Health Insurance Portability

What is Health Insurance Portability?

To understand the concept of Health Insurance Portability we need to know what the word portable means. Portable is used for things that can be moved or carried easily. Insurance Portability here refers to the right that is accorded to the policyholder (including family cover).

This option can be used by the insured person to switch to a new insurance company from the current company. What prompts a person would change their insurance company? Several reasons account for the shift of insurance providers, including better offerings from a different insurance company.

Therefore, any person is given the right at the time of buying any insurance to make it easier for the buyer to avail better options offered by several companies. There are a bunch of Insurance companies available in the market, hence health insurance portability can be the best trump card for you.

Why Bajaj Allianz ?

• Best services in the industry.
• In- house fast settlement of claims.
• Consistent performance of the company for clean underwriting practices.
• Large spectrum of products like Hospitalisation covers, personal accident's covers , top ups Critical illness ,Hospital cash along with other lines of business.
• Provides cashless benefit across India.
• Only company providing e opinion in the market.

Benefits of Health Insurance Portability

When you port health insurance, you retain the benefits of your existing plan while accessing improved offerings. The key advantages include:

✅  Retention of Waiting Period Credit : Waiting periods for pre-existing conditions in your old policy are carried forward to the new insurer.

✅  Customisation : Opt for a policy with features and riders tailored to your current requirements.

✅  Access to Larger Networks : Switch to insurers offering cashless treatment across a broader hospital network.

✅  Cost Savings : Choose a plan with competitive premiums for better value.

✅  Improved Service : Upgrade to insurers with a superior claim settlement record or better customer support.

Bajaj Allianz General Insurance Company ensures a seamless health insurance portability process, enabling you to enhance your coverage effortlessly.

Why Port Health Insurance Policy To Bajaj Allianz & Its Benefits?

A health insurance policy acts as an investment that looks after your financial expenses in critical situations like medical emergencies. But when there are a bunch of insurance companies in the market, the buyer tends to wander which one to choose. Bajaj Allianz offers health Insurance Policies with underlisted benefits and coverage plans.

Benefits of Buying Health Insurance Policies from Bajaj Allianz

• Bajaj Allianz has a collaboration with more than 6,000 hospitals and offers you a cashless health insurance claim facility.
• There is a 24/7 assistance over-the-phone for claims settlement service available.
• An in-house Health Administration Team (HAT) makes for faster and more efficient claim settlement.
• There is a Health CDC benefit through which the policyholder is allowed to register a claim through their app-insurance Wallet.
• The customers are offered a 10% cumulative bonus benefit for each claim-free year up to 100%.
• The Daily Cash benefit is given to accompany an insured child.
• The policy by Bajaj Allianz covers the expenses of an organ donor up to the insured sum amount.
• The process to buy and renew a health insurance policy works online, which saves a lot of time while removing the hurdles of complex paperwork.
• It provides a coverage benefit for complex procedures such as Bariatric Surgery.
• The Insurers can get effective and quick resolution of their queries by Health insurance experts.
• There is also provided a tax exemption benefit up to INR 100,000 with deductions under section 80D of the Income Tax Act. 

Coverage offered by Bajaj Allianz

• Bajaj Allianz provides its customers coverage for pre and post hospitalization charges.
• There is a coverage plan offered for maternity and newborn baby’s expenses.
• It also provides coverage for in-hospital expenses, room rent and boarding expenses.
• The Health Insurance Policy bought from Bajaj Allianz offers you coverage for alternative treatments such as ayurveda, yoga, and homeopathy.
• The doctor’s consultation and ambulance charges are also covered in the Health Insurance policy provided by Bajaj Allianz. 

List of Things That You Can Port in Your Health Policy

Whenever you buy a Health Insurance Policy, there are different things that need to be understood clearly. There is a list mentioned below to know about the things that you can port in your Health Insurance Policy.

1. You can port all your currently insured members.
2. You can also port the waiting period for specific diseases.
3. The waiting period of pre existing diseases can also be included in the porting list.
4. The sum that is currently insured.
5. If you have opted for your Maternity benefit waiting period, that too can be ported.
6. Your Accumulated Cumulative Bonus can also be added to this list.

Documents Required for Health Insurance Portability

While availing for health insurance portability, submit the following documents to the Insurance company. Below is a list given, mentioning the required documents. 

1. You will have to submit the previous policy documents. The number of years continuity will be subject to the policies submitted.
2. A proposal form will also be required.
3.  You will be asked to submit the details of the previous claim.
4. Documents to show the age proof.
5. You will be asked if there are any positive declarations such as investigation, discharge card, reports, latest prescriptions, and the clinical condition.

How to Port Health Insurance Policy Online?

Though it is a right accorded to the policyholder to port the existing insurance policy to another insurance company, the process to do the same is a bit complex. Therefore, the portability process offered by Bajaj Allianz has been simplified to streamline your experience and ensure a smooth transition from one insurance company to another. You just need to follow the three-step procedure to port your health insurance policy.

Step 1 : Fill up the portability form with existing insurance details, including the insured person’s name and age.

Step 2 : Fill up the proposal form with complete details for the new insurance company.

Step 3 : Submit the relevant documents

Health Insurance Portability Rules as per IRDAI

The Health Insurance Portability, wherein first place gives you a right to port your existing insurance policy into another insurance company, it has a set of rules that need to be followed.

Though there exists no health insurance portability act as such that governs the switching of insurance companies, rather these rules and regulations are laid by the IRDA. Hence, both the insurance company and the policyholder are supposed to follow these defined rules while porting insurance policies. 

Rights of the Policyholder

●     Type of Policy: The policyholder is supposed to port the insurance policy to only a similar type of policy. There is no possibility of making a drastic change in the coverage or the type of the policy during the portability process.

●     Insurance Company: While making a switch from one insurance company to another, the policyholder needs to understand the difference between the life insurance company and a general insurance company.

The portability of a Health Insurance Policy can only be made if the person chooses a similar type of insurance company. Such explanations come under the duties of the existing and probable insurance company.

●     Response From The Current Insurance Company: The current insurer is allowed to take a period of three days to acknowledge the portability request of the policyholder.

●     Porting Fees: Neither the existing insurer nor the new one can charge a fee for porting a health insurance policy. This is one of the rules laid by the IRDA in the case of health insurance portability.

●     Grace Period: The policyholder is accorded the right to availing an additional grace period when the application of health insurance portability is going under process.

A period of 30 days is given during which the policyholder would have to pay the premium on a pro-rata basis. Therefore, the premium charged will be calculated on the basis of the number of days that the old policy is active.

●     Sum Insured and Extent of Coverage: The policyholder has the right to increase the sum insured and the extent of coverage of the new policy. But this entirely depends on the insurance company and their approval.

Conditions to be Met

●     Gaps: If there are any gaps in the policy renewals, that policy cannot be ported to another company. Gaps in the existing policy is a big red flag for all sorts of insurance companies towards restricting the customer’s access towards their services.

Therefore, there should be no gaps in the renewal of your policy at the time of health insurance portability.

●     Informing the Insurance Company: The policyholder is required to write down to the current insurance company and inform them about the switch. This notification is to be made 45 days before the renewal date of the existing insurance plan.

●     Changes In Premium: The premiums of any health insurance policy are fixed by the insurance company based on multiple factors. While making the switch from your old insurance company you might have to pay an additional premium.

This happens in those cases when the new insurer charges a different amount of premium for the same kind of policy.

●     Waiting Period: The extent of coverage is the factor on which the serving of additional waiting periods depends. In case the policyholder wants to increase the coverage and it gets approved by the insurance company, the waiting period is to be served by the policyholder according to the terms and conditions of the new insurance company.

When Should You Consider Health Insurance Portability?

 When you are not satisfied with your insurance services: Mr Karan from Delhi wanted to port health insurance policy when he was not happy with the services provided by the existing insurance company. Hence, being at a younger age, he found higher benefits from Bajaj Allianz and decided to go for health insurance portability. Similarly, Mr Vishwas from Mumbai at the age of 58 came to know about the better services that he could avail from Bajaj Allianz, so he went for health policy portability.

●     When you do not get an additional cover: Mrs Lata from Bangalore went for health insurance portability with Bajaj Allianz when she learnt about the higher insured sum provided to the policyholder.

●     When you get better options: It might happen that when you compare two different insurance companies, you find varied benefits from each company. Mrs Anita from Chandigarh decided on health insurance portability with Bajaj Allianz after learning about the age caps for renewal, limits on room rent, and policy premiums.

●     When there occurs an issue in the transparency: Bajaj Allianz ensures transparency of the documents involved in the policy. Mr Kartik from Pune read deeply about the transparency policy of the company and went for health policy portability.

When Could Your Health Policy Portability Request Be Denied?

At times the insurer can deny your request for health insurance portability. Therefore you are supposed to consider a few things that are required to port health insurance policy.

●     When you provide incomplete information: You have to be transparent with the new insurance provider at the time of health insurance portability. Withholding information about the insured and the related aspects is ground to rejection. Hence it is advisable to get in touch with the insurer personally and provide the required information.

●     Delay in document submission: It is mentioned that the policyholder is supposed to follow a certain timeline to complete the procedure of health insurance portability. So, you must not make a delay to submit your documents and notify the insurer that you are planning to port health insurance policy.

●     Claim history can also impact the approval: If there is a fraudulent claim history the probability of rejection increases manifold. The insurance company has a right to reject your request for health insurance portability if there is found any fraud or misrepresentation in the information provided. 

Top Reasons for Rejection of Health Insurance Portability Requests

Health insurance portability allows you to transfer your policy from one insurer to another without losing benefits. However, requests can be rejected for several reasons:

1. Existing Medical Conditions: If you fail to disclose pre-existing conditions, insurers may deny your port health insurance request.

2. Expired Policies: Policies must be active; expired policies are ineligible for portability.

3. Incomplete Documentation: Missing or incorrect documents can lead to rejection.

4. Policy Mismatch: The new policy must offer similar coverage to the existing one.

5. Claim History: A high number of claims can impact the acceptance of your port request.

For more information, visit Bajaj Allianz General Insurance Company - one of the top health insurance companies in India as per IRDA.