Like your mobile number, it is possible to port your health insurance policy. The Insurance Regulatory and Development Authority of India (Irdai) has introduced health insurance portability to empower policyholders across the country. “This option allows individuals to transfer their health insurance policies seamlessly to another insurer if they are dissatisfied with their current coverage or services. By doing so, policyholders retain benefits such as cumulative bonuses and existing waiting periods already completed,” says Bhaskar Nerurkar, Bajaj Allianz General Insurance.
However, it is important to note that a new insurer might require the policyholder to undergo medical tests, which might reveal new medical conditions, if any. “Should the new insurers classify the policyholder as a ‘high-risk individual’ and frequently visit the hospital, they may even reject his application,” says Rakesh Goyal, director, Probusinsurance.com, an insurance brokerage firm.
