The change is envisaged to increase the minimum level of service between all actors in the insurance industry, which in turn has a positive impact on customer service. The new benchmarks in terms of service standards and delivery mechanisms for insurance players are expected to be born.
Although the portability may seem an ideal choice for those who are looking for high quality services and benefits, many factors must be taken into account before making a decision of the port. Here are some aspects that should be kept in mind at the same time to switch from the insurer.

Regular Features: Your insurance policy covers both inpatient and day care procedures and without sub-limits? If not, look around and find one that offers all these benefits. Remember that all policies are different and are subject to their underwriting principles. Why you should choose the one you deem necessary.

Age limit for renewal: It is the current policy is a renewal of an age limit? If the age limit, then look for an insurer that offers a replacement life. This is essential to ensure health insurance coverage when you need it most, when, his health deteriorates.

Claims-led rise in premium: Do you have insurance to load your future premiums, if you make a claim this year? You can search for insurance that does not place an additional burden on the premiums for years claimed.

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Room rent limits, co-payments and sub-limits on treatments: Some insurance companies have daily limits on hospital room rents, while others offer sub-limits. You can choose to port to an insurance company that does not make any restrictions on the type of room customers choose.
Cashless or reimbursement: What is your mode of payment and collection of medical expenses currently? Do you have to pay first and then submit bills or are you able to avail of cashless facilities? With age, ailments and concerns also rise.

You may choose to opt for a cashless policy that will free your mind of payments, at the time of a medical emergency.

Increasing coverage without restriction: In addition to life-long renewal, does your current policy allow for an increase in coverage with progressing age? With medical inflation rising consistently, your current medical cover may be insufficient in the future, when you are likely to require a higher cover. Your plan should allow an increase in cover without any new conditions or restrictions.

Network of hospitals, doctors: Have you faced problems in getting cashless claims or too much time was taken to close on a decision? In case it's a yes, then review your current insurance company's network and compare it with other insurers who have larger and widespread coverage. At the time of emergency, it is important to rush to the nearest hospital, rather than looking for a hospital which is covered by your insurer.

So if you have made up your mind to change your insurer, the first step should be to fill up and submit the proposal form of the insurer of your choice, along with the standardized portability form. On receiving a request for portability, the incumbent insurer will underwrite as per their guidelines and will inform you on the final decision within a stipulated time frame. It is advisable to start the process at least 45 days before your premium is due in order to take an informed decision and hedge the risk of a break in coverage at any point in time.

And a final piece of advice: do not choose to port to a lower premium cover, as you may lose your benefits and features previously enjoyed!

Source: ET