Future Generali Health Insurance Portability

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      Future Generali Health Insurance Portability

      Future Generali India Insurance Company facilitates policyholders from other insurers to switch to a suitable Future Generali health plan. They can choose a Future Generali health policy as per their health requirements while the ongoing insurance coverage benefits remain uninterrupted. Eligible policyholders can initiate the porting process around 45 days before their existing policy's renewal date.

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      Benefits of Porting to a Future Generali Health Insurance Policy

      Here are some of the key benefits associated with switching to a Future Generali health insurance policy:

      • Policy Customization- While porting to the Future Generali health plan, the policyholders can customize the new plan as per their needs. It can range from changing the nominee, increasing the sum insured and including specific diseases. Any of these customizations can be done at the time of portability, which can be done near the policy renewal date.
      • Accumulated Cumulative Bonus- At the time of portability, the accumulated Cumulative Bonus is carried forward under the new policy coverage. It is the reward for not filing a claim during the policy tenure and the insured is not required to give that up during porting as well. Thus, being one of the major benefits of porting health insurance.
      • Select lower premium Plans- The portability option allows individuals to seamlessly port to a Future Generali health insurance policy that offers reduced premiums. This feature is especially advantageous when the cost of their current policy, which provides comparable coverage, increases due to factors like age or the insurer's underwriting practices.
      • Continued Waiting Periods- While doing so, the policyholder gets continuity benefit for applicable waiting periods for the tenure he/she continuously renewed the previous policy. The Cumulative Bonus get accrued in the sum insured, when a higher sum insured is opted at the time of porting the insurance policy.

      How to Port to a Future Generali Health Insurance Policy?

      Here is a step-by-step guide to port a Future Generali health insurance plan on Policybazaar.com:

      Step 1: Choose the specific Future Generali health insurance policy that suits your insurance needs

      Step 2: Initiate a porting request with Policybazaar approximately 45 days before your existing policy's expiry date, indicating your intent to port to a Future Generali health policy.

      Step 3: Complete and submit the online proposal and portability forms to Policybazaar.

      Step 4: Make the requisite premium payment for the selected Future Generali health insurance policy.

      Step 5: Policybazaar will then forward your porting request to Future Generali India Insurance.

      Step 6: Future Generali India Insurance Company will then communicate with your current insurer to collect pertinent details, including claim history, medical documents, etc. This information may also be obtained from the IRDAI website.

      Step 7: Within seven business days, your existing insurer will furnish the requested information to Future Generali India Insurance Company via IRDAI's online portal. Any delays in data sharing could temporarily affect the progress of your porting request.

      Step 8: The insurer will review the submitted documents within 15 days to either accept or decline your porting request. In the event of no decision within this timeframe, your portability request is considered as accepted.

      Documents Required for Future Generali Health Insurance Portability

      Refer to the following list of documents that are necessary for a successfully porting to a Future Generali health insurance policy:

      • Comprehensive records of claim history from previous policies
      • The latest renewal notice clearly mentioning the NCB/Cumulative Bonus
      • Copy of previous year’s medical insurance policies
      • Relevant medical documents, such as test reports, hospital discharge summary, admission certificates, etc., particularly applicable to claim scenarios

      How Does NCB Work Under Future Generali Health Insurance Portability?

      The working of the accumulated NCB varies when a current policy undergoes porting to a Future Generali health insurance policy, depending on distinct situations. Let us explore each of these scenarios to gain a comprehensive understanding:

      Scenario 1: In scenarios where the policyholder opts for a Future Generali health policy with the same base coverage amount, the waiting periods from the preceding policy will be sufficient.

      For example, Consider the case of Aman, who holds a Rs. 7 lakh health policy with an NCB of Rs. 2.5 lakh. If he selects a Future Generali health insurance policy of Rs. 7 lakh while porting, the waiting periods from his earlier policy will be carried forward. This ensures he can access coverage benefits without having to serve additional waiting periods.

      Scenario 2: In scenarios where the policyholder ports to a Future Generali health policy with a base SI(Sum Insured) equal to the cumulative value of the prior policy's base SI and the NCB, the waiting periods of the previous policy will suffice.

      For instance, Aman who holds a Rs. 7.5 lakh health policy with an NCB of Rs. 2.5 lakh. If he chooses to port to a Future Generali health insurance policy of Rs. 10 lakh, the waiting periods from his previous policy will seamlessly carry forward. This outcome arises from the combined value of the previous policy's base (Rs. 7.5 lakh) and the NCB (Rs. 2.5 lakh), equating to the Future Generali health policy's base sum insured (Rs. 10 lakh).

      Scenario 3: When the policyholder selects a Future Generali health policy with a higher base SI than the cumulative value of the previous health policy's base and the NCB, waiting periods apply for the additional coverage amount.

      For example, Aman who has a Rs. 7 lakh health policy with an NCB of Rs. 3 lakh. If he intends to port to a Future Generali health insurance policy of Rs. 15 lakh, the waiting periods served under the previous policy are sufficient for a coverage amount of Rs. 10 lakh. However, to claim the additional Rs. 5 lakh in coverage, standard waiting periods must be served.

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