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How Can I Port My Health Insurance Policy?

Updated On Apr 23, 2021

Are you new to the world of health insurance? If so, you would come across a series of health insurance terms while looking for a health insurance policy. Of all, health insurance portability is the term, having knowledge of which would be a must for you.;

How Can I Port My Health Insurance Policy?

What Is Health Insurance Portability?

Health insurance companies offer a wide range of health insurance policies to benefit their customers/policyholders in multiple ways. However, when a policyholder realizes that their existing health insurance policy is not as good as it seemed to be in the beginning, or finds out a different health insurance policy/company better than their existing one, they decide to make a switch. Introduced by the IRDAI in 2011, health insurance portability allows a policyholder to transfer their existing health insurance to another health insurance company without experiencing any loss of continuity benefits.

How Can I Port My Health Insurance Policy?

If, in the future, you want to port your health insurance policy to gain benefits like no claim bonus, low premium amount, and others, make sure you keep your important documents ready.

The documents you may be asked include:

  • Proof of identity
  • Address proof
  • IRDA portability form
  • Proposal Form
  • Health Insurance Policy
  • Claim history, if applicable
  • Declaration of no claims, if applicable
  • Medical history related documents

When it comes to the process of health insurance portability, learn that it has multiple steps. So, if and when you have finally decided to port your existing health insurance policy, it would be better to prepare yourself for the below-mentioned steps:

1. Fill the IRDA portability form to commence the portability process. Remember, you can initiate a portability request at the time your policy is due for renewal.

2. Approach one of the health insurance companies where you want to port your existing health insurance policy.

3. Your new health insurance company will send you a few documents, including a portability form and a proposal form. You may also receive details regarding various health insurance products offered by the new health insurance company.

4. Once you have filled all the necessary forms and submitted them to the new company, the latter will contact your old health insurance company for medical records and other related information. Your claim history might also get asked.

5. Once your new health insurance company receives all the desired details, they will determine whether or not you can be given a health insurance policy (also referred to as underwriting). An underwriter will perform an analysis of the data while considering your risk profile to decide about providing health insurance to you.

6. If your new health insurance company agrees to insure you, they will underwrite your policy within 15 days. If there is any delay in this period, it is considered that your new insurance company has insured you.

Things to Keep in Mind

Before you go ahead with the process of health insurance portability, keep the below-mentioned things in mind:

  • Apply with your new health insurance company 45 days before the date of health insurance renewal, but not before 60 days.
  • While you may not have to pay a portability cost, your health insurance policy premium may vary even for the same sum insured amount.
  • You will have to enhance your sum insured amount to gain no claim bonus benefit.
  • An additional sum insured amount will come with a new waiting period in your new policy.
  • It would be wise to port your health insurance policy to upgrade it according to your future requirements.
  • You are free to extend your cover, add new family members, and include multiple new features.

Final Words

Health insurance portability is a great feature designed to support health insurance policyholders to get their specific needs met. If you ever find yourself unhappy with your existing health insurance policy, go ahead and get it ported to make sure you invest your money in the right place.

Must Read 

Health Insurance Portability: A Comprehensive Guide

Pros And Cons of Health Insurance Portability

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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