Home Discover Expert Speak Want to Change Your Health Insurer But Scared of Losing Benefits? Relax and Read Along

Want to Change Your Health Insurer But Scared of Losing Benefits? Relax and Read Along

By Bhavesh Mehta - Jan 6,2020
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Want to change your health insurer but scared of losing benefits?

There are hundreds of health insurance plans in the market. Each plan has a different set of coverage features and is, therefore, priced differently. Moreover, health insurance companies also compete with each other and provide various value-added services with their health insurance plans. These services and additional features add unique benefits to health insurance plans. Many of you, therefore, might find better alternatives to your existing health insurance plan. What can you do then? Can you switch to the better plan? Yes, you can. The Insurance Regulatory and Development Authority of India(IRDAI) permits portability of health insurance. If you are looking for comprehensive health coverage, opt for a health insurance plan available on Finserv MARKETS. You can get a cover of up to Rs 50 lakhs, besides a host of other benefits.

What is health insurance portability?

Portability of health insurance means the ability to change to another insurance product while retaining some part of the earlier one. When you port your mobile number you retain your existing number but change to another service provider. In case of a health insurance policy, portability allows you to change to a different plan of the same insurer or to another plan offered by another insurer. The waiting period for pre-existing diseases which has already lapsed into the old plan is carried forward to the new policy. Moreover, any other waiting period applicable in the health plan which you have already waited out would be credited to the new plan. Thus, on porting, your renewal benefits are not lost. They are simply credited to the new policy. If you want to further increase the efficiency of the process, opt for a health policy through Finserv MARKETS App. The mobile application offers fast claim settlement process, quick approval and personalized offers.

Reasons for porting your policy

  • Your past claim experience or claim process was cumbersome
  • Your policy has limited coverage features
  • The premium is unreasonably high as compared to the present day
  • With new products in the market, you find better-featured products at competitive rates
  • Your existing plan has various limits and sub-limits and you want a more inclusive coverage

Besides these reasons, there might be other justifiable reasons which make you port your health insurance policy.

Portability requirements

IRDAI mandates all health insurance companies to provide the option of portability in their health insurance plans. There are, however, some conditions on porting your health plan which is as follows –

  • You may port health insurance plan only when a plan is up for renewal. You cannot port the policy mid-way during the policy tenure.
  • To port the policy, you should inform your existing insurance company and make a porting request.
  • Porting is allowed for the entire existing sum insured. The new policy would, therefore, have a minimum coverage amount equal to your old policy. You can increase the coverage if you want when you port. With health insurance plans, available on Finserv MARKETS, you can get a coverage of up to Rs 50 lakhs, along with other features like free health check-ups and organ donor benefits.

Post sharing of portability form before the renewal date, the insurance company would then allow you to port your policy to a new company. You would have to inform the old company of the new company and the plan to which you wish to port your policy.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522