Benefits Of Health Insurance Portability

It is evident that if you are dissatisfied with the services of the current insurer, you will seek a change to another insurance company that offers you the kinds of benefits you are looking for. Dissatisfaction with your current health insurance plan may be due to myriad reasons. To ensure that policyholders feel secure under the cover they wish to avail, the IRDAI had introduced the concept of “Health Insurance Portability” similar on the lines of “Mobile Number Portability”. The policyholders have to submit the portability proposal form 45 days prior to the date of existing policy renewal. The insurer would assess the proposal details and the risk factor associated with the policyholder post which it will accept or reject the proposal within 15 days of receiving the application for portability.

Policyholders who have paid the premiums towards their existing policies without any break will continue to avail the benefits and credits earned during the earlier policy despite switching to another insurer as per the guidelines published by the IRDAI regarding health insurance portability.