A health insurance policy can provide you a much-needed risk cover against any expenses that you may have to incur due to a medical emergency. But if your policy no longer serves your requirements, you might want to consider porting your policy to a different insurance firm. In the past, changing one’s insurer would mean having to let go of all the benefits that one had accrued during the past few policy years.
However, the Insurance Regulatory and Development Authority of India (IRDAI) now gives policyholders the right to switch their policy from their existing insurer to another insurance firm without losing any benefits that were accumulated. Thus, when you port your health insurance policy, you won’t have to lose your accrued benefits and go through the waiting periods all over again.
While porting your health insurance policy to an insurer that offers better services and benefits may seem like the right decision, there are a few factors that you should keep in mind before porting your policy.
While all policyholders have the right to port their policy from one insurance firm to another, insurers also have the right to reject one’s portability application if the said application is not in line with their underwriting norms, conditions, etc. A few reasons why one’s insurance portability applications may get rejected are:
In conclusion, while porting your policy can help you avail attractive benefits and lower premium rates, it is advisable to be aware of the differences between your current policy and new policy, features and benefits offered by the insurer, sub-limits, co-pay, additional clauses, etc. in order to avail a heath cover that matches one’s needs.
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