If you are not satisfied with your existing health insurer, you can shift your policy to another insurer. Moving a policy from one insurance company to another is referred to as porting. Health insurance policies are, typically, year-long contracts, though multi-year contracts are also available.
All health insurance policies in India are portable, according to the Insurance Regulatory and Development Authority of India (Irdai) guidelines.
Migrating or porting your plan from one insurer to another is a fairly simple process. That said, here’s what to know for smooth porting of policies.
Things To Check Before Starting The Process
- The portability process needs to be started at least 45 days prior to renewal.
- The new policy offers continuity benefit in case of waiting period, which is the time till which you may have to wait before the insurer provides you with a cover. For example, if you have a waiting period of three years on a specific disease, but have completed two years in the previous policy, only the balance one year of waiting period will be carried on. But check the terms and conditions of the new policy.
- In case of cumulative bonus (CB) earned in the previous policy, the benefit will be applicable in the new policy as well in the same quantum.
- Compare the features of the old and the new policies. Also, check the network hospitals and accessibility to them.
- Check the premium, and assess whether the higher cost justifies the benefits.
- Check the claim settlement record of the new company.