Healthcare costs are rising fast and a solid health policy is necessary rather than an option. Beyond financial security during unexpected medical emergencies, a good health policy offers peace of mind.
But what if your current health insurance policy no longer fits your needs? Or if your insurer’s service is not up to the mark? That is where porting comes in. This feature lets you switch insurance providers without losing the advantages you have built up in your existing plan. So, your coverage actually keeps up with your evolving requirements.
Steps to Port Your Health Insurance Plan
- Research and Select a New Insurance Provider: Start by researching diverse health insurers. Choose a health policy that satisfies your requirements, offers the necessary perks and is affordable.
- Compare Health Insurance Policies: Compare the latest plan’s coverage, premium, features and terms with your present one, whether a group or individual health insurance policy. Ensure the new health insurance plan covers your particular medical requirements and provides similar or better benefits.
- Review the Waiting Period: Make sure you are not stuck waiting longer for coverage. Pick a policy with waiting periods that are the same or shorter than what you already have.
- Notify Your Present Insurance Provider: Inform your present insurance company about your intention to port your plan. You must notify them at least 45 days before the date of renewal of your current insurance plan.
- Get a Portability Application Form: Ask your current insurer for a portability form. It will have all your policy details and make switching smooth and hassle-free.
- Complete the Portability Application Form: Fill out the health insurance portability application form with correct information. Ensure you cross-check every detail to prevent any discrepancies.
- Present the Form to the New Insurance Provider: Fill out the portability form and send it to your new insurer, along with your KYC documents and a copy of your current health policy.
- Approval in Progress: Your new insurance provider will assess your application and contact you within 15 days with a decision on your portability request.
- Issuance of Policy: Once approved, your new insurer will send the policy document. Please review the terms and conditions to ensure everything checks out.
- Close Your Old Policy: After receiving your new policy and confirming the terms, notify your previous insurer to officially close your old policy.
Porting your medical insurance plan is an outstanding way to guarantee that you possess the finest coverage that satisfies your requirements. Always carefully go through the terms and conditions of any health policy before you make a decision.
Documents Needed to Port Your Health Insurance Policy
Switching your medical insurance to a fresh provider is like upgrading without losing your perks. It is definitely a smart choice. However, it does come with some paperwork. Here is what you will need:
- Policy Portability Form: Complete the ‘Portability Form’ from your current insurer.
- Proposal Form for New Plan: You will need to complete a proposal form for the new insurer. This helps them gauge your health history and coverage needs to personalise the right plan for you.
- Present Health Insurance Plan Documents: Gather every single document for your existing policy, including the policy certificate and terms and conditions.
- Claim History: Ask your current insurer for a claim history statement—it details your past claims and helps your new insurer evaluate your risk profile.
- Proof of Age: Include a document certifying your present age, such as a certificate of birth, school leaving certificate or Aadhar card.
- KYC Documents: Submit your KYC documents, such as a PAN Card, Aadhaar card, driver’s licence or passport, to validate your identity, age and address for a seamless policy transition.
- Medical Reports: Provide medical reports if requested by the new insurer to ensure a smooth underwriting process and accurate policy assessment.
- Proposal Acceptance Letter: Once your new insurer accepts your proposal, they will offer you a proposal acceptance letter.
- Premium Amount Payment: Ensure you pay the premium amount based on the finalised terms.
Ensure you cross-check with your latest insurance company regarding any particular documents they might need. After this, the insurer will guide you through the rest of the procedure.
Make the Smart Switch Today with TATA AIG
Switching your health insurance does not really have to be a hassle. With TATA AIG, you can easily port your existing policy to their plans and continue enjoying uninterrupted coverage, flexible plan options, competitive premiums, a wide network of cashless hospitals and all your existing benefits. The process is simple, smooth and designed to keep things stress-free so you can focus on your health, not the paperwork.
Switch now and stay protected without missing a beat.