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Posted by Royal Sundaram on 02 Jan 2014
In any health insurance policy there shall be some time bound exclusions which shall get covered after certain period of continuity. This was the main reason why customers hesitated to switch from one Insurer to other Insurer.
Insurance Regulatory and Development Authority of India (IRDA) made health insurance portability possible, effective from 1st October, 2011. This gives health insurance policy holder a right to switch their policy to another insurer at the time of renewal, most importantly, without losing benefits of continuity.
If you are planning to port your policy to another Insurer the first thing to do is to know how Health Insurance Portability works.
Health Insurance Portability: How It Works
The following steps will be followed when you would want to switch your existing health insurance policy to a new insurer.
- Filling out proposal form and portability form –Once you have decided on the new insurer & similar plan to that of your existing insurance, you need to fill the new company’s proposal form and a policy portability form at least 45 days prior to renewal date of your existing policy along with details of your current insurer.
- New insurer contacts your current insurer – After receiving the filled forms, the new insurer will get in touch with your existing insurer and seek details of your medical records and claim history.
- Data sharing through IRDA platform – The existing user will furnish all your details to the new insurer within seven days from receiving the request. The data sharing will occur through a common data sharing platform developed by the Regulator for all Insurers
- Getting confirmation – After receiving the required information about your existing policy, the new insurer has to make a decision on whether to provide you a policy or not, within 15 days. If the new insurance company fails to do so, they will be bound to accept your application for porting your policy.
- Please bear in mind that there is a possibility of your request being denied if the new Insurer finds that your proposal is not falling within their underwriting parameters.
- Your earned cumulative bonus in expiring policy shall be considered as part of new Sum Insured and premium shall be charged
- There might be chances of variation of coverage’s / different set of exclusions/ different waiting periods as compared to expiring policy & the new policy
- Continuity of policy can support the time bound exclusions only
- If required new Insurer may seek medical reports to decide on acceptance
While Portability gives freedom of choice of Insurer and product, it comes with a responsibility to do a great deal of research on the product of new Insurer whom you have opted and then understand if the product and price suits you.
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