What does portability mean?
As per IRDA, portability means transfer of credit gained by the insured for per-exsisting conditions and time-bound extensions if the policy holder chooses to switch from one insurer to another insurer or from one plan to another plan of the same insurer, provided the previous policy has been maintained without any break.
Portability of health insurance
- You can port your policy from and to any general insurance company or specialised health insurance company
- You can port any individual/ family policies
- Your new insurer has to give you the credit relating to waiting period for pre-existing conditions that you have gained with the old insurer
- Your new insurer has to insure you at least up to the sum insured under the old policy
- The two insurers should complete the porting as per the timelines prescribed in the IRDA (Protection of Policyholders' Interests) Regulations and guidelines
- You can port the policy only at the juncture of renewal. That is, the new insurance period will be with the new insurance company
- Apart from the waiting period credit, all other terms of the new policy including the premium are at the discretion of the new insurance company
- At least 45 days before your renewal is due you have to
- Write to your old insurance company requesting a shift
- Specify company to which you want to shift the policy
- Renew your policy without a break (there is a 30 day grace period if porting is under process)
Portability is allowed to all individual health insurance policies issued by non-life insurance companies including family floater policies.