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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We look at these impediments and things that must be kept in mind while porting health insurance policies.

This is obviously not favourable for the insurer and indicates a bigger claim in the next onetwo years,” says Sethi of Ria Insurance Brokers. He was not allowed risk cover on pre-existing conditions from the very first day of the policy as he could not transfer plrtability credit regarding the pre-existing disease which he had gained under the previous insurance plan.

As one grows older, irdaa may be susceptible to age-related diseases whose treatment may result in massive cash outflow.

Health Insurance Portability: How & Why

Now IRDA protects you by giving you the right to port your policy to any other insurer of your choice. The minimum risk coverage that you will get with the new insurer will be equal to the sum insured under the old policy. When he enquired with the company, he was told that the continuity benefits were considered for only for, year.

Your Name Enter your name Invalid name. Ltd, which is in the process of acquiring Max Life Insurance. Hence, it is important for the customer to fully understand the benefits under his existing policy and match them with the plan he wishes to port to,” says Antony Jacob of Apollo Munich. This forj be done through the web portal of the IRDA plrtability 7 working days of the receipt of the Portability form.

You can shift your policy from one insurer to another insurer or from one general insurer to a specialised health insurer and from one health plan to another. However, he was shocked when he got the policy document from Apollo Munich as none portanility the continuity benefits were passed on to him.


Thanks Varun, Find out on irda India website —. And convey its decision to the policyholder. You may look forward to port the existing policy only when it is nearing the time of renewal. We hate spam and promise to keep your email ID safe. The general guidelines given by insurers to insurance brokerage firms are to submit the proposal well is advance, that is, 45 days before the renewal date of the existing policy.

Time Exclusions Then- T ime exclusions in a health insurance policy are certain illnesses for which no claims will be entertained for a set period from the date of taking the potability.

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

A portability request made after 45 days may be rejected. We accepted the application made by him to book the policy after extending one-year portability benefit. Many times the policyholder does not receive the services which were promised at the date of policy inception.

The portability sum insured applicable for pre-existing diseases and other time-bound exclusions in the new policy will only be Rs 2 lakh, while the sum insured available otherwise will be Rs 3 lakh. Decide the insurer you want to port your policy to and have the required papers in place. All portability proposals are treated as new and put through the underwriting guidelines afresh.

If I have completed only 6 months out of 4 years, waiting period, how long I have to wait for portability of my policy? Portability ensures that the insurer does not take you for granted; you get better value for money. You will get the benefit of credit regarding waiting period for pre-existing conditions that you have fkrm with the old insurer.

Portability Form – ProHealth Insurance Policy – Cigna TTK Health Insurance

This enables the new insurer to obtain data on history of health insurance of the policyholder wishing to port his policy. 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 urda 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 poryability without a break there is a 30 day grace period if porting is under process IRDA Facilitation IRDA has created a web-based facility to get and maintain data about all health insurance policies issued by insurance companies to individuals so that it can be accessed by the new company to which a policyholder wishes to port his policy.


Step 5 Based on the data available on the web portal, the new insurance company will decide whether to accept the proposal and the price at which portabjlity will do so. It’s one place where you can track, plan and invest seamlessly. However, the sales representative had guaranteed that last year’s papers were enough to get the continuity benefits. It is not advisable to port just because the other company is offering a lesser premium. Let us say you were a customer, who, had a Health Insurance policy with ABC Company, and were not satisfied with their service.

Senior citizens already have limited options in terms of availability of policies that cover old age-specific diseases.

Every policyholder has a different set of requirements and it keeps on changing as he grows old. What is Break in policy? The claim settlement ratio of the insurer may have come down since one had purchased the health insurance policy. The ongoing treatment irdx regular medication and other expenses result in multiple claims,” says Shreeraj Deshpande, head, health insurance, Future Generali.

Ensure that you are clear about all the terms and conditions before applying.