Why and How to Port Your Medical Insurance Plan? - Techocious- The Tech Blog

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Sunday 14 January 2018

Why and How to Port Your Medical Insurance Plan?

It’s the time to renew your insurance plan. Before going ahead, evaluate whether its premium justified the offered benefits and coverage. If the premium of the existing plan seems to be a little expensive, it’s better to switch to a new insurance provider. Though, you can easily get the plan renewed, you can also find some other better plans in the market that is suited to your current needs.
It’s easy with the online technology, as you are able to find different insurance quotes offered by other insurers online. You can port it in little in no time. Read on this article know how to port your medical insurance plan.

Time Required in Porting Process

The handiness of the porting depends on the insurance provider. Normally, it takes 45- 60 working days of the policy expiry. However, the process is simple. It involves some regular paperwork and extra forms.


Before choosing new health insurance in India, look at its features and benefits. Analyze it cautiously. It’s good to focus on the features like:
  • Coverage
  • Exclusions
  • Waiting Periods
  • Co-Payments etc.

The premium is an important consideration though; don’t make the porting decision solely based on it. Consider the Incurred Claims Ratio (ICR) of the insurer before choosing a plan. The ICR should be 70% to 90%.

Throughout your web search, you may come across some insurance companies that might offer the porting facility with some additional conditions. Make sure if the insurer you are likely to select has imposed any waiting period or permanent exclusion. Choose one that offers maximum insurance coverage at minimum insurance premium.

No Claim Bonus (NCB)

If you have filed a claim, you are making the right decision to port.  No Claim Bonus (NCB) is offered as a reward for every claim-free year. Since you’ve already claimed, you’re not eligible for it with the existing insurance provider.  Don’t let only this factor rule your porting decision. You should also opt for a new insurance provider if you are stuck with a policy that is absurdly overpriced. Or in case, the insurer has a poor claims settlement ratio. In a situation, holding on with the current plan makes no sense.

The Time Taken by the Insurer

The IRDA has instructed every insurance company to acknowledge the portability applications within 3 working days. The new insurer has to offer insurance at least up to the amount insured by the old plan.

Wrapping it up

Porting to a new insurance company is not rocket science. You just need to pay attention to the policy wordings as we as cast a watchful eye to your insurance needs. Above all, you should compare different insurance plans of different insurance providers in the country in order to come close to one that offers maximum insurance coverage at minimum insurance premium.

What are you waiting for? Get up and analyze your current health policy to weigh its benefits, features and search for a better health insuranceplan online if the current premium doesn’t justify the insurance coverage. 

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