Greetings To Our Readers!

Have you bought a Health Insurance Policy Cover for yourself and your family members? If you have, then did you need to claim your policy? And when you claimed, was it passed without any issue?

You might be confused why I am asking these questions but trust me these are practical questions. People buy a health insurance policy so that they do not have to worry about their medical needs while they are being treated at the hospitals or any of their family members are being treated at the hospital. Despite that, several people face the rejection of their health insurance cover claims, on the grounds of various reasons.

During the COVID pandemic, most of the cases of health insurance claim rejection were based because the mild covid symptoms didn’t warrant hospitalization.

Well, if you are a health insurance policyholder, then you must know that if you are in any way dissatisfied with the services, you can anytime port your health insurance policy with a new insurer!

Let us know how you can do it.

Procedure To Port Your Health Insurance Policy….

In the year 2011, consumers were given the option to port their existing health insurance policy with a new insurer, without any additional cost. That meant, if any consumer is not satisfied with the services and benefits from their existing health insurance, they can easily apply to port their policy with a new insurer, about 45-60 days before the renewal date of the existing policy.

Consumers can port from a family as well as a corporate health policy to another individual or family policy.

Most of the insurer does not ask for a medical check-up or to fill up forms again while porting, however, the consumer must ensure that he gives a complete declaration of good health and make fresh disclosures on pre-existing health conditions. While you apply to port your health insurance policy, it is requested to make honest medical disclosure, so that you wouldn’t have to face any claim rejection issues in the future.

On receipt of the porting request, the new insurer approaches your existing insurer to get further details regarding your medical and claims history. As per the norms and regulations, the new insurer has to declare his decision regarding your request of porting your health insurance policy within 15 days of the request. If he fails to do so, after 15 days, he has to compulsorily accept your request, as per regulations.

How Does The Porting Of Health Insurance Policy Works?

When the new insurer, accepts your request to port your existing health insurance policy, he has to make sure that the sum assured that he provides is equivalent to the existing policy. However, the insured can ask for a larger sum assured at the time of porting.

The second benefit that the new insurer has to give is the continuity of the waiting period for pre-existing conditions. For example, if you have bought a health insurance policy for a sum assured of Rs 5 lakh three years back, and pre-existing disease has a waiting period of 4 years, then the waiting period will only be one year for the new policy.

In case you have opted for a larger-sum insured from your new policy, say the sum assured amount is equal to Rs 8 lakh, in that case, the continuity benefits might be seized, and the incremental sum assured (of Rs 3 lakh) will kick in only after a waiting period of 4 years.

The other benefit that is the no-claim bonus feature of the existing policy will remain intact with your new policy after porting, however, the premium amount would not remain the same, and the new premium will be based on the underwriting risk of the new insurer. They can either ask you for a co-pay at the time of porting or can go increasing your premium amount.

Let Us Sum Up!

Basically, if you are unsatisfied with the features of your existing health insurance policy, or you found a health insurance policy more efficient than your existing one, then you can apply for porting your existing health insurance policy with a new insurer. Make sure you apply to port and process the application at least 45-60 days before the policy due date.

Keep reading our articles for more updates on finance and investment!!

For any kind of query you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.

Happy Investing!

(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).