Health insurance: Can you transfer ‘no claim bonus’ or ‘waiting period’ while porting your policy?
health insurance benefits such as renewal benefit, additional sum insured for loyalty and coverage of preexisting disease after waiting period that you get with a health insurance plan provided you continue with the policy for several years. But what happens when you decide to change your insurer? Can you transfer these benefits to the new policy? Does it make sense to go for a new policy if these additional benefits are not completely transferred to the new insurer when making the shift?We tell you here how it works.
You can port your policy with the same insurer or switch to a new insurer
Health insurance is one of the protections that people need for the longest period of their lives, often throughout their lifespans.
During the coverage period, there might be many occasions when people find the need to change their insurance provider. This could be due to some deficiency in the product and the service of the existing company or because another insurance provider has a better product and service.
This is where porting comes to the rescue. “Portability is the facility provided to policyholders who wish to change their policy from one insurance company to another.
It is also applicable for policyholders wishing to migrate to another product offered by the same insurer,” says Nitin Deo, Chief Technical Officer, Zuno General Insurance.
How transfer of waiting period works when you port your health insurance policy
Most insurance policies allow the insured to claim all the benefits of the policy only after a waiting period. So, if a person is porting to a new policy after completing the waiting period under a health insurance scheme, can the waiting period be waived?
“As per the guidelines set by the IRDAI (the
