Health insurance portability means transferring or changing the current health insurance plan from one provider to another without losing the existing or accumulated benefits. Portability allows the insured to upgrade their existing insurance plan, switch to a better one and enhance the coverage/services.

While portability is an option that you can use to switch your insurance provider, the IRDAI has laid down some health insurance portability rules to be followed.

• Insurance portability can be done only at the time of renewal.
• To port your insurance policy, you must apply at least 45 days prior to the renewal, but not more than 60 days in advance.
• The current insurer must be informed either online or offline of the porting, providing the details of the new insurer and policy.
• The current insurer must accept your request within 3 days, whether online or offline.
• The renewal must be done within the given timeline.
• The new insurance company must accept or reject your application within 15 days of the request. If there is a delay beyond 15 days, the insurer is bound to accept the application.

Also Read: Types of Health Insurance Plans in India

Health Insurance Portability Benefits

• Retains the Benefits Earned - A significant advantage of health insurance portability is that it retains the benefits that you may have accumulated with the previous insurer. Whether it is the no-claim bonus, waiting period, or pre-existing disease coverage, all the benefits also get transferred to the new policy or insurer.

For example, suppose your current insurance plan has a waiting period of 4 years and the new insurer offers a waiting period of 2 years. In that case, you will be eligible for pre-existing disease coverage from day one if you have already completed the 2-year waiting period with the previous insurer.

• Enhanced Coverage - With changing health conditions, you may need more comprehensive insurance coverage. When porting your existing insurance plan, you can search for options that offer better coverage to meet your specific health needs.

• Discounted Premiums - Insurance portability also allows you to benefit from discounted premiums that other insurers offer. Thus, you can compare multiple insurers and choose the one that offers the best premium rate. In this manner, you can save on premium costs.

• Efficient Services - Porting your existing insurance policy may also help you find insurers that provide efficient services, such as enhanced customer support, a better claim settlement process, and more.

Disadvantages of health insurance portability

Just like the two sides of a coin, health insurance portability also has disadvantages along with its advantages. Consider the following disadvantages to ensure that they do not outweigh the advantages.

• Possible only on Renewal - The insurance porting option can be utilised at the time of policy renewal. Thus, you may have to wait until the renewal date to switch to a new insurer. It can be particularly disadvantageous if your renewal date is far, for example, 2 years. In such a case, you may have to wait longer before you can port your insurance.

• Higher Premiums - It is possible that the new insurance policy may come at a higher premium than your existing one due to its wider coverage. In this case, you may have to spend a higher amount on insurance premiums than before, increasing your total insurance cost.

• Rejection Risk - Portability also brings forth the chance that your health insurance may get rejected due to various reasons. Portability rejection may leave you without insurance coverage during crucial times.

• Porting to Similar Plans - When thinking about the portability option, you must know that you can only port to similar types of plans. For example, if you have a family floater plan with the current insurer, you can only port to a similar insurance plan. You may not be able to change your existing family insurance to an individual insurance plan through portability.

Here are some essential tips to follow if you want to port your health insurance successfully.

• Do In-Depth Research - Conducting in-depth research about the premium, coverage, features and advantages of the new insurance plan is crucial before you port. It saves you from unpleasant surprises and helps you make smart and informed decisions.

• Insurer Reputation and Credibility - To port to a better and more efficient insurer, it is crucial that you carry out thorough research about the insurer's reputation and credibility in the industry. No matter how many lucrative benefits they offer, it is not worthwhile if their reputation is low.

• Accurate Documentation - Make sure to provide the new insurer with complete and accurate documentation. It ensures the portability process is carried out smoothly and there are lower chances of rejection.

• Know the Policy Terms - Before you opt for the porting facility, read the terms and conditions of the new policy thoroughly. Pay attention to the coverage details, inclusions and exclusions, etc., to avoid any difficult situation later on.

• Ensure Continuity Benefits - It is also essential to confirm with the new insurer about the continuity benefits of the new insurance plan. Asking the insurer about the continuity of no-claim bonus, waiting period, etc., is highly recommended.

Also Read: Tips to Choose the Best Health Insurance

If you want to port your current insurance plan to TATA AIG’s best health insurance policy, you can do it by following these steps.

• First, inform TATA AIG about your intention to port your existing insurance plan to one of their health policies. Inform at least 30 days prior to your current policy renewal date.
• Next, TATA AIG will provide you with the portability and proposal forms. You will also receive the health insurance plans available. You can select any TATA AIG plan that fits your health requirements. You may opt for TATA AIG Medicare Select if you are looking for a customisable health plan. Alternatively, you can opt for TATA AIG Medicare Premier if comprehensive coverage is what you are looking for.
• Fill out the forms with all the information and choose a plan that best fits your requirements.
• Submit the forms and the necessary documents, such as previous policy details, identity documents, claim history, medical records, etc.
• TATA AIG will assess your documents and proposal form to ensure everything is accurate and complete.
• Once your proposal is accepted, you can pay the premium amount and receive the policy documents.

Health insurance portability is an efficient way to switch to a new insurer without losing the existing benefits that you may have earned. However, when considering the portability option, being aware of the pros and cons is important so you can make a wise decision that turns out to be beneficial.

The portability right ensures that you are not stuck with an unfruitful policy or a less advantageous insurer. In this context, TATA AIG shines as one of the most credible and high-value insurance providers in the industry.

You not only get comprehensive coverage and a multitude of benefits, but your portability transition is both seamless and beneficial with TATA AIG. Port your health insurance plans to TATA AIG for bigger and better insurance benefits, offering you enhanced protection for a healthy and worry-free life. You can port to individual health insurance, family health insurance, personalised senior citizen health insurance and so on.

Get in touch for more details.