Want to Port Your Medical Insurance Plan? Here is How to Do It

Before you renew your insurance plan, have a look at your health plan and analyze whether its premium justifies the offered benefits and insurance coverage. If you find your plan a little expensive, you can easily switch to a new insurance provider. In a matter of a few clicks, you can see different insurance quotes offered by various insurance providers. The best thing about a medical insurance plan that it can be can be ported in little to no time. All you have to do is a Google search. By the end of this article, you will know how to port your medical insurance plan.

Read More

₹5 Lac Health Cover for Senior Citizens starts @ ₹300/month* with no upper age limit
₹5 Lac Health Cover for Senior Citizens starts @ ₹300/month* with no upper age limit
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
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


    What is the Benefit of Porting a Health Insurance Plan?

    Another advantage of porting, other than more affordable premium or better benefits, is that it lets you enjoy continuity benefit. For example, suppose that under your previous policy, a medical condition was not included in the coverage for the first 2 years. But by the new policy offered by the new insurance provider, the waiting period for this condition is 3 years, then two years from your previous policy will be deducted and the waiting period shall be of 1 year only.

    However, it is not applicable to a senior citizen mediclaim policy. Porting a health plan is easier for young people. Generally, insurance providers are reluctant to port senior citizens plans. It is because the waiting period is either reduced or entirely waived off and the new insurer's liability comes into action earlier.

    Individuals who have undergone a hospitalization or have chronic illness get very limited options when it comes to portability.

    What is the Required Time to Port Health Insurance Plan?

    While a plan can be ported within 45- 60 days of the policy expiry, the convenience of porting varies from insurance provider to insurance provider.

    The porting process is very simple. Apart from the regular paperwork, it involves few extra forms and you are done.

    Examine the Features and Benefits of you new Health Insurance Plan

    If you are looking to port your plan, then you must pay attention to the features and benefits of the new plan. Cautiously analyze the new insurance plan, and compare the features like waiting periods, exclusions or co-payments etc.

    Undoubtedly, the premium is an important consideration; yet, one shouldn't make the porting decision based only on the premium amount. Make sure to look at the Incurred Claims Ratio (ICR) of your preferred insurance provider before opting for a plan. As per insurance experts, it should be 70 percent to 90 percent.

    Some insurance providers might offer to port a plan after adding some conditions. One must cross check if the preferred insurer has imposed any waiting period, or introduced a permanent exclusion so that there is no hassle at the time of filing the claim.

    Have you filed a Claim? Maybe, it is Time to Port

    At the time of porting your medical insurance plan, one can’t afford to miss out on the accumulated No Claim Bonus (NCB). It is offered as a reward for every claim-free year. Because of this reason, it's recommended to port from your current insurance provider if you have filed a claim.

    Don’t let only this factor rule your porting decision. If you are opting to port your plan because you are stuck with a policy that is ridiculously overpriced, or the insurer has a poor claims settlement ratio, or the insurer imposed a wide range of inhibitory clauses, then holding on to the accumulated bonus makes no sense. In such cases, there is no advantage in continuing with your current plan.

    The Time Taken

    As per the instructions of Insurance Regulatory and Development Authority of India, the portability applications have to be acknowledged by the insurance companies within 3 working days.

    The new insurance provider has to offer insurance at least up to the amount insured by the old plan. Portability option is available for all the existing plans as well as new plans effective from July 1, 2011.

    If you have a health plan and you are looking to port it, then you can have a look at the various insurance plans offered by Max Bupa health insurance. It offers policies that have maximum insurance coverage at minimum insurance premium.

    Wrapping it Up

    If you are eligible to port then no insurance provider can reject your application, given that your application is fulfilling the insurer’s terms and conditions. As you know, it is a little difficult for senior citizens to port their insurance plan. It is not beneficial for insurance companies and they might have to incur losses, which is why they don’t prefer porting senior citizen insurance plans.

    Start looking out for new plans at least 3 months before the due date so that you can research well and find the best plan. Always double check the inclusions of your preferred plan so that your claim process is smooth.  At the time of porting, keep in mind the points mentioned above.

    Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

    Written By: PolicyBazaar - Updated: 30 June 2021
    Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

    Health insurance articles

    Recent Articles
    Popular Articles
    Does a Health Insurance Policy Cover Depression?

    27 Sep 2021

    Stress is one of the biggest contributors to lifestyle diseases...
    List of Diseases Covered by Care Health Insurance Plans

    27 Sep 2021

    Nobody wants to get diagnosed with a disease. But the ugly truth...
    Most-Important Lessons from the Covid-19 Pandemic

    23 Sep 2021

    Not very long back, the entire world was thrown aback by a...
    Does Health Insurance Cover Preventive Health Check-ups?

    22 Sep 2021

    Every object needs to be checked regularly to identify a...
    Bid Goodbye to Seasonal Diseases during the Pandemic with 7 Basic Practices

    21 Sep 2021

    Adding to the insurmountable loss of life the ongoing COVID-19...
    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...
    Top 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 increasing percentage of medical inflation in India, it has become an absolute necessity to buy...
    Download the Policybazaar app
    to manage all your insurance needs.