Health Insurance Port: The policyholder chooses to port an insurance plan due to a number of reasons, including better facilities, dissatisfaction with the services of the existing insurer and premium rates, etc.
New Delhi. Due to the slow and poor policy facilities and services of the insurance company, the policyholder is often forced to port his insurance policy. There are several reasons for which a policyholder usually opts for porting, including better facilities, dissatisfaction with the services of the existing insurer and premium rates, etc.
The policy holder can consider porting the insurance company at the time of renewal. If you too are thinking of doing the same, then it is very important to keep some important things in mind.
Things to keep in mind before porting a policy
If you are planning to port a health insurance policy, first make sure that you have an indemnity cover. Because only endowment plans can be ported at the time of renewal and benefits like no-claim bonus can be transferred at the time of porting. Experts say that the benefit can be transferred only to the sum assured opted for on the existing health plan.
If you want to port your policy, apply for it at least 45 days before the expiry of the existing plan. To port the policy to another insurer, you will need to fill a portability form.
What are the benefits of porting health insurance?
- Policyholders get the option to upgrade their product for better features and service.
- At the time of porting, other insurers may also offer other beneficial options including no-claim bonus, which gives the policyholder the benefit of higher sum assured.
- Due to competition in insurance companies, policyholders can get more discounts on premium rates or better facilities.
