Many health insurance buyers tend to buy a policy in haste without reading the terms and conditions, only to realise later that there are better alternatives. When you look for the best policy online, you may get attracted to a particular plan or an insurance company based on the benefits listed in their advertisement. However, after you purchase the policy, you may find many hidden clauses and the services offered are poor.
If you feel unhappy with your existing health insurance plan or with the insurance company’s service, IRDA (Insurance Regulatory and Development Authority) gives you the flexibility to transfer your health insurance to a new insurer without losing any benefits. Moving your insurance policy from one company to the other is called insurance portability, and it is like porting your mobile network service provider.
If you wonder how to transfer my health insurance to a different company, we will list down the process for your convenience.
The process for switching your health insurance policy to a new insurance company is simple. You must follow the below steps.
- Inform the existing insurer
Irrespective of your reason for the switch, if you want to port your policy to a new insurance company, you must first inform the existing insurer about the portability at least 45 days before the policy maturity date.
- Apply for portability with the new insurance company
After comparing the different insurance companies, when you zero down on where you want to switch your policy, apply for portability with the new insurer. Fill the application form and comply with the KYC (Know Your Customer) requirements.
Ensure that you check the documents required beforehand to keep them handy while porting to avoid delays in the process.
- Verifying the details
After you submit the application form and the necessary documents, the new insurer will verify the documents and the details you mention in the application form. This may take about 5-10 days.
During the period, the insurer may also verify your medical history, NCB (no-claim bonus) details, past claim records, etc. After confirming the details, the new insurance company will add the portability documents on the IRDA portal.
- Framing a new policy
At this juncture, the new insurance company will frame new policy terms and conditions for you and determine the underwriting norms.
- Processing the application
After framing the policy terms, the new insurer will process your application and send you the policy documents within 15 days. If the terms are suitable, you can accept the terms, and the policy will be effective.
Final Word
Now that you know the steps to switch your health insurance policy to a new insurer take advantage of this facility to enjoy maximum benefits from your policy.
