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Switching of Health Insurance

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23 Feb, 2022 by  Madhav

Hi Team,


Need your thought on selecting my Health insurance Family floater poliicy.


For the past 10 years i have been holding Royal sundaram health insurance policy and now considering the benefits of Niva bupa Reassure i am considering to switch from Royal sundaram to Niva Bupa Reassure plan by covering my entire family and increasing my sum insured.


Wanted to hear from what is the pro and cons for switching from existing to new insurer and i do have an pre-existing disease. My age is 36 years and i am the first applicant for the proposed policy.


Can you please share your thoughts on this?

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24 Feb, 2022
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Two points to keep in mind:


1) when you increase sum insured while porting the policy, porting benefits are limited to the original policy being ported.


2) disclose all pre existing conditions, even the ones which you had 10 years ago, while taking the policy, so that the new insurance company can take a decision whether to underwrite your case or not.



  • Start the process atleast 30 days in advance (before the renewal date)
  • Consider other plans as well, apart from Niva Bupa






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24 Feb, 2022
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Yes, porting can be done. Pre-existing diseases also get ported and does not start afresh with the new insurer. However it will be up to the new insurer (Niva Bupa) in this case to decide whether they want to accept the proposal or not, with or without any loading.

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Hi Madhav,


Portability is allowed in health insurance which is switching from one insurer to another.


Pros

- you get better policy features and pricing

- your continuity benefits of old insurance policy are carried forward.



Cons

- In case of any significant medical history / critical illness portability may not be possible

- old no claim bonus will not be carried forward


The policy is ported as per underwriting guidelines of the new insurer.

It is extremely important to disclose all material information to the new insurer at the time of filling up the application form.


Hope this helps.


Thanks

Gurleen Kaur Tikku

Hareepatti



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24 Feb, 2022
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Hi Madhav,

It will be very difficulty to suggest anything till the time more details are available from your end.


Incase, you plan to port ensure that you declare your pre-existing in the new policy has well. Basis the condition the new insurer will take a call to accept or reject the application. Incase of acceptance there could be multiple scenarios - u could be offered extended waiter period on PED, or loading could be offered or there could be no conditions.


Cross check with team beshak if they connect to someone so that you could have one-one.


Thanks

Rohit Dhingra

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24 Feb, 2022
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It is improper to suggest you anything without having proper details of yourself and your previous policies as well as your PED.

But whenever You Want to switch Your policy from 1 company to other keep in mind that

(1) You have declared each and every minute details including your PED in detail

(2) Also if you want to port start the porting procedure atleast 30 days prior to policy expiry that so that in case New Insurer don't accept your policy you will be in a position to renew policy with your existing insurer.

(3) Also when you increase Sum Insured for an Increased sum insured all the conditions will apply as you are buying policy for the first time.

Goodluck to you.





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26 Feb, 2022
CEO, Insurance Samadhan

Dear Madhav

Why you want to port when you have a continuity of 10 year . As per IRDA , no claim can be refused after 8 year of continuity .

Did you have any bad experience ? If no then continue . All insurers work under IRDA guidelines and would try to.minimize claim .

To increase cover, buy a super Top up from the new insurer of your choice. You would save money as well as hassles of porting.

Best wishes


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