Unhappy With Your Health Insurer? Port Your Policy

Covid-19 made us realize the significance of health insurance in our lives. In the last 12 months, the sale of health insurance has increased drastically with more than 35-crore Indians getting covered under health insurance plans – as per data provided by IRDAI. The number of health insurance policies being sold is increasing drastically with each passing day. This signifies that the awareness around health insurance has increased by multiple folds.

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While there is a rise in the number of health insurance policies sold every day, there is almost an equal number of rise in the porting requests – people are porting their regular health insurance plans to comprehensive policies. The insurers are witnessing a strong jump in the porting requests due to the COVID-19 fear. Portability is when you switch your health insurance policy from one insurance provider to another.

Customers port their health insurance policy if they aren’t happy with the features or benefits of their current health insurance plan. It could also mean that there are new policies that have better benefits. Earlier, a lot of policies sold had single private room rent capping or capping to a certain amount let’s say Rs 5000. This amount would have been sufficient five years back, but now it is difficult to have a hospital room less than Rs 10,000. Nowadays, there are policies which don’t have room rent capping. 

Customers can port their policy at the time of renewal. When you want to port your health insurance policy, you need to approach the new health insurer at least 45 days before the expiry of your existing policy. There are a lot of things to keep in mind when porting your health insurance policy such as increasing the sum insured, coverage for domiciliary hospitalization, coverage for consumables, sub-limits etc. 

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