Health Insurance Portability: Know Pros & Cons, Process, Documents Required to Port Insurance Policy

Do you know that you can port your health insurance? Are you aware of the pros and cons of health insurance portability? Read on to know all about it.
 

Advantages and Disadvantages of Health Insurance Portability

Health is the supremely important thing for every individual and off-late people across the globe have started giving equal emphasis to health. This can be seen from the tremendous growth in the insurance sector, especially health insurance. Unlike earlier, people these days insure their health with multiple health plans to secure them against medical emergencies as well as against age-related health conditions.

Of course, medical health insurance are serving as boon to all. And the facility of insurance portability has made things all the more convenient for people, especially those who are unhappy with their insurance policy or insurer due to any reason. Let’s discuss health insurance portability in detail in this post.

What is Health Insurance Portability?

It is the facility offered by IRDA or Insurance Regulatory Authority of India where an individual who is not satisfied with his/her current policy can port health insurance from one insurance provider to another. While doing so, the insured will not lose any of the benefits that the person is availing from his/her current health insurance policy provider. Moreover, health insurance portability also allows the insured to port his/her plan from individual policy to family floater policy.

Reasons for Porting your Health Plan

There can be varied reasons why an insured would like to port his/her health insurance plan from one insurer to another. Below are some such reasons:

Things to Consider if you Want to Opt for Portability in Health Insurance Policy 

Here are the things that you should remember before opting for portability of health insurance:

Pros and Cons of Health Insurance Portability

Below are the pros and cons of health insurance portability:

Pros of Health Insurance Portability	Cons of Health Insurance Portability
You may gain competitive advantage to procure better insurance benefits at lower premiums	The policy can be ported only near the renewal date
The new sum insured is calculated by clubbing a no-claim bonus with the existing amount	The insured might have to pay higher premiums to avail additional benefits
Despite porting, all benefits of the existing plan remain active	The insured can opt for similar insurance products only
The plan can be customized	You may lose certain benefits by moving from a family floater plan to an individual plan

Advantages of Health Insurance Portability:

Disadvantages of Health Insurance Portability:

Rules of Health Insurance Portability in India

Below are the health insurance portability rules that you must know:

Process of Health Insurance Portability in India

If you want to know how to port health insurance policy, here’s what you need to know:

Documents Required to Port Health Insurance Policy

Can a Health Insurance Portability Request be Rejected? If so, Why?

Yes, insurance companies have the right to either accept or reject a portability request. Below are the factors why an insurer might reject a portability request: