With the uncertainties surrounding health, possessing a health insurance policy is crucial for every individual. The recent pandemic has heightened awareness and access to health insurance throughout India. However, you may not be satisfied with your existing health insurance plan or provider, feeling that your coverage or support during critical times is insufficient. In such cases, you might consider switching to another plan or insurer.

Understanding Health Insurance Portability

Most people are familiar with mobile number portability, but did you know that you can also transfer your health insurance plan from one company to another? Instead of purchasing a new health insurance plan, consider porting your current plan first.

Health insurance portability offers several advantages, such as continuity of benefits, including waiting period exemptions and No Claim Bonus (NCB) increases in the sum insured. However, porting is not always guaranteed. A new insurer may decline the porting request based on its underwriting conditions. If porting is denied, you might need to purchase an additional policy to enhance coverage.

Porting depends on the new insurer’s acceptance of the existing plan and its underwriting policies. If the insurer refuses or imposes excessive conditions, you may consider acquiring a new plan. You can cancel the previous policy once the waiting period for the new policy is completed. While this might result in a higher premium, the primary advantage is continuous protection against hospitalization costs.

You now have the option to transfer your current policy to Bajaj Allianz General Insurance Company, ensuring optimal benefits and adequate coverage.

Standard Terms and Conditions Apply

Key Factors to Consider Before Porting Your Health Insurance Plan

1. Pre-existing Diseases

If you have pre-existing conditions, confirm with the new insurer whether porting is feasible and if pre-medical examinations are required. Most new policies impose a waiting period of 3-4 years for pre-existing conditions, during which related claims cannot be made. However, porting allows you to retain the continuity benefits of your previous policy.

For instance, if your existing plan is 3-4 years old and the waiting period for pre-existing conditions has been fulfilled, the new insurer will acknowledge this period. This means you will not have to restart the waiting period. However, terms may vary among insurers.

2. Porting Age

Insurance companies are generally reluctant to provide coverage for older individuals due to higher health risks. Senior citizens seeking to port their health insurance plan should consider obtaining an additional new plan. It is always advisable to purchase or port health insurance while you are younger to secure better terms.

3. Change in Sum Insured

In some cases, the new insurer may not offer the same sum insured as your current plan. If this happens, opt for the nearest higher sum insured. However, the additional amount will be treated as a new application, subject to fresh underwriting and medical criteria. The insurer may accept or decline the request based on its risk assessment.

Porting Process and Timeline

Your existing plan must be active during the porting process, which typically takes 45-60 business days to complete. Since timelines vary between insurers, it is advisable to initiate the porting request at least 45 days before the renewal date to ensure a smooth transition.

Conclusion

Porting your health insurance plan is a wise decision when looking for better features, improved service, or higher coverage. The process is generally seamless, but you must assess your reasons for switching insurers carefully. Conduct thorough market research and explore available options to find the best health insurance coverage that meets your needs.