In the dynamic landscape of health insurance, making the right investment choice is crucial. If you find yourself dissatisfied with your current health insurance policy, porting it to a better option has become remarkably easy. Much like transferring a SIM card, health insurance portability allows you to switch policies without hassle. In this guide, we’ll walk you through the step-by-step process of porting your health insurance, ensuring a smooth transition and improved coverage.
How to Port Your Health Insurance:
- Early Application: Apply for porting to your desired insurance company at least 45 days before your policy renewal date.
- Receive Proposal and Portability Form: Once you initiate the process, the new insurance company will send you a proposal along with the portability form.
- Form Submission: Fill out the portability form, providing all necessary information such as the policyholder’s name, phone number, email, etc.
- Contacting the Existing Insurer: After form submission, the new insurance company will contact your current health policy provider.
- Information Exchange: The new insurer can access details about your policy, including claim history and medical records, through the IRDAI website.
- Document Submission: Submit necessary documents, including health insurance renewal notice, No Claim Bonus Certificate, discharge summary for any past claims, follow-up reports, and medical history.
- Verification Process: If the new company lacks essential information, the health insurance portability might be put on hold.
- Approval/Rejection Notification: Upon receiving the required documents, the new insurance company will inform you of the acceptance or rejection of your portability request within 15 days.
What Porting Entails:
- Transfer of Waiting Period:
- The 30-day waiting period after policy purchase is transferred.
- There is a waiting period port for chronic diseases.
- Waiting periods for specific diseases are also transferred.
- No Claim Bonus (NCB) Portability:
- The NCB from the old policy is seamlessly ported.
By understanding and following these steps, you can ensure a hassle-free transition to a health insurance policy that better suits your needs, providing enhanced coverage and peace of mind.