How to port your health insurance

Over a decade ago, the Insurance Regulatory and Development Authority of India (IRDAI) introduced the concept of 'portability' in health insurance. This move has enabled customers to shift their health insurance policy from one company to another without losing the benefit of the enhanced coverage that they may have been enjoying. One may wish to port one's policy because of three reasons: a bad experience with the health insurer, better coverage and a lower premium for the same benefits by another insurance company. Usually, a health insurance policy does not cover the treatment of many medical conditions, like the removal of gall bladder stones, hernias, cataracts, piles and joint replacements in the initial two years. Likewise, the treatment of any pre-existing diseases is generally covered only after a waiting period of three to four years. Owing to the benefit of the extended coverage, many policyholders are reluctant to change their health-insurance company even when they are not satisfied with their services. However, on porting, the credit of the period (the number of years) for which the policy has been continuously run is also transferred. So, if you port your policy to a different insurance company, you can still continue to enjoy the benefit of the enhanced coverage. Here is how it works. Contact the new insurance company 45 days before the renewal: An insu

This article was originally published on June 22, 2022.