How To Port Health Insurance - Pdf Download - CiteHR
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To transfer your policy from company A BC to company XYZ, you will need to approach Company XYZ (new insurer). You will be asked to fill in an application for porting. Company XYZ will then process the application and post the request on the IRDA site within 7 days.

The existing insurer (company ABC) will have to furnish all the required data about the insured within 7 days, again through the IRDA website.

Once satisfactory data is available, Company XYZ (New insurer) will underwrite your policy and you will be a customer of XYZ and carry forward all benefits from company ABC.

Five things to remember before you decide to port your policy:

1. When applying for porting, be sure that your existing policy is valid for at least 45 days more. Else, the application will be rejected.

2. The portability is only applicable for the sum-insured under previous policy.

3. Portability is applicable for all individual health policies. In case you are a part of a family/group policy, you will need to migrate to an individual policy from the same insurer and then apply for portability only after 1 year.

4. Sometimes the waiting period/exclusion period for the same disease might be different for different insurers. Ensure that you are clear about all the terms and conditions before applying.

5. Do not port for saving money on premium. With the new competitive premium regime, the differences in premium of two companies will not be very high. It is not advisable to port just because the other company is offering a lesser premium. Port if you have a service problem with existing insurer. Else, remember that all said and done, you will have to build a 'new relationship" with the new service provider (Agent, claim officers, front office staff etc). And relationships take time to mature.

You have been given the power to choose your provider. Get educated and take an informed decision. Stay healthy. Stay happy.
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Following is the IRDA official circular regarding the above subject. D. Vinod Kumar Reddy Anand Kumar Reddy, Chennai Serving thousands of Mediclaim policy holders in and around Chennai 9282 11 70 90

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