder wishing to port his policy.

 

A thorough examination of the policy terms and conditions will enable the policyholder in making informed choices and exercising the rights that are due to him, through IRDAI regulations.

 

We at Zen Insurance have the right expertise and can assist you in choosing a suitable policy that meets your requirements. Plan your health insurance cover and contact us for assistance.

 Disclaimer:   

Zen Insurance Brokers is an IRDAI registered broker which facilitates quick & accurate insurance broking services. We deal with only regulator approved products of insurers. We do not underwrite the products.

 

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