Portability Form Reason(s) for Portability: factors, terms and conditions, please read sales brochure carefully before concluding a sale • IRDA Registration. , FORM – IRDA – 5 – AF, Surveyor and Loss Assessor, APPLICATION FOR RENEWAL OF A LICENCE TO ACT AS SURVEYOR AND LOSS. the Insurance Act and Section 14 read with section 24 of the IRDA Act .. On receipt of the Portability Form, the insurance company shall address.

Author: Dusar Malalmaran
Country: Sao Tome and Principe
Language: English (Spanish)
Genre: Sex
Published (Last): 1 February 2016
Pages: 358
PDF File Size: 17.24 Mb
ePub File Size: 18.21 Mb
ISBN: 466-1-38077-701-1
Downloads: 59843
Price: Free* [*Free Regsitration Required]
Uploader: Tauzragore

This may not suit everyone. Moreover, your current insurer cannot refuse to renew your policy if any chronic ailment was detected after you bought the policy. The other insurer may also decide to underwrite the policy lrda some loading on table premium. Else, the application will be rejected. After completion of one year from the date of porting, if required, you may shift your risk coverage to another insurance company. Those with a history of cancer or renal failure, where recurrent costs are high, fall in this category.

Step 4 On receipt of the Portability Irdw and proposal form, the insurance company shall address the existing insurance company seeking necessary details of medical history and claim history of the concerned policyholder. The additional Rs 1 lakh will only be available after you’ve spent four years with the new policy. That is exactly the question many experts and the IRDA raised a few years ago when discussing the issue of health insurance and rorm transfer of credits gained in a situation where a customer shifts from Health Insurer A to B.

There can be differences in inclusions, exclusions and other features between the existing and the new policy. A poor claim history can also spoil your chances. It’s one place where you can track, plan and invest seamlessly. Some of these are as follows:. With the new competitive premium regime, the differences in premium of two companies will not be very high. Five things to remember before you decide to port your policy: Portability ensures that the insurer does not take you for granted; you get better value for money.


The same have not been shared with us as yet. Some companies may accept people in the age band of years. We look at these impediments and things that must be kept in mind while porting health insurance policies. Click NEXT to read more So, based on the documents provided by Dave only policy schedule of New India Assurance plus a selfdeclaration from about potrability earlier insurance coveragewe proceeded with our underwriting process and ported his policy to us.

You may have to undergo fresh medical examination as per health insurance underwriting guidelines of the company. One might not have expected that the insurer may levy some hidden clauses to repudiate the claim whenever one approaches the insurer on happening of the contingency.

Even the cumulative bonus was not added to the sum insured. Till this point every insurance company is good to the insured. Thanks Varun, Find out on irda India website portabillty. You need to remember that it is not mandatory for the new insurer to accept your proposal.

In the application form, you need to specify the company to which your risk cover should be transferred.

IRDA – Portability of Health Insurance

The reason being, these treatments can poryability postponed for many days, and hence the insurance company would have individuals taking a policy just for claiming for such treatments. It will depend on the product plan you want to port to. Instead, the additional cover which you got in the old policy against the bonus you have collected is added to the basic sum insured in the new policy on which premium is charged.

This applies not only when you move from one insurer to another but also from one plan to another with the same insurer. Under the portability regulations, you can port from group health policy to individual policy. Idra details are shared through the common Irda portal. This case becomes even more difficult for senior citizens, who are already seen as a high-risk category. Are you insured enough? All portability proposals are treated as new and put through the underwriting guidelines afresh.


An important underlying factor for portability is the presence of a central repository. On probing further, he came to know that the company had a policy of asking the insured to submit all previous policy documents to prove continuity.

He has been following up with the company writing regularly to the grievance redressal cell.

However, this will be subject to acceptance by the insurer’s underwriter. Many considered it an easy way to end the bitter relationship with their health insurer. Underwriting involves measuring risk exposure and determining the premium that needs to be charged to insure that.

However, his application is still pending with the company. This enables the new insurer to obtain data on history of health insurance of the policyholder wishing to port his policy.

Know the process of portability thoroughly to avoid these pitfalls. You may choose to continue the policy as an individual or a family floater policy after portability.

Proposal Form

However the new insurer may consider a proposal for portability even if the policyholder fails to approach the insurer at least 45 days before the renewal date.

The existing insurer company A will have to furnish all the required data about the insured within 7 days, again through the IRDA website. The first person said that portability will need portabilitty in underwriting krda for insurers, standardization of prices, mortality and morbidity rates used by different insurers and mandatory electronic issuance.

How do I port my health insurance? The ongoing treatment and regular medication and other expenses result in multiple claims,” says Shreeraj Deshpande, head, health insurance, Future Generali.

Plus, the insurer has to convey the decision in 15 days; otherwise, the application is understood to fodm been accepted.