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How to Port Your Health Insurance Policy in India?

by Holistic 1 Comment | Filed Under: Insurance

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Porting your health insurance policy is a process where you can switch to a new insurance provider while retaining your existing coverage.

Table of Contents: 

  • Why Should You Port Your Health Insurance Policy?
  • 3 Things to Consider
  • Benefits of Porting your Health Insurance Plan
  • Procedure to Port Your Health Insurance Policy
  • Steps to Port Your Health Insurance Policy
  • Documents to Port Your Health Insurance Policy

This article will provide you with all the steps involved in porting your health insurance policy and what you should be aware of when switching to a new provider.

Why should One Port from Their Health Insurance Provider?

You should port your health insurance policy if you are not satisfied with your existing health insurance plan. 

And if you port your health insurance policy, you will be able to get better benefits that are not available with your current policy. 

If you have been with the same insurer for a long time—there is a good chance there are better options available from other providers. 

When you port your policy, it means that someone else is offering a better plan. You can switch to it.

However, before you switch, there are other factors you should consider before making your decision. 

3 Things to Consider:

When people look for a new health insurance policy, they often look at the network hospitals.

But, it is not the only factor that matters. Here are the 3major factors you need to keep an eye on. 

1. Medical History 

Medical history is probably the first thing a healthcare provider will look for before approving and deciding the premium amount. 

It happens either you are buying a new health insurance plan or porting your existing health plan. 

If you have a pre-existing health condition that requires regular hospital visits, they may deny your porting request. 

If your age is 45 or above, most new insurers will require you to undergo a medical check-up. People with a history of heart disease or renal failure, both of which have substantial recurring expenditures, are also considered for a medical check-up.

2. Age

Many people ask us if there is an age limit for porting a health insurance policy to a different provider.

Well, there is no age limit for porting per se. 

However, because health deteriorates with age, most insurers will hesitate to provide portability approval to senior citizens. 

In addition, the new insurer will require additional medical testing and a declaration of pre-existing conditions during the porting process. They may exclude or limit coverage for specific diseases based on the findings.

3. Waiting Period

The waiting period—also known as the cooling period—is when your health plan will provide no cover, as specified in the policy document. 

For example, if you buy a new insurance plan, it will have an initial waiting period of 30 days. The policy will provide no health cover during this period; other than the accidental cases. 

There is a waiting period for specific illnesses as well. 

The policyholder must wait for a specified period before becoming eligible to make claims for specified illnesses. 

For example, conditions like osteoporosis and cataracts typically have a waiting period of a year before you can make a claim. 

It could be a deal-breaker when it comes to buying a new policy or porting your existing one. 

Do you have to serve another waiting period when you port? Your answers are below. 

Benefits of Porting your Health Insurance Plan:

Porting your policy is one of the best things you can do to help save time and money on your health insurance policy.

Opens Up to Better Services

It is ideal if the reason for porting your health plan is due to the poor service of your insurance provider. 

You can choose a better insurance provider by porting your health insurance plan. Choose a provider that would fit your needs best and is renowned for its high-quality services.

No Loss of the Current Policy Credits: 

If the new insurer accepts your proposal, he is obligated to provide you with the credit you earned with the former insurance provider. 

It includes the waiting period for pre-existing conditions and other specified illnesses or conditions. 

When porting your health insurance, you do not need to serve any waiting period for pre-existing conditions declared in your previous policy. The same applies to maternity cover benefits provided by your prior insurer.

For example, you may have served a waiting period for a specific medical condition in your current health insurance plan. 

Discontinuing the current policy and buying a new one will require you to serve the waiting period again. It is a significant period without risk cover. And any unfortunate health issue can make a dent in your finances and investments.  

However, it is not an issue when you port your health plan. You do not have to serve any waiting period already counted in your current policy. 

It is one of the advantages of porting your health insurance plan. The benefits offered by the existing insurer will remain added with the new policy benefits when you opt for a new policy plan.

Carry-Forward No Claim Bonus

No Claim Bonus (NCB) is one of the main reasons policyholders stay with the same insurance provider. 

And they do so even if there are better policies available from a different insurance provider. 

Fortunately, when you port your health insurance plan, you can carry forward the accumulated no claim bonus from your old policy to the new one. 

It increases the sum insured of your policy and improves the benefits it provides. 

Lower Policy Premium:

In India, the health insurance market is very competitive right now. Insurers are attempting to persuade policyholders to purchase their health insurance policy. 

A competitive market is often a financially cheap market. If you can do simple research and shortlist a few health plans, you can find the right health insurance plan. 

By porting your health plan, you can lower your policy premium while increasing the benefits.

Ability to Customize Policy

One of the most significant advantages of porting is the ability to tailor your new health insurance policy to your specific needs. You may want to change the nominees in your policy, or you may want to focus your policy on some health issues. While switching from your previous insurance to the new insurer, you can make any changes to your policy.

Procedure to Port your Health Insurance Policy:

Is porting a complicated process? 

No! IRDA has made porting a simple process. 

You should begin the porting process at least 45 days before the expiry of the current policy (and not before 60 days). 

Steps to Port Your Health Insurance Policy:

  • Step1: Notify your old insurer naming the company to which you want to shift the policy. 
  • Step2: Give a port request to the new provider of your choice—within 45 days before the current policy expiry. 
  • Step3: On receiving the request, the new provider will present you a proposal form, a portability form, and different health insurance products offered by them. 
  • Step4: Choose a product, fill out the proposal form, and submit it to the new insurer together with the portability form.
  • Step5: The new insurer then contacts the old insurer or goes to the IRDA website to obtain information about your medical records, claim history, and so on.
  • Step6: If your request is approved, your health coverage will begin with the new insurer.
  • Step7: The new insurer has 15 days to approve or reject your request for portability; otherwise, you can consider your port request approved.

Documents Needed to Port Health Insurance Policy:

  • Identity Proof
  • Address Proof
  • IRDA portability form 
  • Previous policy documents from your previous insurer
  • Proposal form
  • A declaration of the portability in case of a no-claim case
  • In the case of claims made, additional documents such as the discharge summary and other related paperwork.

It is advisable to do complete research for the new plans before the due date.

Here is How to pick the ideal Mediclaim Policy that suits your need best. 

Keep in mind the above points for a smooth porting procedure and better benefits.

The right health insurance plan is only a part of your risk management. Risk management, in turn, is only a part of your comprehensive financial plan. 

If you have any comments or questions, write them in the comment box below.

Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

Skip the queue by registering for your 30 Minute FREE Financial Plan Consultation. Click the ‘‘BOOK YOUR SLOT NOW!’’ button below. 

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Comments

  1. Nallabothula says

    June 14, 2023 at 4:05 pm

    This is more helpful to us, thank you for sharing this insurance policy.

    Reply

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Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
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We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
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For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
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Lingesh MMG
Lingesh MMG
20. September, 2023.
Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
Ravi L
Ravi L
15. August, 2023.
Very knowledgeable and professional team, guided me with the precise financial solutions and timely suggestions.
Hardik Dave
Hardik Dave
5. July, 2023.
Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
Dr. Padmakar Wagh
Dr. Padmakar Wagh
27. June, 2023.
Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
Binamra Dash
Binamra Dash
13. June, 2023.
Very knowledgeable team. Guided me properly with my concerns.
Murugan Bala
Murugan Bala
16. May, 2023.
I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
Neeraja R K
Neeraja R K
15. May, 2023.
Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
deepika kulkarni
deepika kulkarni
21. April, 2023.
We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
Ashook Panneerselvam
Ashook Panneerselvam
21. March, 2023.
For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
Mahesh S
Mahesh S
19. February, 2023.
I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
Google rating score: 4.5 of 5,
based on 104 reviews

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