Many ask their health insurance experts- ‘Can we transfer health insurance to another company?’ or ‘how to transfer health insurance from one company to another?’ There can be various reasons a policyholder looks for an insurance port.
So, if you are a health insurance policyholder curious about health insurance policy transfer, then keep reading. We will discuss when you can opt for an online insurance policy port or transfer.
1. Better policy perks and products
According to the IRDAI regulation, insurance transfer is a facility provided to a policyholder to switch between insurance companies to gain better services like premiums, coverage, benefits, etc. So, a policyholder can imitate a policy transfer when they find a health care company or healthcare insurance company with better policy perks and insurance products/services than the existing ones.
For instance, if you have a health insurance policy without a death benefit, you can opt for a new insurer that can provide this benefit without changing your plan or premiums.
2. Hidden clauses
Another vital reason a policyholder can decide to transfer their health insurance plan from one insurer to another is the hidden clauses in their existing health insurance. There can be an instance when someone brought a health insurance scheme in a rush and did not properly go through the fine print. But with time, they realise the hidden clauses and do not want to continue with the same insurer; they can port their existing health plan to a new and transparent insurer.
3. Bad service of existing insurer
Mostly, people ask, ‘Can I transfer my health insurance to another company?’ when they get tired of the bad service of their existing insurer. They feel frustrated for not getting proper assistance and health care solutions when they needed them. In such cases, they can choose to transfer their healthcare policy from one insurer to another.
The option to switch insurance companies helps the policyholder to improve their experience and access better services instead of being bound to the initial insurer they got the insurance policy from.
4. For specialised services
A policyholder can also transfer their health insurance when upgrading their policy or getting specialised services currently unavailable under the existing insurer. For example, if you had been insured under a general insurer but now want to move to a specialised insurer, you can use the port option to switch from the general to a specialised insurer.
5. Increase coverage
Increasing insurance coverage is also a vital reason to transfer your insurance policy from one insurance company to another. Policy coverage is a vital part of your insurance plan. If your current insurer cannot provide proper coverage, you can opt for a policy port for better coverage.
For example, suppose you have a health insurance plan that only covers general illness and you want extensive coverage (like a critical illness plan). In that case, you can transfer your policy to another insurer with better coverage.
6. Claim settlement
The claim settlement process can vary from one insurer to another. If you feel your existing insurer has a tedious claim settlement process, you can opt for an insurance port. Medical insurance claims can be required immediately. If your insurer has a time-consuming claim settlement process that can create trouble in emergency needs, you can choose a new insurer with a quick claim settlement process.
7. Premium charges
A policyholder needs to pay regular premiums to maintain the policy. And as a policyholder, if you find more affordable premiums from a new insurer, you can port your policy.
One can transfer their health insurance for any reason, whether for better benefits, coverage or health care services. And if you also want to port your health insurance or know more about health insurance transfer, you can visit LivLong.