Health Insurance Portability in India

Secrets of Health Insurance Portability

What do you mean by Health insurance portability?
Health insurance portability gives freedom to the insured to switch from one insurer to another without losing continuity benefits with respect to PEDs (Pre-existing diseases) waiting period and other time bound exclusions earned in the previous health insurance policies. It is subject to continuous insurance coverage in the previous years.
Will I get the same SI as in my existing policy?
If insurance company  accept your proposal, you will get the same SI as portable SI. The total SI of your policy will depend on the policy you take from us.
What is ‘Waiting Period’?
The period when the insurer excludes coverage to PEDs and other time bound illnesses is referred to as the waiting period.
When should I apply for portability?
You should apply for portability 45 days prior to your policy renewal date.
Do I need to undergo medical check-up?
Yes. The insured needs to undergo medical check-up as per Health insurance underwriting guidelines of the company.
My current insurance is 6 years and 6 months old, can I switch now?
It is advisable to switch during the time of renewal of policy. Currently I am covered under Group insurance policy, can I switch? Only in same company.
Will I incur extra charges if I switch?
No. All you need to pay is the premium applicable for the plan chosen by you.
What are the documents required?
No. All you need to pay is the premium applicable for the plan chosen by you, alongwith previous year policies and latest renewal notice.
Is it mandatory for insurers to accept portable proposals?
No. The acceptance of a portable proposal is subject to the underwriting process and guidelines of the insurance company.
What will happen if the customer applies for a higher sum insured in the new portable policy?
For instance, if the customer has a policy that has been continuously renewed for the last 4 years and has a sum insured of Rs. 4 Lakhs, and now he/she wants to port the policy to another insurance company with a higher sum insured of say Rs. 7 Lakhs. The portability sum insured (applicable for PEDs and time-bound exclusions) in the new policy would only be to the extent of Rs. 4 Lac, while policy SI is Rs. 7 Lac. Portability SI will become equal to Policy SI once insured completes Waiting Period(s) as per New insurance company’s policy guidelines.
Will my premium remain the same in next company?
The premium will depend on the product plan you have chosen. It can differ from your existing policy
What types of policies are portable?
Like-to-Like policies are portable. i.e. basic to basic or Top-up to Top-up.