New India Assurance Health Insurance Portability

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      New India Assurance Health Insurance Portability

      The New India Assurance Co. Ltd. offers Health Insurance Portability option to those who want to switch from their current health plan for better coverage options and to keep the accumulated benefits intact. To port health insurance, inform the new insurer around 45 days before the existing health insurance policy is near the lapse date.

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      Benefits of Porting to a New India Assurance Health Insurance Policy

      The following are some of the benefits of porting to a New India Assurance Health Insurance Policy:

      • Wider Scope of Coverage: Policyholders from other health insurance companies can port to a New India Assurance health insurance plan without paying any additional costs. They can also avail better coverage benefits and improved services after porting. For example, policyholders can port to a New India Assurance health insurance policy to get maternity cover, global health cover, new age-treatment cover, etc.
      • Reduced Premium Cost: Health insurance portability allows policyholders to port to a New India Assurance Health Insurance Plan with the same features as their current plan but at a lower premium. It is advantageous when their existing policy with the same coverage has become too costly due to age or underwriting by their insurance company.
      • Continued Waiting Period: After porting to a New India Assurance health insurance plan, the waiting periods for all the claims, specific illnesses, maternity claims etc. are carried forward. If someone has served a waiting period of 1-year of the total 2-years for maternity claims then the same is considered in the newly switched health plan.
      • Cumulative Bonus: While porting a New India Assurance policy, the accumulated NCB under the previous policy is counted as well. For example, if the previous policy's NCB was 50%, the same will apply to the New India Assurance health insurance policy.

      How to Port to a New India Assurance Health Insurance Policy?

      Porting to a New India Assurance health insurance policy is much easier online. Check out the steps given below to port to a New India Assurance health insurance policy on Policybazaar.com

      Step 1: Choose the New India Assurance Health Insurance Plan as per your preference.

      Step 2: Submit a request to Policybazaar around 45 days before your current policy expires.

      Step 3: Fill in the details, complete the online proposal and portability forms, and send these forms to Policybazaar.

      Step 4: Make the payment of the premium for the final New India Assurance health insurance plan chosen by you.

      Step 5: Policybazaar will now forward your request for portability to 'The New India Assurance Co. Ltd.'

      Step 6: Following that, 'The New India Assurance Co.' will contact your current insurer to collect information about your claim history, health records, and other pertinent information. This information is made available on the IRDAI website as well.

      Step 7: Your current insurance provider will send the New India Assurance all the information they need via the IRDAI's shared data portal within 7 working days. If your current insurer takes too long to share the data, the decision on your portability request will be delayed even more.

      Step 8: Finally, New India Assurance will decide within 15 days of your portability request based on the documents received. Your request for portability will be automatically approved if no decision is made within this time frame.

      Documents Required for New India Assurance Health Insurance Portability

      For New India Assurance health insurance portability, the following documents are required:

      • A copy of the previous year's medical insurance policies
      • Medical documents such as hospital discharge certificates, test results, etc., in the event of claims
      • Information on previous policies' claim history
      • The most recent renewal notice in which the NCB is clearly stated

      How Does NCB Work Under New India Assurance Health Insurance Portability?

      The NCB accumulated under the previous policy is adjusted as per the circumstances during portability. Let us take a closer look at each of these scenarios:

      Scenario 1: If the applicant selects a New India Assurance policy with the same sum insured, the last policy's waiting periods will be sufficient.

      Let us take Chirag’s case, who wishes to port to a New India Assurance Insurance Policy with a Rs. 6 lakh sum insured. He currently has a policy of Rs. 4 lakh along with NCB of Rs. 4 lakh with another insurer. The waiting periods from the last policy apply in this scenario, enabling him to use the coverage benefits without having to serve any additional waiting periods.

      Scenario 2: If the policyholder ports to a New India Assurance health policy with a base SI (sum insured) equal to the base SI of the last policy along with the NCB, the waiting periods remain in effect.

      Now, Chirag has a Rs 6 lakh health policy with a Rs 4 lakh NCB and wishes to port it to a Rs 10 lakh New India Assurance health insurance policy. In this case, the previous policy's waiting periods will be carried forward without additional waiting periods. This is possible because the previous policy's base SI, Rs 6 lakh, and the NCB, Rs 4 lakh, are equal to the New India Assurance health policy's base SI, Rs 10 lakh.

      Scenario 3: If the policyholder chooses a New India Assurance health policy with an increased base sum insured compared to the previous health policy's base SI and the NCB, the additional coverage amount will be subject to waiting periods.

      Suppose if, Chirag has a Rs 6 lakh health policy with a Rs 4 lakh NCB and wishes to port it to a Rs 15 lakh New India Assurance health insurance policy. In this case, the waiting periods from the previous policy will be sufficient for a coverage amount of Rs 10 lakh. However, standard waiting periods must be served to claim the additional Rs 5 lakh.

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