Gone are the days when you use to get stuck with one health insurance because if you buy a new policy you will again have to wait for the waiting period with the new insurance. Like number portability within mobile operators, you can now also port your health policy to different insurer or within the same insurer in different plan without the need to wait for waiting period.
What is it?
You can port your health insurance policy to a new health insurance company without losing benefits from the previous policy. Benefits like Waiting period for Pre Existing Disease, waiting period for Special illness for surgery like cataract have to be covered by new insurer as IRDA guidelines.
Pre Existing Disease (PED) waiting or Special Waiting Period:
Cumulative Bonus: You have an Individual health insurance plan with Company “A” with 5 lacs basic sum assured plus no claim bonus/Cumulative bonus of Rs 50 k.You can apply for porting of policy with new insurer for Rs 5.5 lacs as sum assured. Not only your basic sum assured but also your bonus part can be used for porting.
Important things about the portability
- Only like to like policy can be ported Example: Basis policy to Basic policy, Top up Policy to Top Up policy.
- Premium for the new policy will be at the discretion of the new Insurer.
- For the pre existing disease the new company can charge loading on the premiums.
- Medical Test might be conducted by the new insurer and depending upon the medical condition of the insured the company will decide to provide a policy.
- New Insurer will accept the policy as per its own terms and condition irrespective of the previous terms and conditions.
- Portability can be done only at the time of renewal.
- You need to submit the application at least 45 days before the renewal date to the new insurer.
- Policy should have been in continuation with the old insurer. There should not be any break in the premium payment with the insurer.
- New policy may differ with the old one as compared to other benefit smaller benefits.
Documentation required for portability
- Previous policy documents (If you had previous policy for 3 years then policy document for all the 3 years)
- Claim experience with the old Insurer in detail or self-declaration from the insured of No Claim made).
- Proposal form filled of the new insurer.
- Age proof
- If any positive declarations – discharge card, investigation reports, latest prescriptions & the clinical condition.
Process for normal porting
How can you port from your Employers group Insurance policy?