A large segment of people show lethargy in starting a new process due to no or half-knowledge. When we talk about medical insurance portability, everyone knows the benefits are extensive. However, they are still reluctant in initiating the process as they are unaware of where and how to start the process.
This article will share with you all the required documents and application procedures for health insurance portability
so that you can understand portability more clearly and decide if you wish to opt for it.
Common Reasons for People Opting to Switch Insurers
Before moving ahead, let us first discover some of the common reasons why people opt for the portability of their medical insurance.
● Poor Service Quality of the Insurer
Oftentimes, people do not consider the service quality and get lured into attractive schemes to buy an insurance policy. But when they find the insurer’s poor service quality, they wish to switch for a better service.
● Not Coverage of Specific Health Issues
A significant reason for people wishing to opt for medical insurance portability is that their current policy does not cover particular health issues that the policyholder wishes to get covered for.
● Slow Claim Settlement Process
The slow claim settlement process of an insurance company can be exhausting for many individuals. This is one of the prominent reasons people transfer their insurance policy to a new and better insurer.
● Hike in Premium
When your insurer suddenly decides to hike the premium rate of your policy, it may feel unjustified to a whole lot of people. Hence, they opt for medical policy portability in such a scenario.
● Better Deal with the New Insurer
Not always is there a problem with your current insurer. Sometimes, the competitive insurance market offers better deals at existing rates for which people wish to port their medical insurance policy. Compare health insurance
plans to avail the best deal.
Complete List of Documents Required to Port Health Insurance
The porting process of the health insurance policy may differ minutely from one insurer to another based on their specific terms and conditions. However, the process and documents required are almost similar.
So if you wish to go for the mediclaim policy portability procedure, then you must provide your new insurer with the set of below-listed documents.
- Address Proof
- Identity Proof
- IRDA portability form
- Insurance policy cover
- Proposal form
- Claim history (if required)
- Declaration of no claims (if needed)
- Medical history records
Mediclaim Policy Portability Procedure
Mediclaim policy portability procedure is not very complicated and requires fulfillment of a few simple steps. Following are the steps that you need to go through:
- Intimate your current policy provider about your portability plan through a written application at least 45 days before the expiration or renewal of the existing policy plan.
- Then send a portability request to your new insurer within the same time period as mentioned above.
- The new insurer will provide you with a proposal and portability form along with the details of available products of their insurance company.
- Choose a health insurance product that suits your requirements. Fill and submit the given forms to the new insurer.
- Once your documents are submitted, the new insurer will contact your previous insurer to check your details such as medical records, claim history, etc.
- Your current insurer must submit the asked documents on the IRDAI portal within seven days.
- If everything in your policy seems fine to the new insurer, they will underwrite your new policy and provide you with a copy of the same. This process must be completed within 15 working days. If not, the new insurance company can not reject your portability application.
Frequently Asked Questions (FAQs)
- Can I port my insurance policy any time of the year?
No, medical insurance portability can only be availed when your previous policy is expiring or is to be renewed.
- How much time does it typically take for mediclaim policy portability procedure?
Typically, it takes around 30-45 days time period for the completion of the entire portability process.
Now that you know all about the application process of medical insurance portability, you can check your existing policy and see if you really need to switch to a new insurer or not. Bajaj Allianz is one of the best insurance providers in India and has an easy and transparent medical insurance portability process that can be availed effortlessly.