IFFCO Tokio General Insurance facilitates the portability option to the policyholders of other insurers in case they want to switch to an IFFCO Tokio health insurance plan. This smooth transition allows policyholders to move to a more comprehensive plan without losing their earned benefits. Eligible individuals can switch to their desired health insurance plan nearly 45 days before their existing policy's renewal date.
*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 following are notable advantages associated with porting to an IFFCO Tokio health insurance policy:
Porting to an IFFCO Tokio health insurance policy online on Policybazaar.com can be done in few simple steps as given below:
Step 1: Select the preferred IFFCO Tokio health insurance policy.
Step 2: Initiate a porting request through Policybazaar around 45 days before the current policy's expires
Step 3: Complete and submit the portability forms and online proposal on Policybazaar.
Step 4: Make the premium payment for the chosen IFFCO Tokio health insurance plan.
Step 5: Policybazaar will forward your porting request to IFFCO Tokio General Insurance.
Step 6: IFFCO Tokio General Insurance will contact your existing insurer to gather claim history and medical documents, possibly through the IRDAI website.
Step 7: Your current insurer will provide IFFCO Tokio General Insurance the requested details via IRDAI's data-sharing platform within 7 working days. Delays in data sharing may pause the porting decision.
Step 8: IFFCO Tokio General Insurance will evaluate the received documents within 15 days to accept or decline the porting request. In case of no decision, the porting request is automatically accepted.
Here is the list of documents needed for IFFCO Tokio health insurance portability:
When porting an existing policy to IFFCO Tokio health insurance, the NCB accrued in the previous policy operates differently under various circumstances. Let's have a look into each of these scenarios below:
Scenario 1: If the policyholder selects an IFFCO Tokio health insurance policy with an identical base sum insured, the previous policy's waiting periods remain effective.
For instance, let's consider Rahul, who holds a Rs 12 lakh health plan with an NCB of Rs 4 lakh, and intends to port to an IFFCO Tokio health plan of Rs 12 lakh. In this instance, the prior waiting periods count, enabling him to access coverage benefits without serving extra waiting periods.
Scenario 2: When the policyholder ports to an IFFCO Tokio health policy with a base sum insured equal to the sum of the previous policy's base amount and NCB, the prior waiting periods remain applicable.
For instance, let us consider Rahul has a health cover of Rs 12 lakh with an NCB of Rs 4 lakh and desires to switch to an IFFCO Tokio health insurance policy of Rs 16 lakh. In this instance, the previous policy's waiting periods carried forward, obviating the need for additional waiting periods. This is because the total of Rahul's previous policy's base sum insured (Rs. 12 lakh) and the NCB (Rs. 4 lakh) matches the IFFCO Tokio policy's base sum insured (Rs. 16 lakh),
This is due to the equivalence of the previous policy's base amount (Rs 12 lakh) and NCB (Rs 4 lakh) to the IFFCO Tokio health insurance policy's base sum insured (Rs 16 lakh).
Scenario 3: Opting for an IFFCO Tokio health policy with a higher policy amount than the combined sum of the previous health policy's base amount and NCB then waiting periods apply to avail the remaining policy coverage amount.
For instance, let's consider Rahul has a Rs 12 lakh health policy with an NCB of Rs 4 lakh and decides to port to an IFFCO Tokio health insurance policy of Rs 20 lakh, the waiting periods in the previous policy suffice for coverage up to Rs 16 lakh. On the other hand, standard waiting periods are obligatory to claim the additional Rs 4 lakh.
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