SBI Health Insurance Portability

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      SBI Health Insurance Portability

      Porting to an SBI health insurance policy from any other insurance provider can be easily done online. This service allows policyholders to retain the benefits from their existing health insurance policy along with added benefits from the new policy. Customers can initiate the health insurance porting process about 45 days before their last policy renewal date is due.

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      Benefits of Porting to an SBI Health Insurance Policy

      Some of the main advantages of switching to an SBI health insurance policy are given below:

      • Policy Customization - One can switch to an SBI health insurance policy at no extra cost to enhance their policy coverage benefits and avail better services provided by the new health insurance provider. For example, by switching to an SBI health insurance policy, people can receive unlimited restoration benefits, yearly health check-ups, OPD benefits, etc.
      • Cumulative Bonus – When the policyholder switches to an SBI health insurance policy, the accrued NCB or Cumulative Bonus is not impacted. For instance, if the NCB under the previous policy is 40%, the same gets carried forward to the SBI health insurance policy.
      • Continued Waiting Periods - The waiting periods served under the previous policy continue while porting to a SBI Health Insurance plan. The policyholder just needs to serve the remaining waiting periods.
      • Option to Choose Lower Premium Plans- Through the process of portability, an individual can efficiently port to an SBI health insurance policy featuring a lower premium, especially when their current policy, offering similar coverage, has become more expensive due to factors such as their age or changes in the insurer's underwriting criteria.

      How to Port to a SBI Health Insurance Policy?

      Here are the steps to port to an SBI health insurance policy online on Policybazaar.com:

      Step 1: Decide which SBI health insurance plan you want to purchase.

      Step 2: Around 45 days before your existing insurance expires, submit a request with Policybazaar to port to your preferred SBI health insurance policy.

      Step 3: Submit the completed online proposal and portability forms to Policybazaar.

      Step 4: Pay the premium for the chosen SBI health insurance plan.

      Step 5: Policybazaar will send SBI General Insurance Company your portability request.

      Step 6: To get information about your claim history, medical records, etc., SBI General Insurance will contact your current insurer. They can also access this data from the IRDAI website.

      Step 7: Within 7 working days, your current insurer will provide all the necessary information to SBI General Insurance via IRDAI's common data-sharing platform. In the event that your previous insurer delays sharing data, the decision on your portability request will be put on hold.

      Step 8: SBI General Insurance will accept or deny your portability request within 15 days based on the documents it has received. Your request for portability will be automatically approved if no decision is made within this time.

      Documents Required for SBI Health Insurance Portability

      Here is the list of documents needed for SBI health insurance portability:

      • Information on the claim history from the previous policies
      • Copy of the medical insurance policies from the previous year
      • Medical records, such as test results, hospital discharge certificates, etc., in the event of claims
      • Recent renewal notice distinctly citing the NCB

      How Does NCB Work Under SBI Health Insurance Portability?

      The NCB accumulated under the previous policy works differently in varied circumstances when a current policy is ported to SBI health insurance. Let us go into more detail about each of these situations below:

      Scenario 1: The waiting periods from the previous policy will be sufficient if the policyholder chooses an SBI health policy with the same base sum insured.

      For example, Disha intends to switch to an SBI health insurance policy with a coverage of Rs. 12 Lakh. At the moment, she holds a health policy with a sum insured of Rs. 12 Lakh and an NCB of Rs. 6 Lakh with another insurer.

      In this situation, the waiting periods from her current policy will be carried forward to the new SBI health insurance policy. This enables her to access the coverage benefits without the need to serve any additional waiting periods.

      Scenario 2: The waiting periods from the previous policy will be sufficient if the policyholder transfers to an SBI health policy with a base amount insured equal to the base sum insured plus the NCB from the previous policy.

      For instance, consider the case of Disha, who currently holds a health insurance policy with coverage of Rs. 12 Lakh and a No Claim Bonus (NCB) of Rs. 6 Lakh. Now, she intends to switch to an SBI health insurance policy with a coverage of Rs. 18 Lakh. The advantage here is that she won't have to serve any additional waiting periods when porting to the new SBI health insurance policy.

      The waiting periods from her previous policy continue to the newly selected SBI health policy. This smooth transition is possible because the combined value of her previous policy's base sum insured (Rs. 12 Lakh) and NCB (Rs. 6 Lakh) matches the base sum insured of the SBI health policy (Rs. 18 Lakh).

      Scenario 3: If the policyholder decides to opt for an SBI health policy with a higher base sum insured than the combined value of the base sum insured and the No Claim Bonus (NCB) of the previous health policy, then waiting periods will be applicable to the additional coverage amount.

      Let's take the example of Disha, who currently holds a health insurance policy with coverage of Rs. 12 Lakh and an NCB of Rs. 6 Lakh. She wishes to switch to an SBI health insurance policy with a coverage of Rs. 24 Lakh. In this situation, the waiting periods served under her previous insurance will be enough to cover a sum of Rs. 18 Lakh under the new policy. However, to claim the additional Rs. 6 Lakh in coverage, she will have to serve the standard waiting periods required by the SBI health insurance policy.

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