Port Health Insurance Plans With Ease

Port Health Insurance Plans With Ease


How to Port a Health Insurance Policy

The medical expenses are increasing by the day. Hence, a health insurance policy has become a necessity.
Such a policy offers coverage against hospitalization expenses, health checkup, and alternative treatment, besides many others.
Numerous insurance providers offer health insurance plans with competitive features and benefits. There may be instances where you wish to switch your mediclaim policy from your existing provider to another provider due to better terms and benefits. Portability of your health plan is a good option if you are seeking a high-level of service along with a host of benefits.

What can be ported?

Many are often confused over what aspects of the current plan may be ported. Insurance providers allow similar insurance plans, including floater policies, to be ported. You may port not only individual plan but also health insurance plans for family.. Besides, it is mandatory for the new provider to insure you at least up to the sum insured of the old plan. You may also port no-claim bonuses as well as credits on time-bound exclusions.
To understand time-bound exclusions, it is important to know that every policy comes with three types of waiting period. The period of 30 days after the purchase of the policy is the first period. During this time, insurance providers mostly cover only hospitalization claims. This period is followed by a waiting period on pre-existing ailments, while the third period is that of specified ailments. Such time-bound exclusions may be ported to your new insurance provider.

Procedure to port your insurance plan

You may opt to port your existing insurance policy at least 45 days before the time of renewal. You may request for a portability form and provide the necessary details. The information is then fed into the portal of Insurance Regulatory and Development Authority of India (IRDAI). Your existing insurance provider submits details about the plan coverage and claims. This helps the new insurance company gain access to the history of the insurance plan.

Issues faced while porting health insurance policies

According to statistics, merely 5% of insurance holders avail of the benefit of portability. Most policyholders realize the need to port only after they have had a bad experience while settling a claim with the old insurer.

The chances of the new insurance company accepting the porting request are low if the policyholder has made a claim in the past. The insurance company may either exclude the ailment for which the claim has been made or reject the request altogether. It is, therefore, necessary to avail of a family health insurance policy or an individual plan, while you are still healthy. Once you have been diagnosed with an ailment or if you have made a claim in the past, chances of insurance portability may become difficult. If you are in a higher age bracket or have health issues, it is advisable to be covered under your current insurance provider. In such cases, you may request for an increase in cover to enhance your plan’s utility.

Porting to a reliable insurance provider entails several benefits. You may, therefore, port your existing health insurance policy and maximize your benefits.

*premium Amount for Male, 35 yrs, 10 year term, Silver option, including tax.
HDFC Standard Life Insurance Company Limited.

Insurance is the subject matter of the solicitation. For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale. HDFC Life Health Assure Plan (Form No. P501-105, UIN: 101N087V01) is the name of traditional health plan offered by HDFC Life. HDFC Standard Life Insurance Company Limited is only the name of the Insurance Company, HDFC Life is only the name of the brand and HDFC Life Health Assure Plan is only the name of the product. The name of the company, name of the brand and the name of the product does not in any way indicate the quality of the contract, its future prospects or returns. HDFC Standard Life Insurance Company Ltd. IRDAI Reg No. : 101. ARN: MC/03/2015/6186.
CIN : L65110MH2000PLC128245. Tax benefits are subject to change in tax laws.

Corporate Office & Registered Address

HDFC Standard Life Insurance Company Ltd.
Lodha Excelus, 13th Floor Apollo Mills Compound,
N.M. Joshi Marg, Mahalaxmi
Mumbai, Maharashtra 400011
Telephone: (022) 67516666

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