You can port the coverage solely on the juncture of renewal. (Representative picture)
When transitioning your medical insurance coverage from one insurer to a different, you needn’t forfeit the accrued advantages you have acquired.
Transferring your medical insurance coverage inside India is akin to migrating your present coverage from one insurer to a different, all whereas retaining your accrued advantages. It’s a seamless process and might show advantageous when you’re dissatisfied along with your current insurer’s choices or come throughout a superior plan elsewhere.
In India, the insurance coverage regulator IRDAI safeguards your pursuits by granting you the liberty to switch your coverage to any insurer you favor. It stipulates that your new insurer should recognise the credit score accrued by the insured for pre-present circumstances, respecting the ready interval phrases.
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This applies not solely whenever you transfer from one insurer to a different but additionally from one plan to a different with the identical insurer.
Transferring or porting your medical insurance coverage is a wonderful methodology to ensure you acquire essentially the most appropriate protection tailor-made to your necessities. However, you will need to keep in mind to meticulously overview the phrases and circumstances of any coverage prior to creating a call.
When transitioning your medical insurance coverage from one insurer to a different, you needn’t forfeit the accrued advantages you’ve acquired.
Historically, such transitions in medical insurance insurance policies usually led to the lack of advantages, such because the ready interval for masking “Pre-existing Diseases.”
Rights of policyholders
- You can port your coverage from and to any basic insurance coverage firm or specialised medical insurance firm
- You can port any particular person/ household insurance policies
- Your new insurer has to provide the credit score regarding the ready interval for pre-present circumstances that you’ve got gained with the outdated insurer
- Your new insurer has to insure you at the least as much as the sum insured underneath the outdated coverage
- The two insurers ought to full the porting as per the timelines prescribed within the IRDA (Protection of Policyholders’ Interests) Regulations and pointers
Things to know
- You can port the coverage solely on the juncture of renewal. That is, the brand new insurance coverage interval can be with the brand new insurance coverage firm
- Apart from the ready interval credit score, all different phrases of the brand new coverage together with the premium are on the discretion of the brand new insurance coverage firm
- At least 45 days earlier than your renewal is due you must
- Write to your outdated insurance coverage firm requesting a shift
- Specify the corporate to which you wish to shift the coverage
- Renew your coverage with out a break (there’s a 30-day grace interval if porting is underneath course of)
Steps to Porting:
- Inform Current Insurer: As talked about above, intimate your present insurer about your intention to port the coverage at the least 45 days earlier than the renewal date.
- Obtain Portability Form: Request a portability kind out of your present insurer. They are required to supply this upon request.
- Contact New Insurer: Get in contact with the brand new medical insurance firm you’d like to change to. They will information you on the precise course of and plans obtainable.
- Application and Documents: Submit the duly crammed proposal kind and portability kind together with different required paperwork like coverage paperwork, declare historical past (if any), and KYC proofs to the brand new insurer.
- New Insurer’s Review: The new insurer will assess your software primarily based on their underwriting course of. This may contain medical examine-ups for older age teams or pre-present circumstances.
- Policy Issuance: Once accredited, the brand new coverage can be issued, and your present coverage can be terminated.
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