Transfering health insurance from one company to another

They say ‘health is wealth’. Health indeed is one of the most important things that we should take care of without fail. Once your health deteriorates, no matter how much your life has been successful so far,  it will all go in vain. However, some situations come in our life in which even after providing all the required attention to our health, we develop conditions and even diseases. One of the biggest reasons for that is our genetics. What becomes a matter of concern is not only the disease but also the hospital bills that we get after getting treatment. Not all of us can afford to pay those bills at all times of our life. This is why we must purchase a health insurance policy at the earliest.

Several insurance companies provide health insurance policies in the market. It really becomes too perplexing to choose a particular one that is the best for us. And many times even after checking the health insurance policies properly and buying them, we later feel like we could have gone for a better one. Well, if you ever get that feeling and you come across a better policy, you can give a thought to health insurance portability.

Health insurance policy portability

In 2011, the Insurance Regulatory and Development Authority of India (IRDAI) issued a circular. According to the circular, portability enables the policyholders to transfer their current health insurance policies to a new insurance company. You can transfer both individual policies as well as family floater policies.

As per the portability feature, you can even choose to switch from a family floater plan to an individual group health insurance broker plan. Apart from this, you will not have to compromise on any sort of discounts or bonuses that are offered by the previous health insurance policy as you will be able to avail of all the benefits. And if you want to add more benefits, you can also customize the new policy.

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Why you should port your health insurance policy?

The majority of us think that porting of health insurance policy will be full of hassles. However, you should port your health insurance policy under some of the below-mentioned circumstances.

Hidden clauses

You might come across certain hidden clauses that you were not aware of while signing the policy. And now you are not very comfortable with them. In this case, you can choose to port your policy to a different insurance provider.

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Bad service

Some insurance companies do not care about their customers a lot and do not stick to their promises. Before it is too late, you should switch your health insurance policy.

Claim settlement

Many insurance companies in the market are poor at claim settlement. If you find out that your existing insurer has a history of bad claim settlement, you can give a thought to switching your policy to a different insurance company.

Requirement of specialized services

if your health insurance policy was taken from a general insurance company, you might not have received certain services which may be quite important for you. In that case, you can go for an insurance provider that offers specialized services.

Additional cover

If there is no option for additional covers in your existing health insurance plan, you can change the plan or simply port to a new insurance company.

However, when you are planning for the portability of a health insurance policy to another company, you need to make sure of going through all the terms and conditions of the new insurer. You can visit the website of IIFL to find some of the best health insurance companies and the several health insurance policies provided by them. You must ensure going through the health insurance portability guidelines as well.

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