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.
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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
Coverage offered by Bajaj Allianz
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.
While availing for health insurance portability, submit the following documents to the Insurance company. Below is a list given, mentioning the required documents.
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.
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.
● 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.
● 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 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.
Whether you buy a gadget or a health insurance policy, everything comes with several advantages and disadvantages. And if you do not read about these pros and cons of health policy portability might lead to regretting it in the long run. Therefore, while thinking of health insurance portability you must be aware of the under-listed advantages and disadvantages.
|Continuity benefit: One of the greatest benefits of health insurance portability is that you don’t need to drop out of any provided benefits. You can enjoy the continuity of benefits.||Health insurance portability during renewal: One of the drawbacks with health insurance policy portability is it can only be availed before the policy expiration date.|
|Keep no claim bonus: The health insurance portability will let you keep your no claim bonus that reflects in your new insurance policy premium.||Limited plan changes: You cannot make numerous changes in your plan after finalising the plan for health insurance portability. If you want to customise changes in the plan, the premiums and other terms and conditions will also be changed accordingly.|
|No effect on the waiting period: The waiting period of your policies do not get affected at all when you port health insurance policy.||Higher premium for extensive coverage: In case you want a higher coverage as compared to your previous plan, you will have to pay a higher premium after health insurance portability.|
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.
Set Renewal Reminder
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Current Policy Expiry date
You cannot port your policy once it expires. Therefore, you have to be careful about the renewal date Read more
Current Policy Expiry date
You cannot port your policy once it expires. Therefore, you have to be careful about the renewal date of your policy as you can only port it at the time of renewal. Moreover, you are supposed to notify the current insurer about the porting 45 days before the renewal date
Be honest to avoid rejections
You must maintain transparency with the new insurance provider. You are supposed to share all your Read more
Be honest to avoid rejections
You must maintain transparency with the new insurance provider. You are supposed to share all your medical history and claim history to avoid rejections from the insurance provider.
Similar plans with varying benefits
You need to remember that similar plans offered by different insurance companies can provide Read more
Similar plans with varying benefits
You need to remember that similar plans offered by different insurance companies can provide you with varying benefits. Hence, you need not assume things, rather be watchful while reading about the benefits.
Limits and Sub-limits
There is a certain cap on the claimable amount on each type of coverage of a health insurance Read more
Limits and Sub-limits
There is a certain cap on the claimable amount on each type of coverage of a health insurance policy. For example, the daily room rent could be capped to Rs. 3500. Hence, you need to check such limits when you port your policy. Before porting the policy, be sure that the limits and sub-limits are justifying for you.
There are a few under-listed benefits of health policy portability:
You are allowed to port any individual or family policies that are provided by a general insurance company or a specialized health insurance company.
You need to follow these steps to port health insurance policy:
You can carry forward your cumulative bonus and continue the policy benefits with a seamless reduction in the waiting periods. Therefore, your waiting periods and continuity benefits are counted at the time of health insurance portability.
No, there are no portability charges for health insurance portability. Although some insurance companies might delve into such practices, with Bajaj Allianz, you can rest assured that there are no such charges.
Yes you can change your Sum Insured with the new insurance company, however, acceptance would be based on the preference of the revised insurer.
It depends on the rules of the policies provided by the new insurer. If in case you are given a time frame for the medical formalities, you are supposed to do that in the given duration.
You should apply before 60 days of the renewal date of your health insurance policy. This is because not porting before the expiration date and failure to pay the premium to the existing insurance provider tantamounts to a gap in the policy, which is solid grounds for portability request rejection.
No, you do not lose out on things like an accumulated cumulative bonus, and the amount of the waiting period that has passed.
No, you can only port health insurance policy before your current policy expires. Hence, you are supposed to notify the insurer 45 days before the renewal date of your existing health insurance policy.
The insurer must have specified the reasons behind the rejection of your request. Therefore, you must work on those to address the gaps in your form submission. You are required to provide the insurer with complete information about yourself and your claim history of the current insurance policy. There should be no delay in the submission of the required documents.
If you are planning to buy the same coverage plans from different insurers, it would not make a difference. Therefore, you should consider the difference between both the coverage plans provided by the two different insurers and go further with the plans and companies that suit your needs. Buying two varying coverages from different insurers can help you in extreme medical emergencies.
If there is any adverse medical history, then loading may be applied as per the standard guidelines of the product filed with IRDA.
Yes, you can, as plan and coverage changes can be made at the time of the renewal of your health insurance policy. You do not need to port health insurance to make these changes.
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Written By: Bajaj Allianz - Updated: 21st October 2021
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