A Practical Guide to Health Insurance Portability in India

Your life is all about choices. Some we might regret, some we can’t change. But most of them? Quite flexible. The superlatives good, better and best evolve with time, based on what stage of life you are at.

Why restrict critical elements and decisions that you once made only to impact your future? If you look close enough, there’s actually room for change. Got too philosophical there, didn’t we?

But think about it. The health insurance policy you once invested in might seem redundant now. With newer inclusions, benefits and extendable perks provided by newer, established companies, you may consider shifting your health plan to a new one or your insurance company altogether.

Consider Porting Your Health Insurance Plan When:

  • Your current health plan provides insufficient medical coverage against certain diseases.
  • Claim settlement with your current company is a lengthy and complex process.
  • There is a consistent delay in reimbursements by the insurance company.
  • Hidden co-payment charges are suddenly emerging, and your premium value has drastically risen.
  • You are drawn towards a more competent health insurance policy with the benefits and coverage you seek for the fitting premium value.

With all your reasons being valid, you may want to know if there’s an option to switch your health insurance plan across companies or within the same insurer.

Fortunately, there is. And that too without foregoing the accumulated benefits like furnished waiting periods on your current health plan. Such a win-win!

This flexible notion of health insurance portability was proposed in 2011 by India’s Insurance Regulatory Development Authority (IRDAI).

With effect, the policyholder is given the right to switch to another individual health insurance plan from the same company or switch the insurance company altogether. This portability option, however, is not applicable for group insurance policyholders yet.

To help you be aware of your health plan portability rights, we have listed the details of the official IRDAI information on this subject matter below. Take a look!

  • Your new insurer has to give you 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.
  • You can port the policy only at the juncture of renewal. That is, the new insurance period will be with the new insurance company.

Considering porting your current health plan? Cover 360 can help. We are your one-stop solution for analysing, purchasing and comparing the best health policies in India. With this, it’s safe to say we’ve got you covered!

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