Portability in Health Insurance of India
To terminate your bitter relationship with your health insurer, the policy developers have implemented as switch making process in 2011 for people of India. You can change your health insurance company if you desire. But, making a port can be a complex procedure because the health insurance company you are porting to have right to approve or disapprove your Port-In-Request.
The full probability of health insurance is made to provide flexibility to insurance customer and improve the service performance of companies allowing development of competency. With a aptitude of long run in industry and customer centric approach of progress allows the portability to dwell the standards and requirements of health insurance sector.
The port request should be placed minimum 45 days before the date of policy renewal. But, before making a port you have to be assuring of portability facts that are essential regulations in initiating health insurance portability. The list of portability facts is described below: –
*Portability Essentials
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The switching is applicable to health insurance policies issued under general or non-life insurance plan
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The portability allows similar-to-similar exchange where the reimbursement of your previous and current policy should remain same
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The flexibility of difference in premium and benefits is allowed under switch of health insurance policy
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No financial expenses are involved in portability of health insurance
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The new insurer has right to accept or reject the portability request and if required new insurer can gather more information from customer within 7 days of request submission
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The existing insurer also needs to transfer all the information to new insurer within 7 days of request initiation
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The advantage of no-claim bonus will get eliminated from your health insurance because the new insurer will treat your policy as a naive one
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You can perform policy up gradation within same health insurance company under portability
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The portability can be initiated at branch office or through insurance agents or corporate agents
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There is a risk of rejection in case of family floaters for one member having higher sum assured in policy
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The non availability of last three years health insurance policy documents can end with rejection of port request
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The assurance of no break in cover even of single day is mandatory fact in portability, required to be checked by customer
Be aware when your make health insurance Policy choices because even if you have a option to switch the provider it isn’t a child play. As an Insurance Advisor, I am Sahil diwan provides this information to help you understand the procedure of changing your health insurance company in India.