You have been paying premiums to "Old Insurance Co." for 5 years. But recently, they hiked your premium by 25%. Or worse, when you were hospitalized, their TPA (Third Party Administrator) was a nightmare to deal with.
You want to leave, but you are scared.
"If I switch to a new company, will I have to wait another 4 years for my diabetes coverage?"
Good News: The answer is NO.
Under IRDAI's "Portability" laws, you can switch from a bad insurer to a good one and take your "Time Served" credit with you. You don't have to start from zero. Here is how to fire your insurer like a pro.
Disclaimer: Portability is subject to the new insurer's underwriting/medical approval. You must apply at least 45 days before your renewal date.
How to 'Port' Your Health Policy Without Losing Your Waiting Period Credit
1. What Exactly Do You Carry Forward?
When you "Port" (Switch), you are not just buying a new policy; you are transferring your history. The two most critical things that travel with you are:
✅ 1. Waiting Period Credit (The Golden Ticket)
Most policies have a 4-year waiting period for Pre-Existing Diseases (PED) like Hypertension or Diabetes.
- Scenario: You served 4 years with Insurer A.
- Result: When you move to Insurer B, your waiting period is ALREADY SERVED. You get covered for those diseases from Day 1 in the new company.
✅ 2. Sum Insured & NCB
You can transfer your base Sum Insured (e.g., ₹5 Lakhs) and usually your accrued No Claim Bonus (NCB).
Note: The new insurer may ask you to pay a premium on the higher NCB amount, but the coverage continuity remains safe.
2. When Can You Port? (The 45-Day Rule)
This is where most people fail.
You cannot wake up on the day of renewal and decide to port. The process takes time because the new insurer needs to request your medical history from the old one.
⏰ The Deadline
You MUST apply for portability at least 45 Days before your policy expiry date.
- If you are late, the new insurer can reject your portability request, forcing you to renew with the old (bad) company for another year. Mark your calendar now!
3. Why Port? (PSU vs. Private)
Many Indians are stuck with PSU insurers (New India, Oriental, UIIC) simply because "My uncle sold it to me 10 years ago."
- The PSU Problem: Low premiums, but often outdated features (Room Rent Capping, Copay) and slow TPA claims.
- The Private Advantage: Companies like HDFC Ergo, Niva Bupa, or Star Health often offer "No Room Rent Cap," "Robotic Surgery Cover," and faster apps.
Portability allows you to upgrade from a "1990s car" to a "2026 Ferrari" without losing your driving record.
4. Will My Premium Increase?
Maybe, but it's worth it.
- If you are moving to a policy with better features (e.g., Single Private Room coverage), the premium might be slightly higher.
- However, you are getting value. Paying ₹15,000 for a policy that pays 100% of the claim is cheaper than paying ₹10,000 for a policy that deducts 30% at the hospital.
Conclusion: You Are Not Married to Your Insurer
Insurance is a service contract, not a marriage. If they treat you poorly, leave.
Don't let the fear of "losing benefits" keep you trapped in a bad policy. Use the Portability right given to you by the government and secure the best healthcare for your family.
Action Plan:
- Check your policy expiry date. Set a reminder for "Expiry Date minus 60 Days."
- Go to an aggregator like Policybazaar or Ditto and select "Port Policy."
- Be transparent about your medical history. Even when porting, non-disclosure can lead to rejection.
Helpful Resources:
IRDAI: Official Portability Guidelines
Ditto: Step-by-Step Guide to Porting
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