My health insurance plan does not allow me to increase the sum insured. Also, I find it to be a basic plan with no features like the no-claim bonus. I want to change insurer now. My premium renewal date is February 15. Am I eligible for porting now? But, in the first place, do you suggest porting? I am 35 years old with a dependent spouse (32 years old) and a child (5).
If you are unhappy with your current insurance company, especially service, claims issues, coverage, etc., you may choose to transfer your health insurance policy to an insurer. of your choice. Carrying a health insurance policy means moving from one insurer to a new insurer by keeping the benefits acquired from your old insurer intact and transferring them to the new insurer. For example, this means that you do not need to start your waiting period with the new insurer from scratch, but from the waiting period already served with the old insurer. Even your acquired bonus-malus benefits will be transferred to the new insurer. If you wish to transfer your policy, the portability process must begin at least 45 days before your policy end date, allowing time for the new insurance company to make a decision on your application. It also gives you plenty of time to rethink your decision to transfer your policy.
When you wish to transfer your policy, you must submit a new application form with the portability form to the new preferred insurer. New insurance companies will do their due diligence and contact your old insurance company to get your medical information and claims history. However, it is important to note that the new insurer may accept or reject your application or even offer restricted coverages in accordance with its underwriting standards. In your case, your policy already ended on February 15, 2022 and therefore cannot be transferred now since you must initiate the portability process 45 days before your renewal. You can now start the porting process on your next renewal only.
Since you are 35 and assuming you have no health issues, you can apply for portability with any insurance company. I would advise you to keep a few things in mind before transferring your policy, such as what is the waiting period in your new health insurance policy and whether you get all the benefits of continuity. You must choose an insured sum that is appropriate to the cost of health care in your city. Metropolitan cities may require a higher sum assured due to the higher cost of health care. You should be aware of the features that the new product has to offer. It’s good to have products that cover accumulative bonuses, reinstatement benefits, top-up benefits, preventative health checks, etc.
Health insurance portability gives you the freedom to choose a policy of your choice, but it is important to do a comparative study and make the right choice not just based on the premium, but one that suits your health needs. and those in your family.
The author is Health Administration Team Leader, Bajaj Allianz General Insurance
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May 21, 2022