PORT YOUR POLICY
If you are not satisfied with your current Mediclaim policy due to some or the other reason, you can Port your policy without losing continuity benefits of the Mediclaim policy. This facility has been introduced by IRDA in the recent past to protect the insured benefits.
You must intimate us at least a month prior to your Mediclaim renewal date to port your policy to another insurance company.
What does porting mean?
Once a policy holder ports their health insurance plan, they can then change among two insurers that too of similar plans. After porting, no gained credits which were gained on pre existing condition are missed out on.
Important points to keep in mind before porting a policy
One should apply for the porting at least 45 days before your Mediclaim policy expires without fail. When you apply for a Mediclaim portability, the new insurer gets 15 days to respond to the request.
Also, keep in mind that if you do not have any pre-existing conditions and have not claimed your policy the porting process will be relatively easier for you.
Porting of Mediclaim policy has lots of benefits, one of the biggest being, the ability to continue without the waiting periods. For an instance, if you have completed the three years waiting period for a specific disease, you do not have to wait for three more years under the new policy and the coverage would start immediately.
If you have come across situations where the behaviour and service provided by your existing insurer are not acceptable, you should look at portability. One should go through all the clauses and conditions of new Mediclaim policy before applying to port the policy.