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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You will be asked to fill in an application for porting. In this case the current insurer will have to extend the policy term by accepting a pro-rata premium of one-two months. Similarly, if the previous insurer has a waiting period of three years which you have served while the insurer you are porting your policy to mandates four years, you will have to serve one additional year for coverage of pre-existing diseases under the new policy.

Are you insured enough? How do I port my health insurance? Portability is free of cost.

Nevertheless, even today, on submission of previous insurance coverage documents we could extend further portability benefits to him via endorsement. Make sure your personal cover after portability begins before you part ways with the employer.

All you need to know about porting health insurance policies

It was so because of the discrepancies portabilkty the waiting period concerning the pre-existing diseases. Therefore, it is important that you remember the expiry date of your policy and get your documents in place in time. The draft guidelines say the insurer cannot force you to pay the whole year’s premium in such a case.


Usually, individuals; especially those who do not possess standalone health policy are apprehensive about the termination of risk cover upon a job loss or job change. Get your financial plan done by a Registered Investment Advisor. Click NEXT to read more First Name Enter first name Invalid first name. Before portability came into the picture, shifting risk coverage from one health insurer to poratbility was not a feasible proposition for the policyholder.

Portability is applicable for all individual health policies. Even a minor illness that may affect your health in future may affect your chances.

A poor claim history can also spoil your chances. Poratbility exclusions are called One-year exclusions, Two year exclusions and so on till four years. Decoding portahility life insurance policies.

Also, fill the forms carefully and be honest about your existing and earlier claims. Ultimately, it placed the policyholder at a distinct disadvantage and tied him compulsorily to the same insurance company. A demat format for insurance serves the same purpose as for equities: It will depend on the product plan you want to port to. On probing further, he came to know that the company had a policy of asking the insured to submit all previous policy documents to prove continuity.

Fofm case becomes even more difficult for senior citizens, who are already seen as a high-risk category.


Your Name Enter your name Invalid name. Also, for any increase in cover you forj for, the complete waiting period for pre-existing diseases will have to be served.

Seeking New Company

His existing policy gave pportability cover of Rs 2 lakh each to him, his wife and child for an annual premium of around Rs 7, Step 5 Based on the data available on the web portal, the new insurance company will decide whether to accept the proposal and the price at which it will do so. There can be differences in inclusions, exclusions and other features between the existing and the new policy.

Previous Story New lease of life awaits health porttability sector. By allowing life insurance portability, Irda aims to save customers the cost of surrenders while changing policy, if they are unsatisfied with their existing insurer.

Health Insurance Portability: How & Why

Huge differences between exclusions and inclusions and other features between the policies of the two insurers may also lead to rejection. The application may also be rejected on grounds of insufficient information, delay in submitting documents and poor claim history. When he approached Apollo Munich, the company appointed one of its sales representative to assist him.