Health Policy Portability

Hello sir I am here as I want to know what the meaning of Portability of Health Insurance is and also tell me about its right and conditions as explained by IRDA??

[Pathak]

Health insurance portability is a facility to transfer your health insurance policy from an existing company to another without many hassles


When you change your health insurance policy from one insurance company to another, you don’t have to lose the benefits you have accumulated.
In the past in health insurance policies, such a move resulted in your losing benefits like the waiting period for covering "Pre-existing Diseases".

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.

Now IRDA protects you by giving you the right to port your policy to any other insurer of your choice. It has laid down that your new insurer “shall allow for credit gained by the insured for pre-existing condition(s) in terms of waiting period”.
This applies not only when you move from one insurer to another but also from one plan to another with the same insurer.

Rights

-You can port your policy from and to any general insurance company or specialised health insurance company

-You can port any individual/ family policies

-Your new insurer has to give you the credit relating to waiting period for pre-existing conditions that you have gained with the old insurer

-Your new insurer has to insure you at least up to the sum insured under the old policy

-The two insurers should complete the porting as per the timelines prescribed in the IRDA (Protection of Policyholders’ Interests) Regulations and guidelines

Conditions

-You can port the policy only at the juncture of renewal. That is, the new insurance period will be with the new insurance company

-Apart from the waiting period credit, all other terms of the new policy including the premium are at the discretion of the new insurance company

-At least 45 days before your renewal is due you have to
Write to your old insurance company requesting a shift
Specify company to which you want to shift the policy
Renew your policy without a break (there is a 30 day grace period if porting is under process)


Contact Details:
Insurance Regulatory and Development Authority of India
3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004
Telangana State (INDIA )
Ph: (040) 23381100
Fax: (040) 6682 3334