Health Insurance Portability

Health Insurance Portability

Health insurance portability is a facility that enables policyholders to change their existing insurance company to buy a better health insurance policy or get better services from another insurance company. With portability, policyholders do not lose any accumulated renewal benefits at the time of switching to a new health insurance company. However, portability is possible only at the time of policy renew

Health insurance portability is a facility that enables policyholders to change their existing insurance company to buy a better health insurance policy or get better services from another insurance company. With portability, policyholders do not lose any accumulated renewal benefits at the time of switching to a new health insurance company. However, portability is possible only at the time of policy renew

When transferring a policy, the waiting period for pre-existing diseases served with the previous insurer is carried forward to the new insurer.

Any no-claim bonus earned with the previous insurer is retained and transferred to the new policy.

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Key Features & Benefits of Health Insurance Portability

Continuation of Benefits

The waiting period for pre-existing diseases and other time-bound exclusions already served with the current insurer is carried forward to the new policy. Any no-claim bonus accumulated with the previous insurer is transferred to the new policy.

Flexibility

 Policyholders can choose a new insurer that better suits their needs without losing the benefits accrued from the previous policy. The new insurer may offer additional features or riders, allowing policyholders to customize their coverage.

Transparency

Insurers must provide clear information about the terms and conditions of the portability process. The policyholder needs to provide a complete history of the existing policy, including claims made, to facilitate a smooth transition

No Additional Costs

No Additional Charges: Insurers are not allowed to charge any additional fees specifically for porting a policy.

Regulatory Support

IRDAI Guidelines: The Insurance Regulatory and Development Authority of India (IRDAI) has laid down clear guidelines to ensure a smooth and fair process for health insurance portability.

Enhanced Coverage

Improved Plans: By switching insurers, policyholders can access better plans, broader coverage, and additional benefits that might not have been available with the previous insurer.