Transferring Your Policy from Company ABC to Company XYZ
To transfer your policy from Company ABC to Company XYZ, you will need to approach Company XYZ (the 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 (the new insurer) will underwrite your policy, and you will become a customer of XYZ, carrying forward all benefits from Company ABC.
Five Things to Remember Before You Decide to Port Your Policy
1. When applying for porting, ensure that your existing policy is valid for at least 45 more days. Otherwise, the application will be rejected.
2. The portability is only applicable for the sum insured under the previous policy.
3. Portability is applicable for all individual health policies. If you are 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 differ among insurers. Ensure that you are clear about all the terms and conditions before applying.
5. Do not port to save money on premiums. With the new competitive premium regime, the differences in premiums between two companies will not be very high. It is not advisable to port just because another company offers a lesser premium. Port if you have a service problem with the existing insurer. Otherwise, remember that 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 make an informed decision. Stay healthy. Stay happy.
From India, Delhi
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2To transfer your policy from Company ABC to Company XYZ, you will need to approach Company XYZ (the 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 (the new insurer) will underwrite your policy, and you will become a customer of XYZ, carrying forward all benefits from Company ABC.
Five Things to Remember Before You Decide to Port Your Policy
1. When applying for porting, ensure that your existing policy is valid for at least 45 more days. Otherwise, the application will be rejected.
2. The portability is only applicable for the sum insured under the previous policy.
3. Portability is applicable for all individual health policies. If you are 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 differ among insurers. Ensure that you are clear about all the terms and conditions before applying.
5. Do not port to save money on premiums. With the new competitive premium regime, the differences in premiums between two companies will not be very high. It is not advisable to port just because another company offers a lesser premium. Port if you have a service problem with the existing insurer. Otherwise, remember that 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 make an informed decision. Stay healthy. Stay happy.
From India, Delhi
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PF Online Transfer Process.pdf