|Better Featured Product and more competitive premium
|Loss of Accumulated benefits like bonus (NCB) from being free to being paid for
|Hopefully better policy handling and claims servicing
|Portability can be done only at the time of renewal
|Policy can be more customised to the expectations and requirements of the insured
|New insurer will review the risk and may reject the proposal or charge a premium loading based on their underwriting rules
|Insured will be more thorough in reviewing the policy terms and conditions to understand all the benefits/exclusions etc
|Portability is allowed only to similar type of policies
|Revised minimum sum insured will include NCB
|Collate all documents required for the portability process and fill the application form in detail providing all relevant information
|Once you submit the form along with necessary documents, the new insurance company will seek the necessary details of medical history and claim history of the concerned policyholder from the existing old insurance company. This will be done through the web portal of the IRDAI
|On receiving such request from the new insurance company, the existing insurance company will submit the required data to IRDAI through the portal within 7 days.
|On receipt of all the data through the portal from the existing insurance company, the new company will underwrite the proposal, evaluating and approving/rejecting the application. Maximum time allowed for this process is 15 days.
|If approved, the applicant then pays the requisite premium and the new insurance company issues the policy with the accepted terms
Factors for medical insurance in India, How much is the premium and the coverage offered by India health insurance plans..Click here to read more