Transcription of the above video: Porting your Health Insurance policy? 3 things to keep in mind
Hello, Shailesh this side from Insurance Samadhan to give you tips on Health Insurance.
We have been receiving a lot of questions regarding porting. Sometimes customers face problems during porting and sometimes after porting to different companies. So I thought of sharing how portability, which IRDI has allowed, works.
If you are owning Health Insurance from a general insurance company, the government has allowed you to change your plan to a different company. Suppose you are having a product in one company, with an assured amount being Rs 5 lakh, you can shift to another company of assured amount of 5 lakhs or less than 5 lakh. If you will go above 5 lakhs, it will require a different set of underwritings. It is to be noted that you must apply for porting before 45 days of the expiry of your Insurance.
The question here arises, should we apply for porting? As an Insurance professional, I feel we should not apply for porting. The reason being, all the Insurance companies are well reputed and competent companies in the market. They all work hard to satisfy their customers. Rather than switching to a different company, look at where the problem lies and work on it. If you feel there is some genuine problem and you are getting benefits in premium, then only switch to a different company.
Three things need to keep in mind :
- Your all kinds of benefits, be it continuity benefit or weighting average exclusion, gets ported. You must inform the new company that you’re having such kind of benefit. Suppose you had gotten an exclusion benefit due to health issues for 2 years. After one year, you are switching companies. In this case, you will get an exclusion of one year in the new company.
- In the same way, if you have undergone any medical treatment in continuity benefit, you must know about the rule passed that after 8 years, there cannot be any questions asked. So after 4 years of benefit, if you want to port, only additional 4 years will be given to continuity benefits in the new company.
- All said and done, if you want to port, go ahead but port after declaring all the history to the new company.