Purchasing health insurance is a process that involves planning and proper research. However, there are reasons that one may feel the need to move from one insurance provider to another. The Insurance Regulatory and Development Authority of India (IRDAI) has introduced health insurance portability in the year 2011. With the medium of portability, an insured can carry forward the credit accumulated for pre-existing conditions along with exclusions while porting from one insurer to another. The insured also gets continuity benefits such as free medical check-up and no-claim bonus.
Rights that the Insured can avail for Porting the Policy
There are certain privileges available for the insured that enables him or her to:
- Port individual or family floater health plan.
- Port plan from and to any specialized health insurance company such as Care Health Insurance (Formerly Religare Health Insurance).
- Avail benefits from the new insurance provider related to the waiting period for pre-existing conditions that the insured has already accumulated with the previous insurance company.
- The new insurance company is responsible to provide the insured with a health plan of at least the sum insured under the previous plan. They can also avail higher sum insured based on the terms and conditions.
- Both the old and new insurance provider should complete the porting as per the timelines mentioned in the IRDAI.
Conditions Required for Porting a Health Insurance Plan
When thinking to port the health insurance plan, some important things should be kept in mind:
- A written application to the current insurance provider should be submitted at least 45 days before the date of renewal.
- Any insured can apply for the portability of the current existing health insurance plan only if it is maintained without any gaps.
- Insured should not give any wrong information or delay in submitting documents that may cause rejection of documents. Having a bad claim is another reason that may reject the portability request.
- Lower premium are an effective feature that pushes the insured to opt for policy portability. This may make the insurance provider reduce their coverage amount and the insured might spend more.
Process of Porting Health Insurance Plan
The process of portability of insurance policy has been made easier for the insured. If an individual is porting the policy to Care Health Insurance (Formerly Religare Health Insurance) one should abide by the following steps:
- Complete the portability form with existing details.
- Complete the proposal form with details of the new insurance provider.
- Submit the necessary documents and go ahead with the payment.
Choose Care Health Insurance
Porting was created to ensure that the ensured receive the required service and coverage. But, it is up to the insured only to make an informed decision to switch from one insurer to another. The main goal of buying a health insurance plan is to stay secure against contingencies that are caused by medical exigency. One should choose the right policy and insurance provider keeping all the points in consideration to port the health insurance policy.
Care Health Insurance (Formerly Religare Health Insurance) is known to provide quality service globally. There is the lowest grievance ratio in the health insurance industry. It is known to offer the most value delivered for the premium paid by the insured.