How To Switch To Different Health Insurance Companies In India

The Indian middle class is just a hospital bill away from poverty.” You must have heard this or thought this at least once in your life. The pandemic highlighted the importance of a good health insurance policy. People have started to see that health insurance may not be just for the privileged. If you struggle with the poor services of an incompetent health insurance company, you no longer need to stay stuck; here is how.

Some reasons you might want to explore other health insurance companies in India are:

Better Cover

There is an underwriting process for every insurer. You may be limited to a certain amount of coverage based on how they evaluate your application. Suppose you wanted to purchase an insurance policy with a sum insured of Rs 20 lakh. You can only receive a sum insured of Rs 10 lakh from your insurance provider. If your health insurance plan does not provide the necessary coverage, you should consider porting it.

Lower Premiums

With several health insurance companies in India, insurers may offer the same coverage at lower premiums. And in some cases, it can offer better benefits at the same premiums.

You should port your health insurance policy if you find a better plan for your budget. 

Has the idea of switching to different health insurance companies in India ever crossed your mind? Did you know that you can switch your private medical insurance before your renewal date with the help of ‘portability’?

What Is Health Insurance Portability?

According to the IRDA website, a policyholder can switch to better health insurance companies in India without having to lose on existing benefits and coverage. It also lets you potentially receive upgraded health insurance policies and services.

IRDA has allowed customers to port their health insurance policies to better health insurance companies in India to protect their interests. It gives you the right to transfer your policy to another insurance company with credit gained for pre-existing conditions and time-bound exclusions. Policyholders dissatisfied with their current policy should consider porting it if they don’t like it.

Criteria of Policy Portability

A policy must be renewed without any break-in insurance to qualify for portability. At least 30 days before renewal, an application must be submitted to the new insurance company, according to IRDA.

In case of pending acceptance of portability by a new insurer, you can extend your existing policy.

Further, if a new insurer’s acceptance of portability is pending, the existing policy can be extended by accepting pro-rata premiums for a short period if the policyholder requests it.

How to Switch to the Best health insurance companies in India

Changing your insurance provider is as easy as following these steps:

Step 1

It is recommended that you seek out potential new insurers 45 to 60 days before the expiration of your current policy. You can check a comprehensive list of top health insurance companies in India by clicking here.

Step 2

Get started on the paperwork as soon as you’ve found the perfect insurer. You will need to fill out a portability proposal form with the new insurer. Be sure to provide accurate details about your existing policy and claim history. In addition to the proposal form, you must submit documents proving your address and identity. Find out what documents the potential new insurer requires.

Step 3

Your insurance provider can decide whether or not to port your policy. Upon submitting your application to port your plan, your details are uploaded to the IRDA portal. All your medical information must be provided to your new insurance provider by your existing insurer.

Step 4

The new insurer must accept or reject your application within 15 days. They will be required to provide you with the policy if they do not decide within the given time.

Step 5

The payout of your insurance policy should be checked once your insurance provider has agreed to port your policy. The new policy may require a co-pay or higher premiums depending on your health and its benefits. Apart from these costs, you won’t have to worry about portability fees. However, those over 45 might have to undergo a health checkup before purchasing a policy.

Tips to Choose the Right Health Plan from Top Health Insurance Companies in India

When switching providers or buying a new health insurance policy, you must carefully consider all options. To purchase the best health insurance policy from health insurance companies in India, you should consider the following factors:

The Coverage

Consider a plan that offers enough coverage for the future. Choose a sum insured amount that takes medical inflation into account.

Additional Benefits

The benefits of a policy are important to some. For example, in the future, an individual may need maternity coverage or wish to protect themselves against the cost of critical illness treatment. Make sure you choose wisely when selecting an insurance policy, as some offer these benefits only as add-ons.

Network Hospital

In India, health insurance policyholders can now make cashless claims. Cashless claims can only be made at network hospitals. Ensure your preferred center is on the list of network hospitals before you purchase or port your policy.

Related Articles

Leave a Reply