Insurance Tips: Thinking of porting your insurance policy? Keep these 5 things in mind..

If you are not satisfied with your existing insurance company, then policy porting can be a better option for you. Customers can transfer their insurance policy from one company to another. But keep in mind that this process also includes many terms and conditions, ignoring which you may have to suffer a big loss.

1. Can the new company refuse to port the policy?

Yes. Policy porting completely depends on the new insurance company. They decide by looking at your age, health condition and history of previous claims. If you have made claims repeatedly, then the new company can refuse porting.

2. When to start the porting process?

If you want to port the policy, then apply for porting to the new company 40 to 45 days before the current policy expires. This will give the new company time to check your entire medical and claim record. You can do this yourself or get it done by a financial planner. Before applying to a new company, find out about it thoroughly so that you do not have to change companies again and again.

3. Changing the company again and again can increase the problem!

If you change the insurance company again and again, the new company may consider it a risk and may refuse to port the policy. Experts advise staying with the same company for at least 4 years so that the porting process can be easy.

4. Do I have to pay any additional fee for porting?

According to the rules of IRDAI, the policyholder does not have to pay any fee for porting. Yes, if the new company puts a condition of a medical test or tax, then you may have to pay its cost.

5. Do the old facilities remain after porting?

Yes. Basic facilities like sum insured, riders, no-claim bonus, and waiting period credit get transferred to the new company. But non-standard benefits like discounts or special add-on services are not transferred.

Things to keep in mind

Apply for porting on time.

Keep your claim history clean.

Avoid changing companies frequently.

Be aware of IRDAI rules.

Read the policy terms carefully.

Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.