Health insurance in India is portable. This means you can transfer you health insurance from one service provider to another. What this also means is that all the benefits on the existing policy will remain and you can modify your new policy to suit your requirements.
When should you transfer your policy?
You can transfer your health insurance policy, if you are not satisfied with the service standards of your existing health insurance provider.
You can also transfer your policy, if an insurance company has not covered a certain kind of benefit or ailment. You can apply for transfer 45-days before the policy of a particular service provider is set to expire. For example, if your policy is slated for renewal on Jan 1, you can apply for portability of insurance on Nov 15 itself.
Documents required for transferring health insurance:
1) You have to fill in the requisite application form of the new service provider.
2) You have to attach the existing health insurance policy certificate.
3) In case there are no claims during the year, you have have to declare it, in a written format.
How does the portability to a new insurance company help?
a) It can help by making additions.
Let us say that you want a certain illness to be covered, you can add the same at the time of portability.
b) Better service
Individuals have had a harrowing experience with health insurance companies. You can move to a company that has a better track record and is more efficient in settling claims. For example, individuals who have been discharged by the hospital after treatment, wait for hours for settlements.
c) No extra costs involved
Remember, that additions of other features come with no extra cost. So, if you are getting a particular illness covered, which was not covered by another insurer, you can grab the opportunity.
d) Remember that bonus is also transferable
Also do remember that if you have not had claims, you are entitled to an extra sum of insurance. For example, Royal Sundaram adds 5 per cent to the sum insured each year, if there are no claims.
e) Quick transfer
Another benefit of health insurance portability is that it is quick and fast. You really do not have to wait for weeks on end to complete the process.
f) Helps you to choose a hospital
If there is a particular hospital that is in your area and is not covered by your existing health insurance provider, you could move to one that covers the same.