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Sanjay Kumar Singh | New Delhi Last Updated at June 25 2021 0610 IST

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Ensure you get continuity benefitswhen porting your insurance policyDont select new policy based on price alone look for old ones shortcomings

Topics Insurance policy | Insurance industry | Health Insurance

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ldquoCustomers are looking for service eciency from their insurerrdquo says S Prakash managing director Star Health andAllied Insurance

In the wake of the pandemic many customers are taking a hardlook at their health insurance policies They are porting theirpolicies if they nd them unsatisfactory

For instance the online insurance platform Policybazaar earliersaw an average 7-8 per cent of customers who wished to portBetween March and May that gure shot up to 15 per cent

Plugging policy loopholes

People who had bought policies several years ago with a suminsured of Rs 1-2 lakh realised during the pandemic howinadequate that was ldquoOf the customers who wish to port 80 percent say they want an increased sum insuredrdquo says Amit Chhabrahead-health business Policybazaarcom

A cap on room rent and ICU charges and co-payment requirementare other reasons as customers prefer policies without restrictionsA poor claim experience also acts as a trigger ldquoCustomers arelooking for service eciency from their insurerrdquo says S Prakashmanaging director Star Health and Allied Insurance Pricing isanother driver ldquoWhen people cross the 40-45 or 45-50 age bandthey usually see a steep jump in premium which prompts them tolook for a policy that oers better value for moneyrdquo says NayanGoswami head mdash general insurance Sana Insurance Brokers

Some companies have started covering the cost of consumableslike PPE kits ldquoDuring the pandemic this cost rose to 15-20 per cent

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of the bill so customers want policies that compensate this toordquo says Chhabra Home treatment coverrestoration of sum insured and coverage for robotic and bariatric surgery are other features thatcustomers look for ldquoWhen they discover that their current policy does not oer these latest featuresthey want to shiftrdquo says Indraneel Chatterjee co-founder Renewbuycom

Run these checks

Do not select the new insurer merely on the basis of price pay heed to policy features as well Check thewaiting period for pre-existing diseases (PEDs) and ailment-specic waiting periods Avoid policies withsub-limits and co-payments Chatterjee suggests checking the insurerrsquos claim settlement ratio Yourpreferred hospital should be in the insurerrsquos list of network hospitals

Buy adequate suminsured A Rs 1crore familyoater for a 35-year-old husbandand wife can beobtained for amonthly premiumof Rs 1228-2622(see table forindividualpremiums)

Get continuitybenet

When shifting to a new policy make sure there is no compromise on continuity benet

Suppose a person had bought a policy in 2015 and develops a cardiac condition in 2018 and decides toport in 2019 The new insurer should not treat his cardiac condition as a PED ldquoAny disease contractedafter a customer has bought a policy should not be treated as a PED by the new insurerrdquo says Prakash

The waiting period already served should be accounted for ldquoSuppose you had a disease when youbought the rst policy and you have served the entire four-year waiting period Now it should becovered by the new insurer If you have served three years you should only have to serve for one year inthe new policyrdquo says Goswami

Someone who has a policy should inform his insurer whenever he contracts a new ailment ldquoGet anynew condition mentioned in your policy This will ensure that when you port the second insurer doesnot treat it as a new diseaserdquo says Chhabra

Should you port

Your existing policy oers a few benets One is the right of renewability ldquoEven if you have made amassive claim the current insurer has to cover you next year When you port the insurer willunderwrite and it could turn down your proposal if it does not consider you a good riskrdquo says Goswami

There is also the incontestability clause Once you have been with an insurer for eight years your claimcannot be denied even if it is found that you did not disclose a PED at the time of purchase

Shift only if policy features are abysmal or service quality is consistently poor

A person in good health will nd it easy to port Those who have developed some conditions may nd itharder

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READ MORE ON INSURANCE INDUSTRY HEALTH INSURANCE INSURANCE POLICY PF

INSURANCE

Begin early

Apply at least 60 days before the date of renewal of your current policy so that there is enough time forthe new insurer to do the underwriting and give a decisionldquoIf you apply late and the new insurerdeclines your proposal you wonrsquot have time to apply to anotherrdquo says Goswami Applying early will alsomean you get the time to go through the new policy conditions and decide if they are acceptable

Read our full coverage on Insurance policy

First Published Fri June 25 2021 0610 IST

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