Can I change my health policy from one insurer to another? If yes, will I lose my no claim bonus?
Rajeev Bhargava, Gurgaon
Yes, you can change your health insurance policy from one insurer to another without any problem. In order to take full advantage of the accumulated no claim bonus, you must see to it that you renew the policy well in time at the time of moving insurers. In the past in health insurance policies, such a move resulted in your losing benefits like the waiting period for covering "Pre-existing Diseases". Now the IRDAI protects you by giving you the right to port your policy to any other insurer of your choice. It has laid down that your new insurer “shall allow for credit gained by the insured for pre-existing condition(s) in terms of waiting period”.
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This applies not only when you move from one insurer to another but also from one plan to another with the same insurer. So, when you change your health insurance policy from one insurance company to another, you don’t have to lose the benefits you have accumulated.
You can port your policy from and to any general insurance company or specialised health insurance company or you can port any individual/ family policies or your new insurer has to give you the credit relating to waiting period for pre-existing conditions that you have gained with the old insurer or 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 IRDAI (Protection of Policyholders’ Interests) Regulations and guidelines.
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The conditions that you need to keep in mind when porting are – you can port the policy only at the juncture of renewal. That is, the new insurance period will be with the new insurance company. Apart from the waiting period credit, all other terms of the new policy including the premium are at the discretion of the new insurance company. For a smooth porting, at least 45 days before your renewal is due you have to write to your old insurance company requesting a shift and specify company to which you want to shift the policy.
