Transferring from one health insurance company to another without losing accrued benefits such as the Cumulative Bonus (CB), waiting period credit, and free medical examinations has become easy.*
If dissatisfied, customers can transfer to a better health insurance policy by comparing it to their current insurer. Every policyholder is eligible for the portability option if the previous health insurance policy was continuously renewed.
How to Apply for Portability of Health Insurance?
The application process for online health insurance portability is outlined below:
At least 45 days before the date of renewal of your current policy, send a portability request to the insurance company you desire to transfer to.*
Upon obtaining the request for portability, the new insurer will provide a proposal and portability forms and information about the various health insurance plans available.
Select the health plan to port and submit the adequately completed proposal and portability documents to the new insurer.
After receiving all the necessary forms, the new insurer will contact your previous insurer to obtain information such as your claim history and medical records. The new insurer can access these details through the IRDAI’s website.#
Within seven working days, the existing insurer will provide all requested information through IRDAI’s common data-sharing portal. If there is a delay in sharing this information, the new insurer may only accept your porting request.#
Within 15 days of receiving all the necessary information, the new insurer will approve or deny your request for coverage portability. If the decision is made within this time frame, they must approve your request for portability.
List of Required Documents for Transferring a Health Insurance Policy
The following documents are required for health insurance portability:
- Identity evidence
- Address verification from the Prior Insurer:
- Previous year’s policy documents
- The most recent renewal notice expressly mentions coverage continuity
- Self-declaration by the insured in the event of a claim-free period
- Documents including discharge summary, investigation report, etc.
- The New Insurer states:
- Proposal document
- Portable shape
What are the advantages of transferring a health insurance policy?
Here are the most common advantages of switching to the best health insurance policy:
- Defence of Cumulative Bonus
Porting an existing health insurance policy to another insurance company does not result in the loss of the accumulated Cumulative bonus (CB).*
- Carry Forward Credit for Waiting Period
After portability, the existing health policy’s waiting period will be transferred to the new policy.
- Lower Premiums
The best health insurance policy portability enables policyholders to transfer to a health plan with comparable coverage but a lower premium. It is particularly beneficial for individuals whose premiums increase after filing a claim under their current policy.*
- Superior Services
The portability of health insurance also permits policyholders to transfer their existing policy to another health insurance provider if the services provided by their current insurer are inadequate.
For instance, if the existing insurance company has a complicated claims process or provides poor customer service, the policyholder can port the policy to a different insurer with a simplified claims process and a more attentive customer service team.
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*Standard T&C Apply
# Visit the official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.