Just like how a mobile subscriber can now switch from one provider to another, health insurance can also be ported if you are unsatisfied with your current insurance provider! Poor policy provisions and services from an insurer frequently prompt a policyholder to consider switching to a different insurance company. At the time of renewal, a policyholder may think about transferring to a different insurer.
Here are some vital things to remember if you want to do so:
Only Indemnity Plans Can Be Ported
Make sure you have an indemnity cover if you intend to switch your health insurance plan from one insurer to another. Only indemnity plans may be ported at renewal time, and at the time of porting, perks, including cumulative bonuses, may be transferred. When transferring policies, the initial waiting period and the waiting period for pre-existing conditions are also taken into account.
How And When To Submit A Porting Request
If your porting request is rejected, you can renew your current policy or purchase a new one from a different insurer.
Experts claim that moving health insurance coverage is relatively simple by keeping a few things in mind.
One needs to be aware that health insurance portability is only permitted during renewal. Any type of health insurance policy, including individual and floater plans, may be transferred from one insurer to another that offers comparable coverage. Make sure you compare health insurance before buying.
Benefits Of Transferring A Health Insurance Policy
- The option to upgrade their package for improved features and services is available to policyholders.
- At the time of porting, insurers may also give policyholders a choice to combine the cumulative incentive and sum insured, enabling them to gain from a higher sum insured.
- Policyholders can obtain better features at affordable premium costs.
Cons Of Switching Health Insurance Plans
- Only when the policyholder renews the existing policy may they submit a porting application.
- It might lead to a rise in premiums.
- Certain benefits provided by group plans may be lost if you move from them to individual plans.
Portability Enables Personalization
Insurance portability permits customisation and the freedom to move the insurance policy to another provider. Without paying an additional premium, a cumulative bonus may also be transferred from the previous insurer to the new insurer through an increase in coverage.
When To Avoid Transferring
Although porting is a practical alternative, customers should only utilise it if they have a genuine requirement for mobility. Because health insurance firms have different underwriting guidelines, policy exclusions, and terms and conditions, it is crucial to conduct a careful analysis. The policyholder must also be familiar with the updated terms and conditions that come with the freshly migrated insurance policy.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
