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Old January 16th, 2017, 05:59 PM
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Join Date: May 2011
Default Re: IRDA Allows Portability Of Health Insurance

As per your concern I will let you know Insurance Regulatory and Development Authority, rights of Portability of Health Insurance scheme.

Here are the rights
You can port your policy from and to any general insurance company or specialised health insurance company

You can port any individual/ family policies

Your new insurer has to give you the credit relating to waiting period for pre-existing conditions that you have gained with the old insurer

Your new insurer has to insure you at least up to the sum insured under the old policy

The two insurers should complete the porting as per the timelines prescribed in the IRDA (Protection of Policyholders’ Interests) Regulations and guidelines

Conditions of scheme
You can port the policy only at the juncture of renewal. That is, the new insurance period will be with the new insurance company

Apart from the waiting period credit, all other terms of the new policy including the premium are at the discretion of the new insurance company

At least 45 days before your renewal is due you have to
Write to your old insurance company requesting a shift

Specify company to which you want to shift the policy

Renew your policy without a break (there is a 30 day grace period if porting is under process)

Insurance Regulatory and Development Authority
3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004
Telangana State (INDIA )

(040) 23381100
Answered By StudyChaCha Member
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