हिंदी മലയാളം




Discontinuing a health insurance policy for any reason or taking out a new policy can result in the loss of many existing benefits. Instead, policyholders have the opportunity to ‘port’ a health insurance policy. This is a facility to purchase a new policy by terminating the existing policy if it is not satisfactory and retaining the benefits provided by the existing policy.

The portability of that insurance is equivalent to transferring from one company to another company of the customer’s choice without changing the mobile phone connection number. Not only will you not be covered for any existing illness when taking out a new policy, but you will also have to wait for up to 30 days for coverage after taking out a new policy. However, with the advent of health insurance portability, the consumer has the opportunity to change his or her health insurance service provider at any time.

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Benefits, including coverage for existing illnesses, will continue under the new policy when moving from the old insurance company to the new insurance company. Those who want to switch from policies that require a higher premium to policies that have a relatively lower limit for expenses such as room rent can opt for policies of their choice and policies that do not make a significant difference in the sum assured.

To transfer the policy to another company, the policyholder has to fill in the form and submit the new proposal form to the company with which he intends to transfer the policy to that company. At the same time, the insurance company has the sole right to decide on the application to transfer the policy to another company. That is, if an insurance company rejects an application to change the policy, the customer will have to approach another insurance company to change the policy.

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Notice of Renewal of Policy or previous year’s policy document and documents related to previous medical history should also be submitted. The IRDA (Insurance Regulatory and Development Authority) stipulates that the company must reply to the customer within 15 days of receipt of the application. The company will not have the power to reject the application or terminate the policy after 15 days.

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According to IRDA rules, cancellation of the policy can be avoided if the premium is paid within 30 days after the expiry of the policy. At the same time, the customer must apply at least 45 days before the policy expires to transfer the policy to another company. No claim bonus under current policy cannot be ported. It cannot be ported even if the application is submitted after the expiry of the existing policy.