Advantages of Health Insurance Portability

Recently there was a boon for customers of telecom industry, when the new policy permitted the mobile number portability from one service provider to another. It was no less than a revolution that had a double sided benefit. One, a customer no more needed to change their cell number while quitting their current service provider.

Read More

Get ₹5 Lac Health Insurance starts @ ₹200/month*
Get ₹5 Lac Health Insurance starts @ ₹200/month*
Tax Benefitup to Rs.75,000
Save up to 12.5%* on 2 Year Payment Plans
7 Lakh+ Happy Customers

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Get insured from the comfort of your home No medicals required
I am a

My name is

My number is

By clicking on ‘View Plans’ you, agreed to our Privacy Policy and Terms of use
Close
Back
I am a

My name is

My number is

Select Age

City Living in

    Popular Cities

    Do you have an existing illness or medical history?

    This helps us find plans that cover your condition and avoid claim rejection

    Get updates on WhatsApp

    What is your existing illness?

    Select all that apply

    When did you recover from Covid-19?

    Some plans are available only after a certain time

    Two, the service provider became more stringent towards quality services for the customers. Predominantly, the bonuses were all for the customers. That’s what the facility of portability comes with. If you are aware, the good news is that you have a similar luxury with your health insurance too. That means you can transfer your policy to another insurer keeping about all the benefits of your policy intact.

     

    Some key benefits of health insurance portability are:

    • Mostly, all the clauses for pre-existing diseases will be considered as is with the new insurer – including the time spent before all the diseases are covered
    • The new insurer may waive off the minimum initial waiting period until no cover is provided
    • By and large, there will be no change in other bonuses and the minimum sum insured, when you switch to a new insurer. In addition, you can choose to hike up your sum assured
    • The new insurer may provide you with additional benefits for switching
    • Introduction to new products and enhanced coverage that may be better than the existing one
    • While the premium can be high, there is a possibility it can be low too. So it’s a plus

    However, there are a few conditions in transferring your health insurance policy from your current insurer to another.

    • You should be regular with paying your premiums – failing which your portability may be rejected
    • The new insurer may charge you a higher premium than your current insurer
    • The portability request must be placed at least 45 days prior to the policy renewal date
    • The policy will be transferred only at the time of policy renewal

    An exception you must know of

    During the insurance period, the customer gains credit for the waiting period of pre-existing diseases. It has been mandated by Regulatory and Development Authority (IRDA) that the new insurer must consider the credit gain and the waiting period for the policy portability – only if the policy has been in continuation with timely premium payments and no defaults. 

    Minor limitations

    If you are covered under a high risk category, regardless of your policy duration and regular premium payments, the new insurer has all the authority to charge a higher premium as part of their underwriting rules. Also if you are eligible for a no-claim bonus from your current insurer, the insurer may not consider paying you for that. In addition, the new insurer will have its own terms and conditions which may exclude expected benefits. So don’t forget to do a detailed research before you switch.

    Written By: PolicyBazaar - Updated: 02 August 2021

    Health insurance articles

    Recent Articles
    Popular Articles
    Is Dermatology Covered by Health Insurance Plans?

    21 Oct 2021

    The prevalence of dermatology has risen significantly in India...
    Does Health Insurance Cover Orthopaedic Surgery?

    09 Oct 2021

    Orthopaedic health conditions have become quite common in India...
    Claim Settlement Ratio Vs Incurred Claim Ratio - Know the Difference

    07 Oct 2021

    Every health insurance plan comes with unique benefits to attract...
    What Is The Right Age To Purchase A Health Insurance Policy?

    30 Sep 2021

    Every person must have a health insurance policy to deal with...
    Does Your Health Insurance Remain Valid If You Move Abroad?

    30 Sep 2021

    Health insurance is one of the best investments that you can make...
    Best Health Insurance Plans in India 2021
    Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
    Best Maternity Insurance Plans
    Maternity or pregnancy is an important phase of life, and one needs to prepare in advance to embrace parenthood...
    Top Family Health Insurance Policies in India 2021
    From the air we breathe to the food we eat; everything is intentionally or unintentionally subjected to...
    Health Insurance Claims Ratio- Things You Should Look Before Buying Health Insurance
    There has always been a doubt in customers mind about whether the private company will keep its side of the bargain...
    Best Health Insurance Plans for Senior Citizens in 2021
    Considering the increase in medical inflation in India, buying adequate health insurance for your loved ones has...
    Close
    Download the Policybazaar app
    to manage all your insurance needs.
    INSTALL