03-05-2017 02:46 PM
What kind of waiting period I need to face after portability?
04-05-2017 03:15 PM
There are three types of waiting periods in health insurance. The first one is 30 days for fresh policies. The second is for diseases that are covered after a period of 1 or 2 years, such as kidney stones and appendicitis. The third waiting period is of 4 years for pre-existing diseases such as type 2 diabetes, cancer and heart disease. For instance, if you want to port a three-year old policy (after completing 2 years) to a new insurer having the same waiting periods, then waiting periods of duration 30 days and 2 years won’t apply. Only the 4-year waiting period will be applicable. Since you already completed 3 years in the previous policy, you will have to wait for 1 year to file claims for pre-existing conditions.
11-07-2017 03:43 PM
In the past in health insurance policies, such a move resulted in your losing benefits like the waiting period for covering "Pre-existing Diseases". Now IRDA protects you by giving you the right to port your policy to any other insurer of your choice. It has laid down that your new insurer “shall allow for credit gained by the insured for pre-existing condition(s) in terms of waiting period”.
This applies not only when you move from one insurer to another but also from one plan to another similar plan with the same insurer.