Wear your health insurance policy for a lower premium; Know how to do it

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After buying a health insurance policy, most policyholders often find many gaps in their policies. Did you know that you can change your policy for another one that offers better features and add-ons? Most of us, when buying a policy, only compare premiums and do not consider other features such as the claims ratio and the hospital network. However, after a bad demand or a sudden increase in the premium, many insureds carry their health insurance policy. Industry experts say that value porting policy proposals have increased from 10 to 18 percent.

The porting of a policy can however only be carried out among similar types of health insurance schemes. The waiting period and the no-claim bonus are reported on the new policy during the transfer. However, other features and benefits will depend on the new insurance plan and the new insurer, regardless of the policy previously proposed.

Experts suggest that porting allows the policyholder to transfer the credit obtained for pre-existing conditions. For example, the waiting period has already been used by the former insurer when switching from one insurer to another. However, this only applies if the insured have maintained the previous policy without interruption.

When porting, you can also opt for the same sum insured as your previous policy, since the new one offers this option. According to the insurer, the sum insured can also be increased. However, although the sum insured can be increased, do not forget that the allowance will only apply to the extent of the insured's capital sum and the non-loss premium of the previous insurer. . For example, if you have a font of 7 Rs lakhs and you want to increase the sum insured to 10 Rs lakhs during the transfer, the new benefits will only apply to 7 lakhs.

Experts suggest that one should not focus only on lower premiums. However, if you make a transfer with a lower premium, make sure your coverage is not reduced. And if you choose a higher sum insured, you may also have to meet the waiting period of the insured value. If you want more benefits and features in your new strategy during the transfer, the premium of the new strategy might be higher because of the additional benefits. You must also be careful not to lose important benefits in the new policy.

The porting of a health insurance policy is only allowed at the time of renewal of the policy. And do not forget that when applying for a transfer to a new company, your proposal may also be considered unfavorable and refused. Therefore, in this case, the insured must stick to his own insurer. This is usually due to the underwriting of a policy because it involves assessing the risk exposure and determining the premium to be charged. Experts believe that insurers generally do not allow portability if the policyholder belongs to a senior age group or is in poor health. It is with a number of clauses and restrictions, even if they accept such proposals. Subscribers with a pre-existing condition requiring frequent hospitalization are more likely to be rejected.

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