Benefits of Porting Your Health Insurance Plan

If you are unhappy with your current health insurance plan and wish to port to another insurer, then IRDA has done the best for you. As happened in the case of portability in the telecom industry, this regulation of IRDA was also a great revolution having dual benefits. Health insurance portability allows you to transfer your health insurance to a new insurer keeping all of your policy benefits intact. To enjoy your right of health insurance portability, all you need to do is notify your current insurer in writing and 45 days in advance. 

It is a beneficial concept for the ones who are dissatisfied with their current insurer. You can choose an individual health insurance plan or a family floater health insurance according to your choice. You will continue to get the benefits of your previous policy in the new one. Also, you will get the sum assured of at least of the amount that you had in your previous policy.  

Also read: 5 Factors to Consider While Buying a Health Insurance Plan

Some major advantages of porting health insurance policy are listed below-

• For pre-existing illnesses, almost all the clauses will be considered as was with the previous insurer. This also includes the time spent before all the diseases.
• Until no cover is provided, your new insurance company may not ask you to serve the waiting period initially. 
• Bonuses and a minimum amount of Sum Insured won't have a major change as compared to your previous health insurance. You can also choose to increase your sum assured.  
• You may also be provided add-on benefits for changing policy that may be better than your existing policy.  
• You may get enhanced coverage and become more satisfied than your existing policy. 
• The premium can either be high or low., which is beneficial too. 
• Within 15 days, the new insurer will decide the action on your policy acceptance. What is simpler than this? 

Remember that no insurer is bound to accept your request for the port. Along with the benefits, come some conditions too. These are-

• Health insurance portability is allowed only during your policy renewal period.
• The policy must be in continuation and premiums must be paid. If you fail to do so, your portability request might be rejected by the new health insurance company. 
• Submit the completed application 45 days before the renewal date of the policy. 
• The new insurer can set a premium higher than the old one.  

So, next time if you face much hassle with your insurer, don’t think much and wait for the time of renewal. To seek guidance in the process, you may contact the experts at Insurancedekho.com by writing at customersupport@insurancedekho.com or calling on 1800 1205 698. The executives will guide solve all your queries and help you find the best deal for you and your dear ones.