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.

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Irda may usher in life insurance portability

In India, the concept of portability was first introduced in the telecommunication sector. The mobile number portability made life a lot easier for the cell phone users. It permitted them to shift to a better mobile network provider without having to change their mobile phone numbers. Before portability came into the picture, shifting risk coverage from one health insurer to another was not a feasible proposition for the policyholder. It was so because of the discrepancies about the waiting period concerning the pre-existing diseases.

Initially, when the policyholder changed the health insurance company, the new insurer would make him complete the entire waiting period for one more time for the same pre-existing disease which he had already completed with the previous insurer.

He was not allowed risk cover on pre-existing conditions from the very first day of the policy as he could not transfer the credit regarding the pre-existing disease which he had gained under the previous insurance plan. Ultimately, it placed the policyholder at a distinct disadvantage and tied him compulsorily to the same insurance company. IRDA regarded this feature as not being in the interest of the policyholder and considered it to be detrimental to competition.

Thus, with effect from 1 July the IRDA made the portability provision applicable in the health insurance category of the non-life segment.

Health insurance portability refers to switching from one insurer to another insurer or from one plan to another plan under the same insurer along with keeping the benefits intact.

In portability, you get an opportunity to change from one insurance company to another without having to lose the benefits that you have accumulated earlier. It is applicable even at the time when you change from one plan to another with the same insurer.

Portability ensures that the insurer does not take you for granted; you get better value for money. It bolsters healthy competition in the health insurance market, curbs monopolistic tendencies and offers superior options to existing policyholders. Firstly let me take you through the background as in what was the need to introduce health insurance portability segment in India.

As you know, health insurance is a specialised product which entails comparatively higher premium than other classes of insurance, and thus, it should cater to ;ortability unique well-being needs of the policyholder to be useful, as no two individuals are same.


Every policyholder has a different set of requirements and it keeps on changing as he irdda old. It is quite natural that the policyholder may like to switch from one health insurer to other or from one health plan to another for varied reasons. Some of these are as follows:. Get your financial plan done by a Registered Investment Advisor.

Many times the policyholder does not receive the services which were promised at the date of policy inception. In such a scenario it would not be fruitful to hold on to the same insurance company when it has failed to keep up the quality assurances. As one grows older, one may be susceptible to age-related diseases whose treatment may result in massive cash outflow.

So one may consider to step-up the amount of sum insured under the health insurance policy.

It may happen that the existing health insurer does not agree to step-up the sum insured, and he may have to continue with an insufficient risk cover.

The claim settlement ratio of the insurer may have come down since one had purchased the health insurance policy. 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. Such instances may necessitate shifting to a new insurer who offers better transparency. Moreover, one may have purchased health insurance from a insurer focusing on multiple verticals and may require changing to a specialised health insurance company which provides services as per your requirements.

To be eligible for portability you need to make sure that your policy is in force and you have paid all the premiums due.

You may look forward to port the existing policy only when it is nearing the foem of renewal. It implies that you cannot exercise the portability option in the midst of policy tenure. Once you have made up your mind to port, you should notify your intentions to your insurer. It can be done by writing an application letter to your insurer 45 days before the due date of irfa renewal.

In the application form, you need to specify the company to which your risk cover should be transferred. Your insurer would have to acknowledge the receipt of your application of portability within three working days. You need to remember that it is not mandatory for the new insurer to accept your proposal.

IRDA – Portability of Health Insurance

You may carry forward the credits on the waiting period only, but you would have to comply with all the underwriting process torm guidelines of the new insurance company. Portability is free of cost. You need to pay just the premium applicable fotm per the plan of your choice.


When you switch from one insurer to another, portability will be allowed only for similar kind of policies i. You may have to undergo fresh medical examination as per health insurance underwriting guidelines of the company. You can shift your policy from one insurer to another insurer or from one general insurer to a specialised health insurer and from one health plan to another. You will get the benefit of credit regarding waiting period for pre-existing conditions that you have earned with the old insurer.

The minimum risk coverage that you will get with the new insurer will rorm equal to the sum insured under the old policy. Your policy details will have to be shared by your former insurer with the new insurer within seven days of receiving such request. If you do not receive any intimation within 15 days from the new insurer, then consider your proposal to be accepted. Usually, individuals; especially those who do not possess standalone health policy are apprehensive about the termination of risk cover upon a job loss or job change.

But now you pprtability not worry because the IRDA has come up with a ray of hope. Under the portability regulations, you can port from group health policy to individual policy. If you and your family were covered pprtability a group insurance cover, then you can also port to family floater insurance. The application for such portability should be initiated 45 days before the renewal of the group insurance cover. You may choose to continue the policy as an individual or a family floater policy after portability.

If the family floater encompasses a portanility member corm is a senior citizen, then the amount of base cover may be reduced to a lower value by the insurer as compared to the original coverage amount that you were getting under group insurance.

After completion of one year from the date of porting, if required, you may shift your risk coverage to another insurance company. You would be allowed to carry forward poetability benefit of waiting period regarding Pre-existing disease upon a change of insurance company. Make sure your portanility cover after portability begins before you part ways with the employer. It’s one place where you can track, plan and portxbility seamlessly. The best part is it comes with a lifetime Free plan.

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