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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.
All insurers must mandatorily provide the porting facility to their customers as stipulated by the Insurance and Regulatory Development Authority of India (IRDAI).
Portability can help you access better services and coverage offered by insurers.
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.
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.
The policyholder can port the policy only during renewals.
A better insurance product may attract higher premiums.
The terms of the new policy could be advantages or disadvantages.
Compiled By Himani Verma