Portability Form Reason(s) for Portability: factors, terms and conditions, please read sales brochure carefully before concluding a sale • IRDA Registration. , FORM – IRDA – 5 – AF, Surveyor and Loss Assessor, APPLICATION FOR RENEWAL OF A LICENCE TO ACT AS SURVEYOR AND LOSS. the Insurance Act and Section 14 read with section 24 of the IRDA Act .. On receipt of the Portability Form, the insurance company shall address.

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Make sure your personal cover after portability begins before you part ways with the employer.

Health Insurance Portability: How & Why

Many considered it an easy way to end the bitter relationship with their health insurer. Some of these are as follows:. Plus, the insurer has to convey the decision in 15 days; otherwise, the application is understood to have been accepted. Click NEXT to read more Portability is applicable for all individual health policies. Till this point every insurance company fork good to the insured.

Step 3 The policyholder shall fill in the portability form along with proposal form and submit the same to the insurance company. In India, the concept of portability was first introduced in the telecommunication sector.

The application for such portability should be initiated 45 days before the renewal of the group insurance cover. Usually, individuals; especially those who do not possess standalone health policy are apprehensive about the termination of risk cover upon a job loss or job change. The insurer can be sceptical if you request a very high increase in sum assured, for instance, per cent. The reason being, these treatments can be postponed for many days, and hence the insurance company would have individuals taking a policy just for claiming for such treatments.


Invalid email Enter email. It is quite natural that the policyholder may like to switch from one health insurer to other or from one health plan to another for varied reasons. Health poryability portability refers to switching from one insurer to another insurer or from one plan to another portabillty under the same insurer along with keeping the benefits intact.

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Want to transfer your insurance policy? All you need to know – Business

Cumulative bonus is usually not carried forward. A demat format for insurance serves the same purpose as for equities: Employer group health policies can also be ported to an individual cover.

Once you have made up your mind to port, you should notify your intentions to your insurer. Pre-existing condition exclusion shall apply for a period of three more years. Also, for any increase in cover you ask for, the complete waiting period for pre-existing diseases will have to be served.

This means, all the benefits you had accrued by regularly paying your premium to the earlier insurer would stand nullified and you would need to build your loyalty from scratch. If the new underwriter finds your case unsuitable, the insurer has the right to reject your application. You will be asked to fill in an portabikity for porting.

Step 4 On receipt of the Portability Form and proposal form, the insurance company shall address the existing insurance company seeking necessary details of medical history and claim history of the concerned policyholder. There may be high loading increase in premium in case of a claim as well, besides a co-payment clause.

What you need to know about Health Insurance Portability?

Portability is free of cost. W hen applying for porting, be sure that your existing policy is valid for at least 45 days more. This enables the new insurer to obtain data on history of health insurance of the policyholder wishing to port his policy. This after being under coverage for nine consecutive years.


So, let us say portabiliy have a health policy that has been continuously renewed for the last four years and whose sum insured is Rs 2 lakh. This also includes the 30 day mandatory waiting period. This applies not only when you move from one insurer to portabillity but also from one plan to another with the same insurer.

It bolsters healthy competition in the health insurance market, curbs monopolistic tendencies and offers superior options to existing policyholders. Fofm any other hospitalisation, the whole Rs 3 lakh will be available to you. It permitted them to shift to a better mobile network provider without having to change their mobile phone numbers.

Portability of Health Insurance

What is Break in policy? If you and your family were covered by a group insurance cover, then you can also port to family floater insurance. Before portability came into the picture, shifting risk coverage from one health insurer to another was not a feasible proposition for the policyholder.

When he approached Apollo Munich, the company appointed one of its sales representative to assist him.

There should be no break in policy. Now IRDA protects you by giving you the right to port your policy to any other insurer of your choice. If you have a pre-existing disease or suffer from an ailment that requires regular treatment, your case will definitely be rejected. This case becomes even more difficult for senior citizens, who dorm already seen as a high-risk category.

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