Deciphering Health Insurance Porting in India: A Step-by-Step Guide
MAS Team | 11 October 2023
Health insurance plays a pivotal role in securing you and your family’s health, providing financial stability in times of medical need. Yet, it's not uncommon for policyholders to find themselves dissatisfied with their current health insurance plans, whether due to insufficient coverage, rising premiums, or subpar customer service. In such cases, the process of porting health insurance policies in India offers a viable solution.
Unfortunately, many health insurance policyholders are unfamiliar with the concept of porting and are often left wondering, "Can I transfer my health insurance to another company in India?" To demystify this process, let's delve into the steps of health insurance porting in India or how to port your health insurance policy.
How to Port Health Insurance Policy Online?
Porting your health insurance policy in India is a systematic procedure. Here's a step-by-step guide to help you navigate this process seamlessly:
Evaluate Your Needs First
Before you begin the health insurance porting process, it's essential to assess your healthcare requirements. Research policies that offer superior coverage or more favorable terms. Identify why you wish to switch insurers.
Compare Policies
Conduct thorough research on various health insurance policies available in the market. Compare features, coverage, premiums, network hospitals, and claim settlement ratios to make an informed decision.
Contact the New Insurer
Once you've chosen a new health insurance provider, reach out to them to express your interest in porting your existing policy. Provide details about your current policy, including the policy number, insurer, and coverage details.
Fill The Application Form
The new insurer will supply you with an application form for porting. Complete the form accurately and submit it along with the necessary documents. These typically include identity proof, address proof, previous policy details, medical history, claim history, and a copy of your existing policy.
New Policy Issuance
Upon reviewing your application and documents, the new insurer will underwrite your policy. They may offer the same coverage or suggest modifications based on your health status and claims history. Once approved, you will receive the final policy document.
Inform Current Insurer
Notify your current insurer about your intention to port your health insurance policy. This should be done at least 45 days before your policy's renewal date. Your current insurer will provide a No-Objection Certificate (NOC) and other necessary documents.
Pay Premium
Pay the premium for the new policy to the new insurer within the specified timeframe to prevent any lapse in coverage. Ensure that your current policy remains in force until the porting process is completed.
Porting Request
Following the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI) for health insurance portability, the new insurer will initiate the porting request through the IRDAI's online portal. Your current insurer will also receive notification of the porting request.
Claim Settlement
Your current insurer will handle any pending claims under your old policy, while the new insurer will process new claims under the terms of the new policy.
Endorsement of Porting
As per the health insurance portability regulations, your new insurer will endorse the policy once the porting request is approved. You will receive an endorsement document confirming the successful porting of your health insurance policy as per IRDAI portability rules
Why Port Health Insurance in India?
Numerous compelling reasons exist for considering health insurance porting in India, including:
Better Coverage: You may find another insurer offering a policy with more extensive coverage, including additional benefits like maternity coverage, critical illness coverage, or day-care procedures.
Cost-Effective Premiums: Porting can help you secure a policy with a lower premium while maintaining adequate coverage, particularly if premiums increase with age and inflation.
Improved Customer Service: If you're dissatisfied with your current insurer's service, switching to a provider with a better reputation for customer service can greatly enhance your experience.
Network of Hospitals: Some insurers have a more extensive network of hospitals and healthcare providers, ensuring access to quality medical care wherever you are.
Family Addition: An increase in your family size due to marriage or childbirth may necessitate a policy that covers more family members.
Change in Employment: If you change jobs or your employer alters the group insurance policy, porting allows you to maintain continuous coverage without losing benefits.
In conclusion, health insurance portability in India offers a valuable option to explore if you're dissatisfied with your current policy or your circumstances change. It enables you to switch to a policy that better aligns with your needs without forfeiting accumulated benefits. However, it's essential to diligently follow the process, adhere to timelines, and select a policy that caters to your healthcare requirements. Doing so will ensure uninterrupted access to quality healthcare while enjoying the advantages of a more suitable health insurance policy.