How do one port a health insurance policy?
Portability of health insurance can be done only at the time of renewal. The policy holder has to start the process 45 days before the expiry of the current policy.
Step-1: Apply for portability of the health insurance policy 45 days prior to the last date of renewal of your existing policy.
Step-2: On receiving the request for portability, the new insurance company will provide the customer with the portability form and the proposal form which has to filled and returned to them along with other required documents (if any).
Step-3: After the customer submits the forms for portability to the new company, it will approach the existing insurance company seeking details such as medical reports, claim history and other required details.
Step - 4: The existing insurer will share the required data to your new insurance provider within 7 working days of the receipt of request from the new company.
Step - 5: On receipt of the requested details, the new insurance company will take a decision on underwriting your policy within 15 days. The underwriter will assess the risk involved in order to determine the premium that needs to be charged. The new insurance company might reject your portability request if it finds that it is high risk to provide you insurance. If your portability is rejected, then the policy holder has to renew with the same company or look for another insurance provider.