6 Pros and Cons Of Health Insurance Porting

Outlook Money

Insurance Porting

Porting in health insurance refers to changing the insurer without quitting the existing plan. It allows people to change their health insurer if they find its services poor.

Health Insurance

Mandatory For All Insurers

All insurers must mandatorily provide the porting facility to their customers as stipulated by the Insurance and Regulatory Development Authority of India (IRDAI).

IRDAI stipulated

Better Coverage

Portability can help you access better services and coverage offered by insurers.

Better Service

No-Claim Bonus

Portability allows you to transfer your no-claim bonus from existing insurers to new ones, offering convenience and the opportunity to look for better services.

No-Claim Bonus

Continued Benefits

Porting helps you retain the existing benefits while exploring other plans that are superior or more affordable as your life status changes, like marriage, children, etc.

Continued benefit

Porting Rule

The policyholder can port the policy only during renewals. 

Higher Premium

A better insurance product may attract higher premiums.

Increased premium

New Terms

The terms of the new policy could be advantages or disadvantages.

Compiled By Himani Verma

Terms of Insurance

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