My health insurance does not allow me to increase the sum insured. Also, I find it to be a basic plan with no features like a no-claim bonus. I would now like to switch to another insurer. My award renewal date is February 15th. Am I eligible to port now? But are you even suggesting a port? I am 35 years old with a dependent spouse (32 years) and one child (5).
If you are dissatisfied with your current insurance, particularly with the service, problems with claims processing, coverage, etc., you can port your health insurance to an insurer of your choice. When you transfer a health insurance policy, you are moving from one insurer to a new insurer, while maintaining the benefits of your previous insurer and transferring them to the new insurer. This means, for example, that you do not have to start your waiting time with the new insurer from scratch, but rather from the waiting time you have already completed with the previous insurer. Your acquired no-claims discounts are also transferred to the new insurer. If you wish to transfer your policy, the portability process must begin at least 45 days before your policy’s end date to give the new insurance company time to make a decision on your proposal. This also gives you plenty of time to reconsider your decision to port your policy.
If you wish to transfer your policy, you must submit a new application form to the new preferred insurer along with the portability form. The new insurance companies will do their due diligence and contact your previous insurance company for your medical information and claims history. However, it is important to note that the new insurer may accept or reject your proposal, or even propose limited coverages according to their underwriting standards. In your case, your policy already expired on February 15th, 2022 and therefore cannot be ported now as you have to start the portability process 45 days before your renewal. You can now initiate the porting process only on your next renewal.
Since you are 35 years old and assuming you have no medical conditions, you can apply to any insurance company for portability. I would advise you to consider a few things before porting your policy such as: B. the waiting time in your new health insurance and whether you pass on any continuity benefits. You must choose an insurance sum that corresponds to the healthcare costs in your city. Metro cities may charge a higher sum insured due to higher healthcare costs. You must be aware of the features that the new product has to offer. It’s good to have products that cover cumulative bonuses, reinstatement benefits, recharge benefits, preventative health checks, etc.
Health insurance portability gives you the freedom to choose a policy of your choice, but it’s important to do a comparative study and make the right choice, one that’s not just based on premium, but one that meets your health needs and those of your family.
The author is Head – Health Administration Team, Bajaj Allianz General Insurance
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May 21, 2022