The Insurance Regulatory and Development Authority of India (IRDAI) introduced Health Insurance Portability in the year 2011. This development was to allow policyholders to change health insurance policies from one insurance company to another without losing any benefits that were previously accumulated. This applies not only while changing the insurance companies but also while changing the plans within the same insurance company. Read further to understand this in detail.
Rights Available for Policyholders Under Health Insurance Portability
• One can port their health insurance policy from and to any general or specialised health insurance company
• One can port both individual health insurance and family floater health insurance plans
• The new insurer must give the policyholder credit relating to the waiting period for pre-existing conditions that one has acquired with the old insurer
• The minimum insurance amount under the new insurance company must be equal to the amount insured under the old health insurance company
Advantages of Health Insurance Portability
• Customise the Policy – While porting the health insurance policy at the time of renewal, one can reconsider their health requirements and customise the policy. For insurance, one might want to increase the sum insured limit, include additional covers, include additional beneficiaries, etc.
• No Claim Bonus – If one does not raise any claims during a policy tenure, they are eligible for a No Claim Bonus. One can avail up to a 50% discount if no claims are raised in 5 consecutive years One can transfer their NCB benefits while porting the insurance policy
• Coverage Benefits – Health insurance portability allows one to not only transfer waiting period benefits and NCB benefits but also allows one to avail coverage benefits like that of the previous insurance provider
• Sum Assured – The new insurance company must provide the policyholder with a sum assured at least equal to the previous amount. This can also be upgraded depending on the bonuses accumulated in the previous plan.
• Premium – There are several health insurance providers offering various health insurance policies. Changing the health insurance provider can prove to be beneficial for the policyholder as one can avail a similar policy for a lesser premium
Documents Required to Port Health Insurance
• Address proof
• ID proof
• IRDAI portability form
• Claim history
• Proposal form
• Documents related to the medical history of the policyholder
Steps to Port Health Insurance
• Approach the insurance company that you’d like to transfer the old policy to
• Fill out the IRDAI portability form to initiate the process
• The new insurer will require you to fill the proposal and portability form
• Once the necessary documents are submitted, the new insurance company will get in touch with the previous insurance provider to collect details regarding your previous claim records and medical records
• Once they receive all the information required, they will decide whether to provide the insurance services
With health insurance portability, the policyholder can port their health insurance to a different insurer while keeping the benefits intact. Remember that health insurance must be renewed on time to avail benefits when the need arises. Chola MS understands that one’s health is the most important aspect of one’s life and hence offers its extensive insurance policy to provide the best care possible.
