Health Insurance Portability in India: Benefits & Procedure
Definition and IRDAI guidelines
Health insurance portability refers to the policyholder's right to transfer an existing policy from one insurance provider to another without losing key benefits, such as waiting periods and non-claim bonuses. According to IRDAI, if a customer is unhappy or unsatisfied with the services offered by an insurance provider, they have the option to port the plan to any other insurance provider without being locked into unsatisfactory policies.
Difference between porting vs buying a new plan
Porting is different from buying a new policy, as you do not lose the benefits that you have earned. For instance, if you have already served a waiting period for pre-existing or critical illnesses, you would not need to do it again with the new service provider. Hence, your insurance history remains unchanged, and you are still eligible for all benefits with a new insurance company.
Why Consider Health Insurance Portability?
Common reasons policyholders switch insurers
Some of the most common reasons for portability include poor service from the existing insurance provider, a lack of network hospitals, unsatisfactory customer support, or unnecessarily high premiums compared to competitors offering similar services.
Benefits of porting instead of starting fresh
Portability is preferable to starting fresh because it safeguards and retains your accrued benefits, saving a significant amount of time. Your benefits, including no-claim bonus, waiting periods, and other perks, remain unchanged with the new policy. Hence, if you are looking for better features and services, porting to a new insurer is often a more effective option than starting from scratch.
Why customers move to ManipalCigna
A large number of policyholders from top insurance companies in India have shifted to ManipalCigna due to the quality of services offered, the customer-first approach, high coverage, comprehensive plans, and a wide network of hospitals. The claim ratio of ManipalCigna is one of the highest in the sector, making it a reliable option for policyholders.
Components of Health Insurance Portability
Waiting Periods
You do not need to serve waiting periods again, whether it is an initial, pre-existing or critical illnesses waiting period. You receive continuous coverage even after changing service providers.
Premium Structure
You might be offered better premiums based on the insurer’s underwriting, your age, and health condition.
No-Claim Bonus (NCB)
If you’ve accumulated a no-claim bonus (NCB), portability ensures it is carried over, enhancing your sum insured at no additional cost.
Coverage Limits
The coverage limits, such as room rents, surgeries or other procedures, are a factor for your portability decision. You should consider these before porting to a new service provider.
Individual Health Status
Your medical history and lifestyle can influence the premium quoted by the new insurer.
Impact on Premium
While portability doesn’t guarantee a lower premium, it ensures you get a fair price for upgraded features.
Continuous Coverage
Continuous coverage means there’s no gap in protection during the switch, provided you follow the prescribed timelines.
Portability in Family Floater Health Insurance Plans
You might wonder if portability is an option for individual policies or if the family floater health insurance plans are also covered. If you are unhappy with the existing family plan, there is an option of moving to a new insurer without losing accrued benefits.
Benefits of shifting to ManipalCigna family floater plans
With ManipalCigna, families gain access to flexible coverage, a wide network of hospitals, and continuity benefits, making the switch seamless.
Portability Considerations for Group Health Insurance Policyholders
Even though portability is an excellent option for a dissatisfied policyholder, you might wonder if such an option is available for a corporate group health insurance policy offered by your employer. Here are the factors that you should consider:
Underwriting Process
The new insurer will evaluate your health profile before approving your application.
Policy Features
Coverage features may differ significantly between group and individual policies, so ensure you’re not losing critical benefits.
Premium Comparison
Premiums for individual policies may be higher, but they offer independence and long-term continuity beyond your employment.
Things to Check Before Porting Your Policy
- Renewal timelines (45-day rule): The IRDAI mandates that a portability request be submitted at least 45 days before your policy renewal date.
- Network hospitals & claim ratio: Compare insurers’ hospital tie-ups and claim settlement track records to ensure a smooth future claims process.
- Sub-limits & exclusions: Be aware of room rent caps, treatment-specific sub-limits, and exclusions that may not be included in your current plan.
- Service quality & digital support: Be mindful of service quality, digital claim filing options, and wellness add-ons that can improve your experience.
Step-by-Step Procedure for Health Insurance Portability Online
Online
Submitting a portability request (via IRDAI portal)
You need to apply for portability through the IRDAI portal, filling out a portability form and sharing your existing policy details.
The new insurer will then request details of your medical history and claims from your current insurer. Based on this, they will evaluate your application and provide a quote. Once you accept and pay the premium, the policy is issued without coverage gaps.
Documents Required for Portability
You’ll need copies of your existing policy, a completed portability form, KYC proofs, a claim history, and medical records, if applicable. Having these ready speeds up the process.
Benefits of Health Insurance Portability with ManipalCigna
- Continuity of coverage without losing NCB: Your accumulated NCB and waiting period credits move with you, ensuring uninterrupted protection.
- Wide network of cashless hospitals: ManipalCigna offers a vast network of hospitals across India, giving policyholders access to cashless treatment at leading facilities.
- Tailored plans for evolving health needs: Plans are designed to adapt to changing health requirements, with options for enhanced coverage.
- Transparent claim settlement process: With a strong claim settlement record, ManipalCigna ensures transparency and speed in claim processing.
Conclusion
Health insurance portability empowers you to make informed choices without being tied down to a single insurer. It preserves the benefits you’ve earned, while opening doors to better coverage and service. If you’re considering a switch, explore ManipalCigna’s comprehensive health insurance plans and experience seamless portability that prioritises your health and peace of mind.
FAQs
Can I port my health insurance policy at any time?
No. Porting is allowed only at the time of renewal. You should initiate the request at least 45 days before your renewal date to ensure a smooth transition.
Will I lose my no-claim bonus if I switch insurers?
No. Your accumulated no-claim bonus and completed waiting periods are carried forward to the new policy, provided you maintain continuous coverage.
How many times can I port my health insurance?
There is no restriction on the number of times you can port. You may switch insurers at every renewal, provided the new insurer accepts your application.
Does ManipalCigna support online portability requests?
Yes. ManipalCigna allows you to initiate portability online through its official channels, making the process convenient and transparent.
Is there a fee or extra charge for porting health insurance?
No separate charges are levied for porting. You only pay the premium for the new policy offered by the insurer you choose.
What is the timeline for health insurance portability in India?
The process typically takes place over 45 to 60 days. After submitting your request, insurers exchange your policy and claims history digitally, and the new insurer must provide a decision within the stipulated timeframe before renewal.
