What You Need to Know Before Switching Your Health Insurance Policy

In 2011, the Insurance Regulatory and Development Authority of India (IRDAI) issued a circular that provided policyholders the right to switch from one health insurance provider to another without losing the benefits gained from the policy. This policy change brought a significant advantage, allowing individuals and families to explore different options and potentially secure better coverage.

Key Points About Health Insurance Policy Portability

Policy portability is a critical feature that allows individuals and families to switch health insurers while maintaining the insurance benefits they have accrued. This is particularly important in today’s dynamic healthcare landscape, where personal and financial circumstances can change rapidly. Here are some important things to know before you consider switching your health insurance policy:

Reasons to Switch Your Health Insurance Policy

Switching your health insurance policy can be beneficial for several reasons. Some of the most common reasons include:

Unclear About the Clauses: If you find the terms and conditions of your existing policy unclear or difficult to understand, switching to a new policy can provide you with a clearer and more transparent coverage. Higher Sum Insured: Sometimes, you might need a higher sum insured to meet your healthcare needs. Leveraging the right policy portability can help you access higher coverage. Unhappy with Coverage: If you find that the existing policy does not provide sufficient coverage or meets your specific needs, switching to a new plan can offer a better fit. Dissatisfied with Claim Settlement: If your existing insurer takes an unreasonable amount of time to settle claims, a new insurer might provide a better, faster service. Wanting to Try New Products: If you are interested in exploring new insurance products, switching your policy can be a smooth transition to a more innovative and comprehensive coverage plan. Differences in Policy Premium: If the premium on a new policy is more favorable, switching can save you money and offer better value for your money.

Steps to Port Your Health Insurance Policy

Switching your health insurance policy is straightforward, but it involves several steps. Follow these steps to ensure a seamless transition:

Research New Insurers: Start by researching and comparing different insurance companies to find the one that best meets your needs. Porting Application Form: Fill up the porting application form provided by the new insurer. Ensure that you provide all the necessary details accurately. Inform Your Existing Insurer: Inform your current insurer about your intention to switch policies. They will assist you in the process and provide necessary documentation. Verification and Approval: The new insurer will verify your application and may either accept or reject it. If your application is approved, the new insurer will send a proposal. Respond to the Proposal: Review the proposal from the new insurer carefully. If everything meets your requirements, you can sign and submit the documents. Switch to the New Policy: Once the new insurer has approved your application, you can switch to the new policy. Your existing policy will be canceled, and your coverage will be renewed under the new insurer. Optional Clause: If your application is rejected, you can always return to your old insurer within a stipulated period, ensuring continuity of coverage.

Switch to Royal Sundaram’s Health Insurance Plans

If you are considering switching to a Royal Sundaram’s individual or family plus health insurance plan, we are here to assist you. Our team of experienced insurance professionals can help you with the following:

Getting the Best Policy: We will guide you in selecting the most suitable policy that meets your specific healthcare needs. Ensuring Seamless Transition: We will ensure a smooth transition from your old policy to the new one, minimizing any disruptions in your coverage. Meeting Your Budget: We will work with you to find an insurance plan that fits your budget without compromising on coverage.

Make the right decision with the help of Royal Sundaram’s experienced team. With us, you can have peace of mind knowing that your health insurance needs are well taken care of.