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A Comprehensive Guide on Health Insurance Portability Option

Published On Jan 01, 2021 5:30 AM By Gunjan Anand

Health insurance portability is now approved by the Insurance Regulatory and Development Authority of India, (IRDAI) to help the policyholder enjoy better insurance benefits. Through this option, the policyholder can change their current provider and choose a better policy from another insurance company. People can seek better coverage, prices, and services without having to lose the benefits of their current plan, such as gains credited in the waiting period, by making this switch. This also applies when the policyholder shifts from one plan to another with the same company.

A Comprehensive Guide on Health Insurance Portability Option

Conditions For Health Insurance Portability

The portability of the health insurance policy has to fulfil the following conditions:

  • The policyholder can port the policy only at the time of renewal.
  • The waiting period credit, premiums, and other terms about the new policy are at the discretion of the new insurance company.
  • The policyholder has to write to the old insurance company requesting a shift, at least before 45 days of the renewal.
  • The insured should renew the policy without any break

Process of Health Insurance Portability

The concept of health insurance portability was introduced in 2011 by the IRDAI. The process of applying for portability is as follows:

1. Filling the IRDA Portability Form:

To initiate the portability process, the policyholder should first fill the portability request when the policy is up for renewal and approach the insurance company where they wish to port their existing policy. They have to fill a portability and proposal form from the new insurer and also mention their best fit plan.
The new insurance company can contact the previous insurer to obtain the medical records and the claims history. The information will also be shared with the IRDAI.

2. Documents to be Submitted:

The following are the documents to be submitted at the time of porting the policy:

  • IRDA portability form
  • Proposal form
  • Insurance policy
  • Address proof
  • Identity proof
  • Claim history
  • Documents pertaining to the medical history.

3. Underwriting of a Policy:

After acquiring all the desired details, the new insurance company will decide on issuing the new insurance policy. This is referred to as underwriting of a policy. This is done after analyzing the submitted data and by analyzing the risk profile. This process takes about 15 days.

Conditions For Health Insurance Portability

For porting the health insurance policy from one company to another, there is a certain guideline to be followed.

  • The policyholder can port only to a similar type of existing policy. They cannot change the coverage and type of policy drastically.
  • The policyholder should choose a similar type of insurance company.
  • A lapsed policy cannot be ported and there should not be any gaps in the policy renewals.
  • The policyholder should notify the current insurance company at least 45 days before the renewal date.
  • There are no porting fees and the policyholder can choose a higher sum insured and coverage with the new policy.

Bottom Line

Thus if an individual feels that they are not happy with their current health insurance plan, they can easily port to another insurance company that offers a better plan.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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