How To Port Health Insurance Policy? Know Your Rights & Step-by-step Guide To Transfer Policy

Transferring your health insurance policy within India is akin to migrating your current policy from one insurer to another, all while retaining your accrued benefits. It’s a seamless procedure and can prove advantageous if you’re dissatisfied with your present insurer’s offerings or come across a superior plan elsewhere.

In India, the insurance regulator IRDAI safeguards your interests by granting you the freedom to transfer your policy to any insurer you prefer. It stipulates that your new insurer must recognise the credit accrued by the insured for pre-existing conditions, respecting the waiting period terms.

Also Read: Policyholders Brace for Impact From April 1? Know IRDAI’s New Surrender Charge Norms

This applies not only when you move from one insurer to another but also from one plan to another with the same insurer.

Transferring or porting your health insurance policy is an excellent method to guarantee you obtain the most suitable coverage tailored to your requirements. However, it is important to remember to meticulously review the terms and conditions of any policy prior to making a decision.

When transitioning your health insurance policy from one insurer to another, you need not forfeit the accumulated benefits you’ve acquired.

Historically, such transitions in health insurance policies often led to the loss of benefits, such as the waiting period for covering “Pre-existing Diseases.”

Rights of policyholders

• You can port your policy from and to any general insurance company or specialised health insurance company
• You can port any individual/ family policies
• Your new insurer has to give you the credit relating to the waiting period for pre-existing conditions that you have gained with the old insurer
• Your new insurer has to insure you at least up to the sum insured under the old policy
• The two insurers should complete the porting as per the timelines prescribed in the IRDA (Protection of Policyholders’ Interests) Regulations and guidelines

Things to know

• You can port the policy only at the juncture of renewal. That is, the new insurance period will be with the new insurance company
• Apart from the waiting period credit, all other terms of the new policy including the premium are at the discretion of the new insurance company
• At least 45 days before your renewal is due you have to
• Write to your old insurance company requesting a shift
• Specify the company to which you want to shift the policy
• Renew your policy without a break (there is a 30-day grace period if porting is under process)

Steps to Porting:

• Inform Current Insurer: As mentioned above, intimate your current insurer about your intention to port the policy at least 45 days before the renewal date.
• Obtain Portability Form: Request a portability form from your current insurer. They are required to provide this upon request.
• Contact New Insurer: Get in touch with the new health insurance company you’d like to switch to. They will guide you on the specific process and plans available.
• Application and Documents: Submit the duly filled proposal form and portability form along with other required documents like policy documents, claim history (if any), and KYC proofs to the new insurer.
• New Insurer’s Review: The new insurer will assess your application based on their underwriting process. This might involve medical check-ups for older age groups or pre-existing conditions.
• Policy Issuance: Once approved, the new policy will be issued, and your existing policy will be terminated.