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Portability in a health insurance plan allows you to switch from one insurer to another, without losing benefits like No Claim Bonus (NCB). You don't have to go through the waiting period, which you have already completed in your previous policy.
You must apply for health insurance portability with the new insurer, 45 days before your existing policy expires. You can't be 100% sure that the new insurer will accept your request. The new insurer can also decline your request if they find it risky. You must not delay in filing the application. Your application can be rejected if there’s a delay.
The new insurer has to respond to your request, within 15 days of receiving it. If the new insurer delays processing the request and you are due to renew the old policy, it is the responsibility of the new insurer to request the existing insurer to provide you insurance for a short period of up to 30 days from the due date.
See Also: How To Claim Health Insurance?
The new insurer will accept your request only if you meet certain requirements as per underwriting norms. The insurer will charge a nominal premium, if you do not have any pre-existing diseases or if you have not made any claims in the past. It will charge an additional premium if you have any pre-existing diseases, or if you have made claims in the past.
For the new insurer to accept your request there must not be any break in the policy. You must apply for portability even before your old policy expires.
These are the six simple steps to port your health insurance policy:
1. You must file an application with the new insurer, 45 days before the expiry of your old insurance policy.
2. On receiving the application, you have to fill the portability and proposal form and make a submission.
3. After submitting the proposal form, the new insurer will check medical and claim history. This process will be completed within 7 days.
4. The next step is the passing of the proposal through the portal created by IRDA in the format that has been prescribed. This is mandatory for porting a policy.
5. After the requisite information is received by the new insurer, they will frame the proposal according to their underwriting norms.
6. The last step is processing of the proposal and release of the final decision. This has to be done in 15 days. If it is not done in 15 days, the new insurer is bound to accept the porting request.
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