With increasing medical costs, health insurance is becoming necessary for everyone. However, sometimes due to a lack of husting or proper information, people are unable to choose the policy compatible with their needs. In such a situation, the Health Insurance Postility feature offered by the Indian Insurance Regulatory and Development Authority (IRDAI) is proving an important relief. Under this plan, customers can transfer their health insurance policy from a company to the second company while maintaining their current insurance benefits.
The biggest advantage of this process is that the waiting period covered by the previous policy are recognized by the waiting period or existing medical condition covered by the previous policy. Therefore, customers can port to your policy for better coverage, less premium, or better claim benefits without losing their previous benefits. This feature is only available at the time of policy reinual, and it is important to prepare at least 45-60 days prior to ensure the new insurer examination and the process of the new insurer to complete.
In the portability process involves the application company to submit the application to the new insurance company, including the current policy information and a claim history. Then the new company receives data from the insurer through the Centralized Portal of IRDAI and takes a final decision. Insurance companies cannot take any additional fees for porting, although premiums may vary depending on the basis of the age and coverage.
Priority portion is especially useful for those who are dissatisfied with their insurance provider’s service, or want a simple claim processing policy. However, some new features in the new policy can add new waiting time, so it is important to understand the entire terms and conditions before porting. Health insurance portability gives you the freedom to change your options for better services and coverage without sacrificing your old benefits. This feature makes health insurance more flexible and customer-focused