Health Insurance Portability

Exiting or Movement of Money

You do not have to wait if you want to switch from one plan to another if you switch to a plan that has the same or a lower performance for you. Ensure that your new funds offer you consistency for the wait times you have already used.

If your new scheme does include new or higher Benefits that were not part of your old insurance, however, you must wait a while before you can claim these Plans. Contributions made by the former can be taken into consideration by your new funds when determining your yearly performance thresholds.

Transfers between insurance companies do not influence your entitlement to lifelong health insurance, provided you switch from your current health insurance to your new health insurance. Should you choose to terminate your insurance, your health insurance company should repay any premiums you have prepaid.

A small management fee may be deducted by the mutual funds.

The IRDA - Portability of Health Insurance

If you switch your health insurance from one insurance to another, you don't have to loose your accrued benefit. Previously, such a step in health insurance meant that you lost services such as the qualifying time for cover for "pre-existing conditions". The IRDA now gives you protection by giving you the right to transfer your insurance to another insurance provider of your choosing.

The Commission has stipulated that your new insurance provider must "take into account the credits acquired by the member for already acquired illnesses in relation to the qualifying period". Not only does this apply to a change from one insurance provider to another, but also to a change from one scheme to another with the same insurance provider. The IRDA has established a web-based mechanism to obtain and manage information on all health insurance contracts that insurance carriers issue to an individual so that it is accessible to the new business to which a purchaser wants to transfer his contract.

In this way, the new insurance company can obtain information about the health insurance histories of the policyholders who wish to transfer their policies.