Insurance Tips: Keep these things in mind while porting insurance, otherwise you will lose lakhs..

If you are not happy with your existing insurance policy provider and want to port the policy to another company, then definitely read this news. Actually, the facility of policy port was started in India in 2011. In many cases, it was seen that policyholders were facing many problems regarding premiums, service, or claims. Due to a lack of port, many insurance companies were processing claims according to their own will, but ever since the port facility started, a good competition has been seen among the companies. Let us tell you about those things that you need to keep in mind while porting the policy.

1. Can a new policy provider refuse to port a policy?

Porting or not porting a policy depends on the new provider. The new company decides by looking at the age and health condition of the policyholder, along with the claim history. Experts say that if the claim is taken repeatedly, then the new company may refuse to accept the port.

2. When to start the porting process?
If your current policy has not expired yet, then only you can port it to another company. For this, it is necessary to start the porting process 30 to 35 days before the policy expires. Because the new company will check your history, which may take time. If your insurance policy expires during the process, then there will be no benefit of porting. Also, you cannot port a policy 60 days before its expiry.

3. If you have changed companies repeatedly, will there be a problem in porting the policy?
Absolutely. If you change companies repeatedly for health insurance, then in such a case, the new company may refuse to port. Therefore, it is said that one should try not to change the company for at least 4 years. If this is done, the migration process can be completed easily.

4. Is there any extra fee or premium to be paid while porting?
IRDAI has clearly ordered that policyholders will not have to pay any fee to port-in or port-out their policies. However, you may have to pay for new medical tests or taxes as part of the new policy.

5. Do facilities like riders, no-claim bonus remain intact in the new company after the policy is ported?

G. Base policy benefits, such as insured amount, riders facility, no-claim bonus, waiting period credit, etc., are easily transferred. But any discount from the previous policy or non-standard facility, like an add-on service, is not transferred. Therefore, while porting the policy, keep in mind your add-on service.

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