Urgent question about SI+bonus while porting

12 Aug, 2022 | by Arora H

Hi,

My mother's health insurance policy was bought from National insurance in 2016. No claim was taken and last year it was ported to HDFC. Before porting the SI in National insurance was 2.5 lacs and bonus/ncb of 50k. The agent told us that this full amount will be added to the SI purchased in hdfc. In hdfc we got a SI of 10 lacs. In last years policy, which was the first policy after porting to hdfc, under the exclusions section hdfc mentioned the amounts 192500, 50000 and 50000 and mentioned the waiting periods as per section 5A. In the policy renewed this year the amounts mentioned are 192500, 50000, 50000 and 950000. The total comes out to be 1242500/- Shouldn't this amount be atleast 1250000/- (with 2.5l SI from the previous insurance) if not 128000/-?

-I have read that while porting the bonus/ncb is not carried forward to the new policy. Is this a mandate by IRDAI?

-Say the above is true, then how did they carry forward 242500/- from the previous policy and not 250000/- ?

Thanks

Parents-Health-Insurance

2 Answer

Post

12 Aug, 2022

Avinash Sonee

3.8

If it's possible, can you please redact personal information from your policy (last year's hdfc ergo policy and the previous nic policy) and share the policy copy on xutft@isonee.com

Thank you

1 Comments

13 Aug, 2022

Arora H

Thanks for replying Avinash Ji. Please check your mail.

Regards

13 Aug, 2022

Shailesh Kumar

CEO, Insurance Samadhan

Dear Arora Sahib

You are entitled to port sum assured plus no claim bonus which will be approx rs 3 lakh only .

But you bought a sum assured of rs 10 lakh out of this rs 7 lakh will be independent with all exclusion as new product and Rs 3 lakh will be treated as port if your new policy document mentions that else it is a new plan .

Hope it clarifies

2 Comments

14 Aug, 2022

Arora H

Dear Sahilesh Ji,

Thanks for replying. "Rs 3 lakh will be treated as port if your new policy document mentions that else it is a new plan ."

Sir what do you mean by new plan? Ported policy is considered as a new plan?

Few more questions-

- If we port a policy, is the accumulated bonus/ncb transferred in terms of portability benefits/waiting period in the new policy?

- No support from the agent or the telephonic customer care of hdfc+care@hdfcergo.com Sent their nodal team a mail, got an automated reply that they will reply within 2 working days. Their next working day is on 16th August. The policy starts from 16th August-15th August of next year. Since the policy will start, so will they make corrections or can they just say that the policy is issued no changes can be made now?

15 Aug, 2022

Shailesh Kumar

CEO, Insurance Samadhan

Arora Sahib

You port a particular sum assured which means if you had SA of Rs 2.50 lakh and earned Bonus of Rs 50000 then you are entitled to a port of Rs 3 lakh only . New Insurer check your sum assured , claim then they agree to accept the risk without any exclusion as per rules of portability .

If you take higher sum assured then excess sum assured is treated as enhanced sum assured and treated as new policy .

Your Policy document would specifically mention the amount under port . If nothing is mentioned then consider it as new Policy with all exclusions as applicable .

Hope this clarifies

Shailesh Kumar

Insurance Samadhan

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Urgent question about SI+bonus while porting

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