In case you are not satisfied with the services and coverage of your senior citizen health insurance, you can think of porting the policy. The portability also results into waiving off waiting period for pre-existing ailments with the new insurer if you have served the same number of years in the current insurance policy. Also, portability happens between the same insurance policies, like from one Mediclaim to the another Mediclaim policy.
Here is the procedure that you would need to follow if you want to port your senior citizen health insurance policy from one insurer to the another –
- Make sure, your application of porting the senior citizen health insurance reach the new insurer 45 days prior to the renewal date of your current policy
- Once your request is received, the new insurer will give you a portability form along with details of various insurance products offered by the insurer
- Choose the senior citizen health insurance policy which meets your requirement, fill up the portability form and other documents and submit the same
- Once the insurer receives all the forms and details, it will approach your current health insurance company seeking details like claim history, medical records, etc.
- The data will be shared through a common platform, developed by IRDAI for all its insurers. It is necessary for the current insurance company to furnish all the details within the seven working days
- Once the new insurer has all the required information, it has 15 days’ time to underwrite your policy. If it fails to do so within this tenure, it will have to accept your application.
Remember, your senior citizen health insurance portability application can be denied if there is a break in your policy. Further, always maintain proper documentation, like renewal notices, previous insurance policy certificates, etc.; so that it will be easier for the new health insurance company to evaluate your proposal and underwrite your senior citizen health insurance policy accordingly.
Note, even corporate health insurance policies, i.e., offered by employers, can be ported to individual health insurance policies. In case you have bought the health insurance from broker or agent, reach out to them as they will help you in porting your health insurance policy, including senior citizen health insurance plan.
In 2010, Mr. Jayant Singh purchased a senior citizen health insurance policy for his mother from Insurer X. Now in 2016, he decided to port his policy when his mother was hospitalized, and the insurer refused to pay the full claim as there were some sub-limits on room charges which were not aware of him. He decided to go with a new Insurer Y.
When there was a time of 45 days for the renewal of the current senior citizen health insurance policy, he approached the new insurer who asked him to submit some forms, including portability form. The Insurer Y gave a brief account of its current policies to Jayant who closely examined all the available policy options and selected the one for his father.
The new insurer approached the current insurer of Jayant’s father and asked for details like claim history, medical reports, etc. The Insurer X had seven working days to respond back to Insurer Y. The current insurer shared all the details within four days.
Now Insurer Y had all the information about Jayant’s current senior citizen health insurance policy and health. The new insurer took ten days in underwriting a new senior citizen health insurance policy for Jayant’s father.
In the previous policy, there was a waiting period of 2 years for a pre-existing ailment, which Jayant’s father had successfully served. As a result, the waiting period of pre-existing ailments in a new insurance policy was waived off by the new insurer. It means pre-existing ailments in a new senior citizen health insurance policy were covered from the day 1.
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