Niva Bupa Health Insurance Portability

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      Niva Bupa Health Insurance Portability

      Niva Bupa Health Insurance Company offers the portability feature that enables policyholders of other insurance providers to shift to a Niva Bupa health insurance plan seamlessly. It permits policyholders to transfer to a Niva Bupa health policy while safeguarding their accrued benefits. Individuals have the flexibility to make this transition about 45 days before their existing policy's renewal date.

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      Benefits of Porting to a Niva Bupa Health Insurance Policy

      Here are several notable advantages of porting to a Niva Bupa health insurance policy:

      • Opt for Better Coverage Benefits – Most people port to a new health policy to enhance their existing medical coverage and gain access to improved services from the insurance provider at no extra cost. For instance, individuals can switch to a Niva Bupa health insurance policy to avail of benefits, such as the no room rent limit, unlimited restoration benefit, OPD benefit, annual health check-ups, etc.
      • Pay Reduced Premiums – Individuals can seamlessly shift to a Niva Bupa health policy available for a lower premium with the help of the portability feature. This is particularly advantageous if their current policy, offering comparable coverage, has become costlier due to the age of the insured or the insurer's underwriting policies.
      • Continuation of Served Waiting Periods – With portability, the waiting periods served under the existing health policy are carried forward to the Niva Bupa health insurance policy. This enables policyholders to serve only the outstanding waiting periods once the portability process is complete.
      • Retention of No Claim Bonus (NCB) – The policyholder can retain the accumulated No Claim Bonus from the previous policy after porting to a Niva Bupa health policy. For instance, if the previous policy's NCB stands at 20%, this exact percentage will be maintained in the Niva Bupa health insurance policy after porting.

      How to Port to a Niva Bupa Health Insurance Policy?

      The online process has made porting to a Niva Bupa health insurance policy effortless. Check out the steps for porting to a Niva Bupa health insurance policy online on Policybazaar.com:

      Step 1: Select a Niva Bupa health insurance policy you wish to purchase.

      Step 2: Notify Policybazaar around 45 days before your current policy expires to initiate the porting request for your preferred Niva Bupa health policy.

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

      Step 4: Make the premium payment for the selected Niva Bupa health insurance policy.

      Step 5: Policybazaar will forward your request for portability to the Niva Bupa Health Insurance Company.

      Step 6: The insurance company will gather information on your claim history and medical records from your existing insurer. This data may also be obtained from the IRDAI website.

      Step 7: The existing insurance company will share the requested information with the Niva Bupa Health Insurance Company within 7 working days through the IRDAI's data-sharing portal. Delays in data sharing could postpone the decision on your portability request.

      Step 8: Niva Bupa Health Insurance Company will evaluate the provided information and accept or reject your portability request within 15 days. If no decision is made during this timeframe, your portability request will be automatically accepted.

      Documents Required for Niva Bupa Health Insurance Portability

      Here is the list of documents needed for porting to a Niva Bupa health insurance policy:

      • Comprehensive details of claim history from previous insurance policies.
      • Relevant medical documents, including test reports, doctor’s prescriptions, and hospital discharge certificates, in case of prior claims.
      • Copy of medical insurance policies from the previous year.
      • Most recent renewal notice clearly indicating the NCB status.

      How Does NCB Work Under Niva Bupa Health Insurance Portability?

      When porting an existing policy to Niva Bupa health insurance, the previous policy’s accumulated No Claim Bonus works differently under the following scenarios:

      Scenario 1: When the policyholder chooses a Niva Bupa health policy with the same base sum insured, the waiting periods from the previous policy will be sufficient.

      For instance: Let's assume Atul possesses a health policy with a base sum insured of Rs 7.5 lakh and an NCB of Rs 2.5 lakh. If he decides to switch to a Niva Bupa health insurance policy with a base sum insured of Rs 7.5 lakh, the waiting periods served under the previous policy will be carried forward, and he will not have to serve any additional waiting periods.

      Scenario 2: When the policyholder ports to a Niva Bupa health policy with a base sum insured equal to the previous policy's base sum insured combined with the NCB, the waiting periods of the prior policy suffice.

      For example: Let’s assume Atul holds a health policy with a base sum insured of Rs 7.5 lakh and an NCB of Rs 2.5 lakh. If Atul decides to port to a Niva Bupa health insurance policy with a base sum insured of Rs 10 lakh, the waiting periods from the previous policy will be enough, and no additional waiting periods will have to be served. This is because the sum of the existing policy's base sum insured (Rs 7.5 lakh) and the NCB (Rs 2.5 lakh) is equivalent to the base sum insured (Rs 10 lakh) of the Niva Bupa health policy.

      Scenario 3: When the base sum insured of the Niva Bupa health policy is higher than the base sum insured plus NCB of the previous policy, the policyholder will have to serve the waiting period for the additional coverage amount.

      For instance: Let’s assume Atul's existing health policy has a base sum insured of Rs 7.5 lakh and an NCB of Rs 2.5 lakh. If Atul decides to buy a Niva Bupa health insurance policy offering a base sum insured of Rs 15 lakh, the waiting periods covered under the previous policy will suffice for claims up to Rs 10 lakh. However, the policyholder will have to serve standard waiting periods to claim the additional Rs 5 lakh.

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