All you need to know about porting your health insurance policy

When you transfer to a new policy from an old one (also from one insurer to another), benefits accrued in the existing policy continue to the new policy. This is termed as porting and is carried out while buying the new policy.

What can be ported?
Time-bound exclusions in the existing policy (30-day waiting period after purchase, waiting period for existing ailments and waiting period for specified ailments) can be ported to new policy. No claim bonus on existing policy also gets ported.

Conditions
The paperwork for porting of health insurance policy must start when the existing policy is in force. Porting will not happen if the existing policy has expired.

Portability form

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To port a policy, along with the proposal form for the new policy, a portability form must be filled. The form must be submitted to the new insurer at least 45 days before expiry of the existing policy. Details of the policy holder, policy to be purchased and existing health insurer and policy should be mentioned in the form.

Documents required
• Copy of insurance renewal notice or previous year’s policy schedule.
• A declaration that no claims have been made (if applicable).
• If there was a claim, discharge summary, investigation and follow up report copies should be provided.
• For past medical history, treatment and report copies needed.

Process
Once all papers are received, the new insurance company will check policy details from the existing insurer through the IRDAI portal. Once details are received from existing insurer, the new insurer could accept the portability proposal or give a counter proposal to the policyholder.

Point to note
The insurance company must give a proposal to the customer within 15 days from date of submission of portability form, otherwise, the company will be compelled to accept the portability application.


(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)