Universal Sompo Health Insurance Portability

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      Universal Sompo Health Insurance Portability

      Universal Sompo General Insurance Company provides an online portability option to policyholders with other insurers.With the switch one can opt for enhanced coverage benefits while retaining benefits accrued from their existing policy. You can initiate this process approximately 60 days before your current policy renews, but we recommend starting it around 45 days in advance for the best experience.

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      Benefits of Porting to a Universal Sompo Health Insurance Policy

      Here are some key advantages of porting to a Universal Sompo health insurance policy:

      • Opt for Better Coverage Benefits: Customers from other health insurance companies can switch to Universal Sompo health insurance for a better scope of coverage and healthcare services. This may include access to a vast network of top-tier hospitals, critical illness coverage, exclusive healthcare services, and more.
      • Get Lower Premiums: Policyholders can conveniently switch to a Universal Sompo health insurance plan with a reduced premium. It is feasible in case the existing health plan becomes costlier due to age of the insured members, diseases, or insurer’s terms and conditions.
      • No Loss of NCB: Portability ensures no loss of accumulated Bonus (NCB) while switching to a Universal Sompo health policy. The NCB earned under the previous policy apply to the new Universal Sompo health insurance policy. For example, if the NCB from the prior policy amounts to 35%, this same percentage carries to the Universal Sompo health insurance policy.
      • Transfer of Waiting Periods Served: When switching the policy to Universal Sompo Health Insurance, the existing waiting periods are retained. Hence the policy owner only needs to complete the remaining waiting periods after porting and not the fresh ones.

      How to Port to a Universal Sompo Health Insurance Policy?

      Below are the steps to port to a Universal Sompo health insurance policy online through Policybazaar.com:

      Step 1: Select the Universal Sompo health insurance policy that meets your requirements.

      Step 2: Raise a portability request with Policybazaar around 45 days before your existing policy expires

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

      Step 4: Make the premium payment for the desired Universal Sompo health insurance policy.

      Step 5: Policybazaar will send your portability request to Universal Sompo General Insurance Company.

      Step 6: Universal Sompo General Insurance Company will contact your current insurer to gather necessary information, such as your claim history and medical records. This data can also be obtained from the IRDAI website.

      Step 7: Within 7 working days, your current insurer will provide all the required information to Universal Sompo General Insurance through IRDAI's shared data portal. If there are any delays in data sharing, it might cause a delay in processing the portability request.

      Step 8: Universal Sompo General Insurance will assess the provided documents and decide to accept or decline the portability request within 15 days. If no decision is made during this period, the portability request should be considered approved.

      Documents Required for Universal Sompo Health Insurance Portability

      To successfully port to a Universal Sompo health insurance policy, the following documents are necessary:

      • Information regarding the previous policy's claim history
      • Copies of medical insurance policies from the previous year
      • Medical records, such as diagnostic/ imaging reports, doctor's consultation notes, hospital discharge certificates, etc., will be required if there have been previous claims
      • Latest renewal notice carrying information about the NCB

      How Does NCB Work Under Universal Sompo Health Insurance Portability?

      When an existing policy is ported to a Universal Sompo health insurance plan, the NCB earned under the previous policy works differently in various scenarios. Let us explore each scenario in detail:

      Scenario 1: If the policyholder chooses a Universal Sompo health policy with the same base SI as before, the previous policy's waiting periods will continue.

      Imagine Anika holds a Rs 6 lakh health policy with an NCB of Rs 4 lakh. Suppose she switches to a Universal Sompo health insurance of Rs 10 lakh. In that case, the earlier policy's waiting periods will be carried forward, and no new waiting periods must be served. This happens because the old policy's sum insured (Rs 6 lakh) and NCB (Rs 4 lakh) total the Universal Sompo policy's base sum insured (Rs 10 lakh).

      Scenario 2: If the policyholder opts for a Universal Sompo health policy with a base sum insured equivalent to the sum insured of the previous policy plus the NCB, the waiting periods from the previous policy will suffice.

      Imagine Anika holds a Rs 6 lakh health policy with an NCB of Rs 4 lakh. If she switches to a Universal Sompo health insurance of Rs 10 lakh, the earlier policy's waiting periods will be carried forward, and no new waiting periods are required to be served. This happens because the old policy's sum insured (Rs 6 lakh) and NCB (Rs 4 lakh) total the Universal Sompo policy's base sum insured (Rs 10 lakh).

      Scenario 3: If the policyholder chooses a Universal Sompo health policy with a higher base sum insured than the previous health policy plus the NCB, the standard waiting periods will apply for the additional coverage amount.

      Let's say Anika has a Rs 6 lakh health policy with an NCB of Rs 4 lakh. Suppose she decides to port to a Universal Sompo health insurance policy of Rs 15 lakh. In that case, the waiting periods from her previous policy will be carried forward for coverage up to Rs 10 lakh. But, to claim the extra Rs 5 lakh, she must serve the regular waiting periods.

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