For Quick Alerts
For Daily Alerts

Health Insurance Portability: Things to Know Before Porting Or Transferring


Insurance policyholders can port or transfer their insurance policy with one insurance company to another without much hassle. Earlier, transferring policy resulted in you losing benefits such as waiting period for covering pre-existing diseases.


As per the new IRDA rule, your new insurer should allow for credit gained by the insured for pre-existing conditions in terms of waiting period.

Insurance Portability: Things to Know Before Porting Or Transferring

This is also applicable when you move from one insurer to another but also from one plan to another with the same insurer.

What are the rights of the policyholder when transferring insurance?

  • Health insurance policyholders can port from insurance policy to any general insurance company or specialized health insurance company.
  • Policyholders can port any individual or family policies.
  • As per the rule, your new insurer has to give you the credit relating to waiting period for per-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.
  • Individuals can port or transfer the policy only at the occurrence of the renewal date.
  • Minimum 45 days before your renewal is due you have to inform in writing to your old insurance company requesting a shift and specify company to which you want to shift the policy.
  • 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.
  • Make sure to renew your policy without a break, there is a 30 day grace period if porting is under process.

This is a customer friendly move with an aim to benefit policyholders by IRDA. Before transferring your insurance policy make sure it is worth your effort and time.

Read more about: insurance health insurance
Story first published: Tuesday, August 9, 2016, 15:00 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X