Porting a 9 yr old Med Insurance
Self and my father are covered under Family First - Silver Plan of Niva Bupa since 2014. At the time of taking the Medical Insurance, no PED existed for either one of us. However my father developed Hypertension at a later stage sometime in 2018 and we haven't declared the same to Niva Bupa but have been regularly renewing the policy. I now intend to port to a better policy with no room rent capping in it for my father. I have the following question:-
Q: Would my father's Hypertension be considered as a PED and will the wait period start afresh in the new Insurance Policy. I'm considering Care Supreme plan which has a 4 year waiting period for PEDs. Shouldn't it be covered from Day 1 as our previous policy has alread run 9 yrs.? Can I do something to get it included in the Niva Bupa policy before porting?
Firstly your father's condition will get covered under the existing policy,
There is no such compulsion or process to report an illness or condition to your existing insurer after you've taken the policy and in your case, it's happened after 4 years, so there's nothing to worry here in terms of claim settlements.
You are correct to point out that you won't have to serve any waiting period for the existing condition/ped if you port to a better plan, however the new plan/insurer may levy a loading/rider to cover the existing condition, if their underwriting team demands so.
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Hope this explanation helps
Thanks & Regards