*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
Are you not happy with your health insurer? Do you wish to have your health insurance from any other company? IRDA has made your wish come true. IRDA has introduced a great concept in the health insurance domain in which a person can transfer his health insurance policy from the current company to another without losing its benefits.
This concept is called Health Insurance Portability. It is just like Mobile Number Portability. Submit a form to the new insurer before 45 days of your policy renewal date stating the portability. That’s it. Within 15 days, the new insurer will decide the acceptance of your policy. What could be simpler than this?
Health Insurance Portability is a very beneficial concept for those who are not happy with their health insurance. The new policy you will choose with a new company can be individual or family floater as per your choice. The benefits of the previous policy will continue to exist after portability. Moreover, the sum insured of your new policy will be at least up to the sum insured of your previous policy.
Along with the benefits, there are also some conditions:
In case the previous policy has been maintained without any break, all insurers will allow for gained credits by the insured when he switches to another insurer or plan as per the circular introduced by IRDA. The credit gained by the policyholder can be for pre-existing conditions or critical illness in terms of the waiting period.
However, this credit will remain limited to the previous policy’s sum insured. To know about the history of health insurance of the policyholder, a common database will be available accessible by all the insurers. That database will be carrying the entire data about the policy including claims also. This will help the insurers to decide whether to accept the portability or not.
You may also like to Read: Section 80C Deduction |
So, it’s no more a hassle in case you didn’t like your current policy. IRDA has made things flexible enough to provide maximum benefits and facilities.
More Useful Resources
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 i.e. it will settle the claim or not. A customer spends premium annually which will cover his medical expenses but there’s always ...Here’s the Difference between Health Insurance and Mediclaim
Imagine you’re looking for a job change. You get an interview call for a job. What will be your plan of action? Will you get your resume ready and prepare for the interview or you will try to extract all the possible information about the job pro...