Health Insurance Portability: If you are not a government employee then you must have a health insurance policy. Even if there is a government employee, there must be a policy of Mediclaim. You have a health insurance policy. And you’re not happy with that. So you know it might as well be a port. Meaning that you can port your policy to the new company leaving the old company.
Do you have any mobile number? Not happy with the services of the company whose mobile phone connection is being maintained today. so what do you do? Your answer is that the number is ported to another company. Just like you port your mobile number, you can also port your health insurance policy. Bajaj
What is health insurance portability?
Health insurance portability allows you to change or switch your policy from one insurer to another. It also includes credits for pre-existing diseases and time exclusions. Portability ensures that insurers must continue to provide excellent customer service if they want to retain customers. It also gives the customers the freedom to change the insurer if they are not satisfied with their insurer without losing the cumulative bonus and time bound benefits.
What is its process?
You can port your policy at or around the time of renewal. It should be started 45 days before the time of renewal. To port your policy, you need to submit a fresh proposal form in addition to the portability form. Once the new insurer receives your portability request, they will contact the existing insurer to know your medical and claims history. The new insurer may accept, propose or decline the restricted covers on the grounds of request as per its existing norms.
Which documents are required?
Below is the list of documents required while porting your health insurance policy:
- Proposal Form
- Portability Form Proof of
- Identity
- Address Proof
- Claim History
- Medical History
Keep these things in mind while porting
In case you opt to upgrade the Sum Assured, please note that the waiting period benefit will be applicable only on the old Sum Assured amount. Often people port their policies because the other company quotes a lower premium. Restricted covers are more in low premium policies. Therefore it is imperative to understand the coverage extended by the new insurer. Also, when you switch from one insurer to another, you are given port time for pre-existing diseases, waiting period, no claim bonus, if any, but not for the features of the policy. Each policy has its own specifications. what you are giving up and what additional benefits you will be getting, To know this, examine the features of both the policies properly. Another important thing to keep in mind is that you must correctly disclose all the details related to your claim and medical history to avoid any hassles of non-disclosure.
Please rate
Health insurance portability gives you the freedom to move around and explore other offers in the market. But, you must thoroughly evaluate your options before opting for portability. Must understand coverage and restrictions. Also a comparative study of all the offers should be done. After this a well thought out decision should be taken. So that you do not get any disappointment later.
