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Portability for senior citizens, advisable?

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08 Apr, 2021 by  Harsh

I’m looking to port my parents health insurance who presently have SI of 5 lac (policy of more than 20 years) plus a top up of 10 lac (since 6-7 years). They’re aged 68 & 62. Now taking a floater of ₹20 lac for them. Will they get full coverage from day-1? While one parent has PED - Hypertension for 2-3 years. Will the insurer entertain claims atleast to the extent of 5 lac and 10 lac of top-up from the previous policy in the event of hospitalisation within the first year of porting?

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As a general rule, when you port a policy, the accumulated benefits from the previous policy, including the PED waiver, gets transferred to the new policy.


Whether hypertension gets covered or not depends on how long your existing policy has been in force.


If the policies were taken prior to the detection of hypertension, then it does not become PED once the policy gets ported. Any condition detected after taking a policy is not PED.


However, if the detection of hypertension, predates the existing policy, then four years have to lapse for it to be waived as a PED. So for the new policy the hypertension becomes a PED until the four year window is over from date of detection.


Having said that portability does not mean that you don’t have to declare the present medical conditions when you approach the new insurer for porting. All conditions including hypertension will have to be declared to the new insurer who may or may not accept your proposal. It is not an automatic acceptance which please note.

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