At times when a provider is not able to satisfy the customer with proper services or fails to deliver the care that was promised, a policyholder decides to go forward with another service provider. At such an instance, certain concerns like the risk of losing out on the premium amounts that have already been paid or monetary investments that have been made into the insurance become imperative for any individual to contemplate before going forward with portability.
*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
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The IRDAI has thus proposed new guidelines which make it easy for an individual to avail the portability option, in case they face a dissatisfactory service.
In line with this, here’s your complete guide for go with the process of health insurance portability!
Any insurance should prove helpful at times of emergencies, or when someone is facing a tough financial constraint. If the provider is not able to meet the demands of the customer, the very reason for pouring out money into the policy goes in vain. The service is supposed to be prompt and fool-proof to aid an individual during emergencies successfully.
Improper services like- inadequate coverage, slow or delayed response to claim requests, reimbursements that are due, sudden inflations, minute clauses in documents, and insufficient hospitalisation covers etc. are some of the reasons why an individual might not be content with the insurance provider. These become the causes for reconsideration of an on-going policy or plan that the person has. Even having found a better insurance plan, which enables a person to make more savings, or provides more tax benefits, can be influential while deciding whether to shift to a policy from any other insurer.
When an individual opts for a different plan, many new possibilities open up for the betterment of the situation.
There are certain things to be considered in terms of portability:
If an individual is willing to take insurance apart from the one provided by their employer or company, they can easily do so. But they would need to first opt for any other plan provided by the same insurance provider which their employer has been using.
After the completion of 12 months since the purchase of the new plan, the individual is able to finally avail the portability option and shift to another policy, offered by another provider, after studying the peculiarities and clauses of the same.
*Kindly review the terms and conditions of the policy-related documents carefully before the purchase.
The insurance company you are applying to holds the complete right to deny the request or the application submitted for portability, given that there are certain discrepancies regarding the paperwork or within the formalities.
Such a denial can be made on the basis of:
*Acceptance or denial of portability requests is subject to the underwriter, who also holds the authority to decide upon the terms of the policy.
The application for portability requires a set of documents that need to be submitted within the given deadline, to be able to go through a smooth and risk-free process, and complete the formalities with as little hassle as possible.
The required documents are:
On the demand of portability, the new insurance provider offers a portability form and also the consent form for the proposal, along with the adequate documents and brochures in order for you to get well acquainted with the features of the diverse plans provided by the company.
After a careful and detailed review of all the available policies, the individual needs to decide upon the plan they wish to go ahead with and accordingly fill up the forms for submission.
The submitted forms and documents are then verified and thoroughly cross-checked, for any mal-presentation, or the need for any investigative procedures.
The previous company should follow up with the information regarding the previous plan of the individual on the official IRDA database within a week. Failure in the completion of this step would lead to the suspension of the applicant’s request.
The last step of this process is the acceptance or denial of the request by the insurance provider, which has to be intimated within 2 weeks, by the end of which, if the individual does not receive any notification, the provider cannot deny the portability request.
Portability stands for the right accorded to policy to transfer the benefits gained by the current insured for NCB, pre-existing conditions and waiting period clause if the one wishes to switch from one health insurer to another. So, if you want to switch your insurer, do it in a proper way keeping the aforementioned pointers in mind!
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