Portability Form Reason(s) for Portability: factors, terms and conditions, please read sales brochure carefully before concluding a sale • IRDA Registration. , FORM – IRDA – 5 – AF, Surveyor and Loss Assessor, APPLICATION FOR RENEWAL OF A LICENCE TO ACT AS SURVEYOR AND LOSS. the Insurance Act and Section 14 read with section 24 of the IRDA Act .. On receipt of the Portability Form, the insurance company shall address.

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Health Insurance Portability: How & Why

If your current insurer delays sharing of claim information, the other insurer may keep acceptance of the porting request in abeyance. All portability proposals are treated as new and put through pirtability underwriting guidelines afresh. Many times the policyholder does not receive the services which were promised at the date of policy inception. So, it is better to initiate the process well in advance, say, around 60 days, to be on the safe side.

Step 3 The policyholder shall fill in the portability form along with proposal form and submit the same to the insurance podtability.

IRDA – Portability of Health Insurance

Similarly will be the case with 2 year, 3 year and 4 year exclusions, where the period already spent with the earlier insurer will be credited to you. You have been given the power to choose your provider. Once satisfactory data is available, Company B will underwrite your policy and you will be a customer of B and carry forward all benefits from company A.

Your insurer would have to acknowledge the receipt of your application of portability within three working days.

forrm To be eligible for portability you need to make sure that your policy is in force and you have paid all the premiums due. In fact, they put a lot of clauses and restrictions which are not encouraging for customers, who may drop the idea to port,” says Divya Gandhi, head of general insurance and principal officer, Emkay Global Financial Services. Portability is free of cost.


The existing insurer company A will have to furnish all the required data about the insured within 7 days, again through the IRDA website.

That is, basic reimbursement to basic reimbursement or top-up to top-up.

Before portability came into the picture, shifting risk coverage from one health insurer to another was not a feasible proposition for the policyholder. Want to transfer your insurance policy?

Porfability the new competitive premium regime, the differences in premium of two companies will not be fodm high. However, he was shocked when he got the policy document from Apollo Munich as none of the continuity benefits were passed on to him. If the new underwriter finds your case unsuitable, the insurer has the right to reject your application.

T o get a better perspective of the whole idea of portability we need to explore how things worked before this new rule.

Seeking New Company

Make sure your personal cover after portability begins before you part ways with the employer. Plrtability things to remember before you decide to port your policy: If the decision is not communicated within a fortnight the new insurer will be bound to accept the proposal. This is obviously not favourable for the insurer and indicates a bigger claim in the next onetwo years,” says Sethi of Ria Insurance Brokers.

Know the process of portability thoroughly to avoid these pitfalls. Else, the application will be rejected. Also, they have instructed against submitting proposals where any claim has been lodged in last two years and the sum insured has been requested to be increased substantially say portaability Rs 2 lakh to Rs 10 lakh.


For any other hospitalisation, the whole Rs 3 lakh will be available to you. Discussions to allow portability in life insurance are in early stages and it is likely to happen after the industry moves to a completely digital form of transacting and managing insurance products, said three people, including a regulatory official, on condition of anonymity as the discussions are yet to be formalized.

All you need to know about porting health insurance policies

You may have been healthy when you bought your existing policy, but if you later contract a disease not covered by the other insurer, your application may be rejected. After completion of one year from the irdda of porting, if required, you may shift your risk coverage to another insurance company.

This is because major illnesses mean high risk.

W hen applying for porting, be sure that your existing policy is valid for at least 45 days more. They don’t accept portability proposals if the insured has a higher age and poor health. His existing policy gave a cover of Rs 2 lakh each to him, his wife and child for an annual premium of around Rs 7, Ltd, which is in the process of acquiring Max Life Insurance.

You need fork pay just the premium applicable as per the plan of your choice.