Now you can change your existing Insurance Policy to a new one without losing any benefits. This facility will be available to health insurers in India from October 1 onwards.
As per this facility an Insurer can change from their old insurance company to a new one without losing any benefits.
If anyone would like to port their insurance policy to a new company he has to give application 45 days before reneawing their existing policy.
Upon receiving the application the New insurance company have to give the applicant an application form for new insurance policy in their company, portability form and a brochure including all the details of the insurance.
Upon receiving the application the New insurance company have to give the applicant an application form for new insurance policy in their company, portability form and a brochure including all the details of the insurance.
Insurer have to fill the Application and Prtability Form to the New insurance company.
The new insurance company upon receipt of the prtability form can ask the old company of the insurer details regarding the Medical history, Claim history etc within 7 days and the Old Insurance company reply to the new company within 7 days with these details.
If the New Insurance Company do not respond to the Insurer about the Portability within 15 days the portability will be consider as accepted by the new insurance company.
Policy holder can extend the duration of their insurance poicy if they wish but they have to pay the excess premium based on the extention.
Old Insurance cannot be cancelled without getting the new insurance policy. Policy holder can continue the old policy if they wish and the insurance company have to renew it by collecting the regular premium from the policy holder.
Old Insurance cannot be cancelled without getting the new insurance policy. Policy holder can continue the old policy if they wish and the insurance company have to renew it by collecting the regular premium from the policy holder.
For more details please contact any Health Insurance Company.
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