Buying an insurance policy and later realizing that there is a better alternative happens more often than you think. Sometimes, we get attracted by the coverages and benefits of the policy but later on dissatisfied by the poor service of the insurance provider. There are often hidden clauses in the insurance policy that make you feel cheated at the time of claim settlement.
Whatever may be the case, in any way, if you feel dissatisfied with your existing insurance plan, the IRDAI (Insurance Regulatory and Development Authority of India) offers you the freedom to transfer your health insurance plan to another insurer without any adverse effects. So if you have this question in mind, can I transfer my health insurance to another company? The answer is yes, and we will provide you with the right way of doing it.
When Should One Consider Transferring Their Health Insurance Policy?
There are thousands of health insurance plans
available in India. There may be a variety of reasons why you wish to port your health insurance to a different insurer. Let us consider some of the most common reasons:
● Poor Service of the Insurer
If your existing insurer is delivering low-quality services and is not living up to their words, you may consider switching them.
● Sluggish Claim Settlement Process
Oftentimes, portability needs to be done when your current insurer has an extremely slower claim settlement process.
● Hidden Clauses in the Existing Plan
At the time of emergency or while claiming for your policy, there may be a chance you witness any hidden clause or disease not covered in health insurance
that you were not made familiar with while buying the policy. You can always transfer health insurance policy when dealing with any such issues.
● Price Difference in the Policy
Not always are your current insurer bad. Sometimes you get the same benefits and coverages at a fairly lower price than your current insurer with a new insurer. This may be a valid reason for you to switch your insurance plan.
● More Attractive Product Option
There are a plethora of companies in India. Every company keeps coming up with new health insurance plans and products that may attract buyers, and they can consider switching to a better product if a better alternative is available.
● Need for Additional Cover
Sometimes a situation may arise that forces you to look for a particular cover in your policy. It may be a justifiable reason to transfer health insurance plan.
Guidelines on Health Insurance Transfer
There are certain guidelines under which your portability clause works. Take a look at them down below:
● Type of Policy and Insurance Company
The health insurance plans can only be transferred within a similar type of insurance company and policy plan.
● Intimation Time Frame
You must intimate your existing provider at least 45 days prior to the renewal of your existing policy if you would like to port health insurance
● Acknowledgment by the New Insurer
The new insurer is liable to respond to your portability request within fifteen days of your application request.
● Underwriting Norms
A new set of underwriting norms is written and shared with the policyholder when a portability request is raised.
● Rejection of the Application
The new insurer has all the rights to reject your portability application if they find any false connection or difficulty in your case.
Steps Required for Transfer Your Health Insurance Plan
The following steps will guide you on how to transfer health insurance from one insurer to another:
- Intimate your existing insurer about the portability of the policy 45 days prior to the policy expiration.
- Apply for portability with the new insurer and fill up all the required forms and keep your existing policy documents ready.
- The new insurer will then verify your documents within the next seven working days.
- The insurer will add the portability documents on the IRDAI portal.
- The new insurer will frame a new policy plan with underwriting norms.
- The application will be processed, and a proposal will be sent to you within a 15 day period.
Frequently Asked Questions (FAQs)
- Can I go back to my old insurer if the new insurer rejects the portability request?
Yes, you can always switch back to your old insurer.
- Will I lose my existing policy benefits when porting to a new insurer?
No, all benefits of your existing policy will be given to you.
With the above-provided information, you must now be well-acquainted on how to transfer health insurance from one company to another. However, if you still have doubts or require specific information related to your case, you may contact our insurance expert for the needed information.