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Need advice on porting of mediclaim policy.
19-Jun-2023 (In Insurance Law)
What is considered actual time of porting. When we pay the premium or when the policy commences on expiry of previous policy
According to the guidelines, insurers have to be informed 45 days before renewal of the existing policy. A portability request made after 45 days may be rejected. So, it is better to initiate the process well in advance, say, around 60 days, to be on the safe side. Decide the insurer you want to port your policy to and have the required papers in place.
If your current insurer delays sharing of claim information, the other insurer may keep acceptance of the porting request in abeyance. In such a case, apply to your insurer for paying premium for one-two months on a pro-rata basis and extend the cover till you get a nod from the other insurer. The draft guidelines say the insurer cannot force you to pay the whole year's premium in such a case. Plus, the insurer has to convey the decision in 15 days; otherwise, the application is understood to have been accepted.
If your current insurer delays sharing of claim information, the other insurer may keep acceptance of the porting request in abeyance. In such a case, apply to your insurer for paying premium for one-two months on a pro-rata basis and extend the cover till you get a nod from the other insurer. The draft guidelines say the insurer cannot force you to pay the whole year's premium in such a case. Plus, the insurer has to convey the decision in 15 days; otherwise, the application is understood to have been accepted.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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