Everything looks so good while taking health policy from certain insurer but year on year, our eyes may witness attractive health benefits issuing by the other insurers. So, many might think that they can port easily without sticking to the same insurer like we do in term policy.
One can port from one insurer to another insuerer but new insurer may reject you if you doesn’t meet certain requirements or they might charge you higher premiums by checking your previous history of proning to a disease. Let us understand what might be those reasons.
Risk involved:
New insurer will check if you have any existing health condition or how much probability of risk they are taking by accepting new person who is porting from one insuerer to another insurer. Claims might get rejected due to underwriting risks involved.
Information mismatch:
New insurer will undergo similar set of process when you port. If they find any information that you did not share correctly like you have shared with your previous insurer. New insuerer will not take chance of benefit of doubt & take risk by accepting it. They will reject the porting request.
Age:
If the policy holder age does not meet the criteria bucket which insuerer has kept, claim will be rejected without any second thought.
High sum insured:
When you request for high sum insured while porting, insurer will think that something is fishy and may not accept the claim.
Lapse or timeline issues:
With your previous insurer, if you have any gaps of not paying premiums then your port request may not be approved. If you do not follow correct procedure or timeline, porting request will be rejected.
Make sure that you are considering processing and other costs when you are porting from one insuerer to another insurer.
